Growth

Rich and Co.

Morgan Stanley Gets Social Media Wrong and Risks Everyone’s Reputation.

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Take Aways –
  • Misteps in social media are “forever.”
  • Scripted and sales-oriented social media (somed) communications are, by definition, anti-social media.  It’s the definition of spam.
  • Business and professional reputations take decades to build.  A reputation for a firm and individual can be ruined online and in social media in seconds.  Ask politicians.
  • Our advice?  Worth what it costs – shut it down.  Rethink, rethink, test, test, pilot, etc.

If social media was easy – it wouldn’t be valuable as a business tool.  It is very valuable as a business tool – BTW.

Is MSSB to be given an “A’ for effort and good intentions?  No.

Social media is a whole new communications ecosystem.  It is complicated already – and getting more so every day.  It is best engaged with only very carefully with a lot of testing and experimentation before going public.  Ready, fire, aim is a very bad idea.

There is much more wrong with the MSSB program then right.  But let’s use the “scripted-only”strategy as an example of how completely wrong-headed the effort is.  OMG!  Scripts are the definition of spam in the digital world.  Might as well have bots representing MSSB and it’s professionals!

The main source of “energy” and sustenance in the social media ecosystem/world is real-time, personal views/opinions/links/information sharing.

 They are doomed to not only fail but likely hurt Morgan Stanley’s brand and the reputations of its professionals.

Only allowing scripted involvement on social media is proof they have no understanding of the medium.  Imagine receiving social media communications, or even emails, phone calls, faxes, from someone who you are trying to get to know and build a relationship that are scripted!?

As we said any “salesy” social media communication is an immediate “turn off” and will brand you and your firm as a “predator” and not very smart and socially impaired.  Imagine being at a party where someone forces their business card on you the moment you meet and only “pitches” you and asks for money in all other encounters – at the party!

Our advice?  Worth what it costs – shut it down.  Rethink, rethink, test, test, pilot, etc.  If social media was easy – it wouldn’t be valuable as a business tool.  It is very valuable as a business tool – BTW.

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Written by Rich and Co.

June 5, 2011 at 7:52 pm

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