When the media and public relations team at JPMorgan came up with the idea to do a question-and-answer session through Twitter, not only did they likely get praise from their employees but they also probably thought they were geniuses.
They were wrong.
While the concept isn’t new and sounds like a great way to bring a voice to the company, it also allows anyone to voice their questions and comments publicly. Instead of bringing JPMorgan positive attention, they ended up with a ton of negative press. Twitter users used this opportunity to attack JPMorgan, its business practices, and Jimmy Lee, the JPMorgan executive running the Q&A, all while making a joke of the whole thing.
DailyMail has the full story and break down, but we will provide a synopsis for you as well as why JPMorgan needs a better brand management and crisis team.
When you take a look at the JPMorgan twitter account, you will see they made an announcement to all of their followers and how they can participate in their #AskJPM Q&A session.
So far so good… that is, until the Twitter universe started sending in their own questions for JPMorgan.
JPMorgan right now is the laughing stock of the business and social media industry. Everyone is laughing at how JPMorgan failed and how it doesn’t matter if they have billions of dollars. This clearly makes them look stupid, and they are getting worldwide attention, even though their Twitter account only has a measly 10,000 followers!
Once JPMorgan realized their Twitter Q&A session was a bad idea, they went ahead and posted a new tweet as shown below.
Again, this wasn’t thoroughly thought through. This single tweet went on to be retweeted another 1,200+ times and favorited over 500 times!
If you click on the tweet to expand and show the comments in reference to it, you will see even more negative press, backlash and hilarity from people once again laughing at how badly JPMorgan did with this PR stunt.
This is just a synopsis of how much negative press JPMorgan is really getting over all of this. As mentioned earlier, with only 10,000 Twitter followers, this has completely exploded, and they are getting coverage across all of the big brands and major news networks on Twitter.
Where JPMorgan Went Wrong
In terms of success, there wasn’t much (if any) for JPMorgan. They got a ton of attention and press, but not the kind they were looking for. What JPMorgan did need was a crisis management team. This whole thing was exploding quickly, and there wasn’t much time to sit around and hope for the best.
Here are some things to consider when trying something like this in the future.
- Know your audience – This is where things went really bad for JPMorgan. They are not a brand that people really like. They are bankers and control a lot of money and no one is thrilled about that. Throw in their legal issues and their role in the economy on top of it, a response like this should be expected in a public Q&A.
- Being in control of your content – This is something we talk about all of the time with ORM and online reviews. You want to be able to own the content and not send your reviews and valuable data elsewhere. The same holds true in this situation. While Twitter is the platform of choice for connecting with everyone, it opened up JPMorgan to a situation they really had no control over.
- Owning your mistake – If anything good came out of this, it will be that JPMorgan got massive publicity for their screw up. So, if they attempt to do this again, it will probably get a lot more attention and results. It’s now up to JPMorgan to take ownership of their failure to make this work and pre-plan questions, qualify people to participate and make sure the next go-around is a success.
Reputation means everything, and in this scenario JPMorgan was the joke. While it’s likely this will have no impact on their financial numbers and business, it’s a perfect example of how reputation management is needed for businesses of all sizes.