In Chapter five of the Groundswell, the authors talk about listening to your audience through social media. I find this very true and relevant because when I am dissatisfied with a service I have received, I instantly take to Twitter to let out my frustration. Last time I did so was a week ago when I was at TD Canada Trust. They always ask if I want overdraft. I do want overdraft, but the minimum is $300 but I want $100. It would be just enough to cover my insurance if I were ever to forget about it. TD does not do lower than $300 so I let them know how disgruntled I was by ‘mentioning’ them through Twitter. I did not get a response, and as a consumer that mildly upsets me. Especially when my co-worker told me that her bank CIBC, does in fact have minimum overdraft for $100. It is very important for companies who have any form of social media to be interactive in situations like these in order to provide ultimate customer satisfaction. If not, tools such as Twitter can backfire because it can turn into a big bitching fest by customers.
Some other reasons why TD should listen to the Groundswell (according to the book) is:
- Find out what their brand stands for: TD’s mission statement is “We will be the Best Run, Customer-focused, Integrated Financial Institution with a Unique and Inclusive Employee Culture (TD Canada Trust, 2011).” So TD’s brand is to be the best bank as decided by it’s customers. They can easily do so by finding out what customers are saying through the medium of Twitter. They can let customers sound off, but not make it like a conversation by tweeting back and letting them know that they are listening and that they appreciate their opinion.
- Understand how buzz is shifting- It is important that when a company makes a twitter, they maintain the site and not forget about it. They may be receiving a lot of positive feedback one day, but in a week that could change. Social media feedback is valuable because it is real time, raw, and honest because the consumer is not under any pressure. TD made me feel like they did not see my concern. Other customers may see that I was not heard and in a week the constructive criticism could escalade to unmanageable porportions
- Manage PR crisis- Obviously my displeased tweet is not a PR crisis but it could have the potential since TD was not reactive about what I said. By getting back to me right away about my concern, TD can respond before a snowball effect occured that could severely hurt their business or create a stigma
- Generate new product and marketing ideas- As a consumer, I am positioning product ideas for TD Canada Trust, for FREE. Out of this constructive criticism, they should see this shining opportunity. By being able to observe their customers in a community, their customer’s ideas can foster innovation and creativity and a new products can result
Overall, I know what I was being dramatic when it came to this issue, however the fact that TD did not respond to my tweet makes me think that TD does not care and is not listening to the groundswell, and if that is the case, I may just walk into CIBC and switch everything over.
Ps. I attached my tweet.