You’ll hear us banging on the social media drum quite a lot here at Briscoe French. It plays an important role in shaping corporate reputation online. But even more important than having a presence on Twitter, Facebook and LinkedIn is protecting your online brand, as was highlighted during a recent Hootsuite webinar.
Why is social media so important to corporate reputation?
Corporate reputation used to be about what people said about your brand on the street or in the media. Now, reputation is just as much about what they are saying about you online as offline. Did you know that fifty-five percent of customers will talk about their purchases on social media and 90 percent trust peer reviews online?
The internet is somewhere you need people to be talking positively about your brand. You can shape this by offering them excellent products and customer service. But what happens when your reputation is taken out of your hands?
An example of how this might happen is hacking and it is becoming more common on social media. According to Matthew Schnarr at the digital risk experts ZeroFox, 600,000 social media accounts are hijacked every day.
Hijacking can be as simple as someone working out your account log in details and posting updates as you. Or it could involve a hacker mimicking your brand online in an effort to deceive your customers. At worst they could try to get private data from your followers.
Natwest customers were victims of one such social media phishing scam. The criminals were inserting themselves into conversations happening between the bank’s real social media and customers in order to get them to reveal sensitive account information.
Even though this hacking was in no way Natwest’s fault it will have had an impact on its reputation and customer trust levels. Research has shown that if your Twitter account is compromised then it could result in a five percent drop in your company’s stock value. This is a hit no-one can afford. So how can you minimise the risk of this happening to your company?
How to protect your brand on social media
Matthew gives some simple tips for protecting your brand:
- Get your accounts verified – this will make it easier for your customers to distinguish you from the fraudsters
- Enable two factor authentication on all your accounts
- Monitor social media for spoof accounts and report any you find
- Monitor social media for scam activity – this could be anyone responding to your customers and pretending to be your business.
If you’d like to chat through your company’s social media strategy or would like help managing your accounts we can help. Get in touch to discuss our services.