Publication: Harvard Business Review Blog
Title: Boardroom Lessons from a Social Media Misstep
Article by: Lucy P. Marcus
Ms. Marcus points out that since Boardroom Executives need to understand what impacts their business- economics, politics, etc- they need to start giving more time and attention to the power and significance of social media.
Ms. Marcus sites a recent experience she had where she received a notice about a Groupon special for a product she was interested in buying (a beanbag chair). Upon further investigation she saw that it was not the brand that was advertised in the email notice. She proceeded to tweet to Groupon and the beanbag chair manufacturer about how she was disappointed and annoyed in the “false advertising.” There were a few more interactions with other parties, including a consumer advocacy group (all of this via Twitter), and at the end of the day Groupon had addressed the claim and issued an apology statement regarding the situation. All in the same business day more or less.
Boardmembers need to recognize the power of social media, and integrate it into their businesses, so that they can take advantage of the power of social media and utilize it in a positive way for their company.