Mapping a Social Media Strategy

SAN FRANCISCO — When it comes to social media, a negative comment about a brand could become a “slap that keeps on slapping,” said Pete Blackshaw, chief marketing officer at NM Incite during a session yesterday at AFSA’s Vehicle Finance Conference.

Like most companies, auto lenders are still finding their way in the social media space. Yet there are a handful of rules that lenders should keep in mind as they shape their strategies for sites like Facebook, Twitter, and YouTube.

For one thing, “people love to talk about brands,” said Blackshaw, author of Satisfied Customers Tell Three Friends, Angry Customers Tell 3,000. “They get a lot of emotional gratification if other customers talk about it, too.”

“Brand credibility is more important than ever,” he said. “We have to work much harder to protect and grow credibility. If you lose trust, it’s hard to get it back.”

For auto lenders, credit access and finance terms are some of the hot-button issues, or “talk drivers,” as Blackshaw calls them.

The critical consideration is that customer comments about companies or products, “act like media,” he said. Lenders must figure out how to harness those comments to their benefit.