The banks saw it, heard it, and ultimately responded: A Big Win For Consumers.

There is no question that social media gives “us” (the consumers) a voice. In fact, a voice that is so powerful it changed Big Banks’ plans to charge a $5 monthly fee to use debit cards. With 77,000 people RSVPing to a Facebook event called Bank Transfer Day and an additional 300,000 signing a petition on change.org the consumer’s voice is clear. The Facebook event calls for individuals to close their Big Bank Account and move their money to a local credit union.”We won’t support companies with unethical business practices. It is time to invest in growth of the local community.”

This movement caused Big Banks to pay attention and quick. After the public outcry, Bank of America announced that it is reversing the $5 a month charge for debit card use. The Bank of America reversal was not enough for many consumers, though. In fact, one credit union in MN, reported a 65% increase of new accounts from September to October this year.

There is no mistaking that social media garners attention and gives consumers a voice. And this isn’t the first time that social media has sparked similar conversations. Recently, Netflix subscribers demanded that the company rethink their plans to charge customers for both DVD rentals and online streaming. With over 27,000 comments, Netflix decided to halt plans to spin off its businesses. So, what can we learn from these experiences?

Transparency

This is a word that is thrown around in the digital space as best practice. However, transparency seems to be lacking drastically. Bank of America claimed that the announcement of the new debit card fees were an attempt to be more transparent. This is not transparency. Transparency would have been an honest statement regarding intentions.

Communication

It wasn’t until after an uprising that the intentions of BofA were made clear. In one tweet, Bank of America said: “In early 2012 #BofA plans to introduce a $5 monthly fee for certain customers who use #debit cards for purchases.” The tweet was then followed by: “More details will be provided to customers who will be affected at least 30 days prior to the change.” And only then followed by: “#BofA is implementing the fee in response to new regulations in order to keep an array of features customers like. Similar tweets came from the @Netflix account. Communicating clearly and effectively is key to maintaining relationships with your customers.

Trust

Nowhere in the news releases and tweets could you find a link to more information like: Who are these customers being effected? When will these fees actually take place? What regulations are they referring to? BofA provided no information on what this all meant. All consumers heard was: I’m being charged for something, maybe, if I use my debit card.

Then a tweet was posted saying: “#BofA customers who don’t use a debit card for purchases or use it only at the ATM can avoid the fee.” Now you are telling me it is really no big deal you can avoid it by not purchasing. Thank you for pointing out the obvious. Now if, I want to avoid a fee, I can just use credit. As spokeswoman Ann Pace stated, “They can continue to use the ATM and there is no fee associated with credit cards.” It should be mentioned that Bank of America makes more money if I use credit cards, as if there is a silver lining for the consumer.

Due to lack of transparency and clear communication, Bank of America’s consumer trust is vanishing. We can see it by all of the post, comments, tweets, and actual bank transfers in the last thirty days.

With social media at the helm, organizations, business, and brands are forced to be accountable to their consumers. Do you have a social media crisis plan in place? Is your messaging consistent, transparent, and trustworthy? Do you listen evaluate and evolve based on your consumer’s feedback?

Social media in all forms is a conversation, a two way dialogue; one that is here to stay.

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How should your organization respond? How do you build a crisis communication plan? What elements are important in protecting the brand that you’ve spent your lives and money building? These questions, among many others, are necessary to answer as you move in the social media space.

Social Media is moving fast and it’s critical to pay attention to it. If your organization is moving into social media, you’ll want to make sure you have a well developed social media crisis plan. Is your business protected from the online world?

You have a traditional crisis plan, and you understand why and how to use it. However, do you have a protocol to answer this in the digital community?

It is not a surprise to business owners today that social media is a great way to engage with customers, drive sales, prospects, and build brands. Use the tools that are available to bring your brand online. Engage and communicate with your customers by giving advice, answers, and solutions through social media.  Having your voice present is imperative.

Pay Attention:

Listening is the first step. Creating a successful social media crisis plan starts with monitoring. There are many free tools that help you control your presence: Hootsuite, Google Analytics, Tweetdeck Google Alerts, Google Sparks, and many more. Be proactive – search hashtags and relevant keywords. Ensure that there is a person who is dedicated to accomplishing this constantly. There are also many paid version tools that give you a deeper understanding of your digital presence; Radian6, Sysmos, or Omniture are all advanced analytic tools.

Preparedness:

Customer service never punches a clock and neither does social media. This requires companies to be on ready alert. Monitoring is necessary, but you must also be ready to take action. You need to understand in advance what platforms are best to respond on. Which outlet will give you the biggest response the quickest? Who are your advocates, and how can you leverage the trust you have already established?

Diffuse:

It is important to act promptly and effectively. When a crisis occurs you have an opportunity to turn the situation into a positive one, to turn otherwise disgruntled individuals into brand advocates. However, responding quickly and efficiently is not the end of the line. You need to follow-up. Depending on the severeness and extent of the damage should dictate your course of action.