Tag Archive for Social Media Marketing

#AskJPM Chronicle of A Social Media Disaster

It started on November 7, 2013 with a harmless tweet from @jpmorgan proudly announcing a #TwitterTakeover, i.e. a live Q&A session on Twitter. Jimmy Lee, a senior vice-chairman of the bank was scheduled to answer questions about life & careers in banking. Date and time were set to Thursday, November 14, at 1:00 pm. The hashtag was #AskJPM.

#AskJPM Twitter Q&A Invitation

The invitation did not trigger much response. The community manager @jpmorgan kept tweeting it again at regular intervals, using small variations, introducing the speaker, and answering a few questions.

Four days into it, on November 11, however, came a first sign of trouble, albeit a weak one, with a tweet in a joking tone that was immediately followed by an apology:

@jpmorgan Is it true “JPM stands for “Just Pay More”? #AskJPM 😉

@jpmorgan Oh, come on. I was teasing! #AskJPM 🙂

From then on, tweets started taking a definitely more negative turn, with fake, ironical questions and the spreading of critical information on JP Morgan. For example, on that same day :

#AskJPM What is the maximum amount of material wealth that a person can accumulate and still be allowed into Heaven?

Anyone thinking of doing #AskJPM might want to familiarise themselves with Jamie Dimon’s rap sheet: http://www.scribd.com/doc/130290952/Gf-Co-Executive-Summary-JPM-Out-of-Control

At this stage, @jpmorgan did not seem to worry, or at least did not show it publicly. Laura Dimon, one of the daughters of Jamie Dimon, JP Morgan’s CEO, even chimed in with a tweet asking a communication manager (who will remain unnamed. He may have lost his job by now) to confirm the time of the Q&A session.

But on Wednesday, November 13, the day before the scheduled event, around 4:00 pm, the few negative tweets changed into a rapid stream of always more aggressive questions. Worse, tweets started to come from more influent Twitter users: instead of regular users with a few hundred followers, they were now journalists and activists with many thousands followers, like @kevinroose and @alexisgoldstein. Quickly, the various twitter accounts of the Occupy Wall Street movement took over, with  OccupyWallSt (192 000 followers) and @OccupyWallStNYC (158 000 followers), just to name two.

The wrath was fully unleashed. Nothing could stop it. A few examples (and I’m not choosing the most virulent ones) of the tweets :

    At what number of Billions of Dollars in fines will it no longer be profitable to run your criminal enterprise? #askjpm

How many homeless people did you create in ’08? #AskJPM

Hey, @jpmorgan: What’s it like knowing that you’ve escaped punishment for securities fraud again & again? #AskJPM http://other98.com/dont-negotiate

@amy10506: Every time another person loses their home to an illegal foreclosure, does a bell ring? #AskJPM

RT @amy10506: Did you have a specific number of people’s lives you needed to ruin before you considered your model a success? #AskJPM

At this stage, many observers seriously questioned JP Morgan’s social media initiative:

So @jpmorgan really created a hash tag (#AskJPM) where anyone can tweet them ANY question? I’m guessing they’re regretting that about now.

This included @aspignal , a correspondent for The Economist :

How are you planning to spend the savings made from firing your social media team? #askJPM

Many tweets, like this one, were retweeted and favorited many hundreds of times.

Within an hour, all was lost.

Within 2 hours, the press was in on the case. At 6:00 pm The Huffington Post reported on JP Morgan’s social media debacle.  Around 7:00 pm the entire financial community from @ ZeroHedge (176 000 followers) to @AmerBanker was reporting and tweeting about it.

Soon after, during the night, @jpmorgan cancelled the Q&A session :

#AskJPM Twitter Q&A Cancellation

It did not stop the outpouring of anger, criticism, and insults. The day after, on the day originally planned for the TwitterTakeover, every news site, from the Financial Times to Mashable, had a post on JP Morgan’s failed PR stunt.

How to avoid using Twitter to shoot yourself in the foot

There are lessons to be learned from this fiasco.

  • Don’t let interns run your social media strategy. Whoever launched the #AskJPM campaign does not understand social media. Whoever approved it, does not realize how powerful and strategic it is.
  • Don’t live in a bubble. JP Morgan is going through one of the worst phases in its history. Scandals have piled up: accusations of misleading investors on subprimes, trading losses of the London whale, possible corruption of Chinese officials, illegal foreclosures, exchange rate manipulations… JP Morgan has paid $30 billion in damages and penalties since 2009! How could managers ever think they could have a conversation on a public social media like Twitter without these issues being raised?
  • Listen. This was a disaster foretold. Several tweeters saw it coming right away and said so. More generally, if JP Morgan had treated Twitter as channel to understand the public and not as a traditional channel to push their message through, this wouldn’t have happened.

As one tweet puts it :

How detached from reality do you have to be to think that an #AskJPM hashtag is going to elicit anything but anger and mockery?

Now, a few execs at JP Morgan may be less detached from reality. They certainly have learned the hard way how powerful social media can be.

PS. I published a version of this article in French on Culture Banque.

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Social Media Evergreen Content

“What happens on the Internet stays on the Internet” is generally interpreted as a warning about the dangers of social media. Social media can spread information like wildfire, irrespective of whether it’s beneficial or harmful. Social media can keep passing on information forever, irrespective of whether it’s become obsolete or not. You better be careful about what you share after a few too many drinks at the company party.

Charlie Bit My Finger - Again! YouTube VideoSo much for the dark side. But the persistence of content on the Internet and its ability to continue to propagate through social media also have a positive flipside.

Persistent social content can be the gift that keeps on giving – a positive content evergreen.

Brands are now successfully emulating the famous examples of content evergreen… Read more

Content Curation – The Slide Deck

This slide deck on content curation tools for brands is the companion to my eponym post – it focuses slightly more on the shortcomings of curation
View more presentations from ttorris on Slideshare

Facebook Timeline: Bigger Share of Life

Facebook's Timeline

Facebook's Timeline Displays the User's History Along a Time Line

Facebook has recently introduced a slew of new features such as the ability to subscribe to another user’s news feed without counting him or her as friend and the ability to define smart lists of close and less close friends. Thank Google + for that!

But the most important Facebook innovation, now officially released, does not owe anything to Google. It’s the new version of Facebook users’ profile called the timeline. The timeline displays along a time line the entire history of a user’s Facebook activities — posts, pictures, likes etc. — since he or she joined Facebook. It’s a great tool for users. Most importantly, it is a great marketing move from Facebook because it creates an environment where the social network can hope to get a even bigger share of life of its users.

On this post I argue that eCommerce sites should take a leaf from Facebook and launch their own customer time line… Read more

SEOmoz’s 2011 SEO ranking factors

Every year for the past 6 years SEOmoz has analysed the factors that influence the ranking of Web sites on the dominant search engines with a focus on Google.

Released on June 6, its 2011 Global Search Ranking Factors research results show — as expected in a post Panda world — the increased importance of unique content and the growing weight of Social Media Marketing in Search Engine Optimization (SEO). This does not mean that previously identified priorities of inbound links, internal linking, keyword optimization and site authority are less important but, rather, that SEO is becoming ever more complex and more demanding. Read more

+1 and Postrank further Google’s social strategy

On May 31st at the AllThingsD conference, Chairman Eric Schmidt publicly took responsibility for having failed to move faster with Google’s social media strategy when he was still the company’s CEO.

Two days later Google announced two social media developments: the full availability of the Google +1 button , including on WordPress ;-), and the acquisition of social media analytics company Postrank.

LinkedIn’s share of life

Last week, the share price of social network LinkedIn soared on its first day of IPO – up to over $90 from $45 – bringing the company value to over $10 billion. LinkedIn has captured a large “share of life” of its 100 million users – a community larger than Japan. Extracting value from such a big share of life is hard work, and even harder is to sustain and grow this value. eCommerce sites can learn from LinkedIn how to focus on a share of life of their users they can chew, meaning: turn it into valuable information for their users and themselves.

Network effects of social media are overestimated

LinkedIns Freemium Model

LinkedIn's Revenue : A Freemium Model

With 100 million members, LinkedIn is one of the largest social networks in the world and claims to be adding 1 million new members each week.

Those who invested in LinkedIn may have based their share price estimate on Metcalfe’s law of network effects which says that the value of a network grows proportionally to the square of its size, meaning very fast.

But Metcalfe’s Law does not directly apply to social networks because they are not pure communication networks but rather social media.  As a social media, LinkedIn’ value depends on the value of its content. LinkedIn derives its revenue from subscriptions and advertising. Currently 41% of its revenue comes from hiring solutions — essentially premium database access sold to employers, 27% from premium subscriptions to employees and 32% from advertising.

Read more

F-Marketing & F-Commerce are not f-words

I could not resist the pun with the f-word (Wikipedia link for the non-native US speakers among us). In this post, I discuss the F-Commerce and F-Marketing buzzwords and tell you about great sources of information on these topics.

F-Marketing stands for Facebook Marketing, more often called FB-Marketing than F-Marketing. FB-Marketing is huge and falls under Social Media Marketing, often abbreviated as SMM.

F-Commerce seems to be the preferred short form for Facebook Commerce, which I haven’t seen referred to as FB-Commerce (unclear why).

– Another abbreviation is WOM for Word-Of-Mouth Marketing which is used to talk about online viral marketing, mostly by PR agencies.

Like all Internet innovations, SMM, FB-Marketing and F-Commerce deserve a whole army of observers, commentators and consultants, including this blog. I have counted in my own database of sources over 50 blogs dedicated to these issues. This is not counting the many more general online marketing sites that include sections on these issues.

I like blogs because they’re often very rich in content. Among the SMM, FB-Marketing and F-Commerce blogs quite a few are pretty good. Being social themselves, they invite expert guest contributors and freely share their wisdom.

My favorite ones are the very hands-on ones. Some target small and medium-sized businesses but everybody can get insights from them because they contain easy-to-read tutorials and give very practical tips. Here they are 10: Read more