Yea, there are a lot of things that can go wrong with social media, but the rewards can help improve the business. The mobile realm has changed the playing field for brands and companies. Companies are always looking for new opportunities for new insights to better serve customers and social media gives them that platform to do that. Social media really does help build brand loyalty and can turn the loyalists into potential brand ambassadors. Social media can help build community around your brand to help improve business results. The Risks Social media risks can harm your brand reputation. The food industry is infamous for social media risks where videos can show up on YouTube where employees are doing things they are not supposed to do. That is why companies set strict direction on use of social media and brand uses. Employees who work for your brand and use social media can also harm your brand reputation when they are defacing the business cores and values on their personal accounts. Social media is powerful in the sense that it can tear down a government in the country and cause controversy and spread bad publicity. It can alert people to do things that are taking place that we don’t know about. Businesses want to know immediately about the dangers in the product of services that are being offered or unhappy experiences, so they can act on it. They do not want that conversation to lay dormant and be cluttered though the social media noise. You have to be credible and transparent in social media. Everyone can be a journalist by commenting and that can take on a life on its on. Businesses have to understand how social media fits in your business plan from a strategic standpoint. It may be to improve marketing, corporate communications, and improve customer experiences. Social Media Can Be Rewarding With the exploration of social media uses also comes with great rewards that can improve the business model. New business opportunities can erupt from customer engagement and suggesting new product and service ideas. Social media monitoring and listening can help the business better understand what their customers like or dislike about their product and use the feedback to adjust their service and products in order to become more successful. In the end, businesses are in it to acquire and maintain and keep customers. Jack Clare, CIO of Dunkin Donuts, explained an insight that resonated with me. He said that social media risk is out of your control. Don’t lose sleep over it. If it happened, then it happened. To mitigate the damage, we have to go back to our brand principals to repair the social media crisis by using new channels and traditional channels. Consumers and new media can do damage do your brand even more if you do not respond to the social media risks. Video: Social Media: Risk and Reward














