Brand Reputation – How Important to you is Managing Media Risk to prevent the damage from Negative Press?

I won’t take credit for this since my morning e-mail from RightNow Technologies is a promotion of their upcoming webcast and their firm’s services but…do read.

It is a very interesting article re Media Risk and much of what I have been recently stating on my various WRiskManager platforms on Plaxo, Facebook, etc.  I know that a market capitalization reduction of $180 Million caught my attention – how about you?  It could be a much smaller business but how much effort will now be required to rebuild the reputation you have lost?  How much revenue and profit has been foregone by some needless act?  How will your bankers react?

RightNow Webcast: United Breaks Guitars with Dave Carroll

Dave Carroll’s story depicts the value of great customer experience and illustrates that spending a little can save millions when it comes to your brand’s reputation.

In 2008, Dave was flying United Airlines with his band Sons of Maxwell when a passenger sitting next to the window exclaimed that the baggage handlers were “throwing guitars out there.”

Carroll’s guitar was broken. He spent the next nine months in a service maze pursuing compensation. Eventually, customer service at United Airlines told him they were closing the incident and would not respond to any further emails.

Carroll vowed to write three songs about the experience and post them on YouTube, hoping to achieve a million views with all three combined. But he did much better. He hit one million on the first song within one week, and is at six and a half million views at last count. A media frenzy ensued and United’s market capitalization dropped $180 million over the next three weeks.

Register for this live webcast and hear Dave Carroll tell his remarkable story. He will be joined by Jason Mittelstaedt, RightNow’s CMO and Bruce Temkin, Vice President & Principal Analyst at Forrester Research, for a discussion on customer experience in the age of the social web.

There’s no better way to understand how powerful the voice of the consumer has become than to attend this webcast.

View the United Breaks Guitars video.

Join us:

Thursday, December 10, 2009
11:00 a.m. – 12:00 p.m. Pacific
2:00 p.m. – 3:00 p.m. Eastern

Register Now!

See you on the 10th,
RightNow

136 Enterprise Blvd. | Bozeman | MT | 59718 | 866.630.7669 |

http://www.rightnow.com/summit/Americas/2009/presentations/dave_carroll_tues.php

What else can I say about managing media for both positive and negative reaction – the value of ensuring positive images will definitely outweigh the negative as seen here from the views of YouTube and what someone has now done.  Am I not correct in emphasizing managing positive media as opposed to the damage done from something like this?

There are countless examples of companies who do not emphasize the importance of “perception” and how the public perceives their image of one’s business.  Not training your staff to contemplate the damage that can be done by one little act will cost so much more in lost revenues and profits than any employee will ever realize.  Can this cost be managed?  You bet!  But not by standard Risk Transfer – Insurance!  Only by better training, support, etc. can you ever manage media risk which, in my mind, is a very worthwhile investment in your business.

Use expert Risk Management to reduce the consequences of a similar occurrence happening to you!  Contact the WRiskManager today – larryewinsurance@gmail.com 

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One Response to “Brand Reputation – How Important to you is Managing Media Risk to prevent the damage from Negative Press?”

  1. Tweets that mention Brand Reputation – How Important to you is Managing Media Risk to prevent the damage from Negative Press? « Wriskmanager's Blog -- Topsy.com Says:

    […] This post was mentioned on Twitter by Larry E. Wettlaufer, Larry E. Wettlaufer. Larry E. Wettlaufer said: Brand Reputation – How Important to you is Managing Media Risk to prevent the damage from Negative Press?: http://wp.me/pG9T6-J […]

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