Turn on the news and this becomes old news pretty quickly. From claims of class warfare to desires for a fairer banking system, the arguments cloud up the air waves pretty quickly. Interspersed between the arrests, the chants and the calls for action are examples of individuals affected and unaffected by the crisis.
To me, the Occupy Wall Street movement is merely a nation realizing that its finally sick from something, and whether you’re conservative or liberal or something else, there is a problem for just about everyone and their special interests and a solution for what they want to fix. At the bottom of the barrel of complaints however, its just one thing: business.
We all know that social media is part of that business, but what you may not know about business is that it takes the element of transaction to a higher level. Read on to see what Wall Street can learn from Social Media.
1. It Helps to be Transparent
Regardless of whether you believe in personal responsibility when it comes to major purchases, it is up to the business to be accountable for what they sell. If you’re going to instate a fee, it always helps to let your customers know why and the justification, just as you would let your followers on social media know what is going on with your business.
2. Business is All About Relationships
This adage is as old as any, yet has been misrepresented in today’s world. Jobs have been shipped overseas, people laid off due to their age/cost to employ and not their skills and bottom line overemphasized. Wall Street needs to realize, as social media managers know, that relationships matter in the short and long run and generate revenues that go beyond the wallet – they generate what folks forty to sixty years ago called loyalty.
3. The World is a Community
Community is a word thrown around on social media to describe followers and friends of a particular brand. Inside a community, there is collaboration, communication and a harnessing of similar values. In America, I have no doubt that people are trying to harness the same type of activity, from the teacher trying to make sure their students understand that math concept to the businessman trying to sell a product worthy of a purchase to the small business owner hiring the High School student so the student could learn what it is like to work.
In a world and country where people for the most just want to be able to put food on the table and watch their television before they go to bed amongst their community, all they want Wall Street to understand is that they should be part of that community too. A community that collaborates, communicates and takes on the values of small town America, not that where prices are manipulated and financial figures are made obscure.
4. It Helps to Engage
Social media managers and users will tell you that an experience is made much better when users engage and create that experience that’s unrivaled. So far until now, Wall Street has shown itself to largely unresponsive, leaving the work up the police to arrest and detain protestors. Engaging and at least understanding that people may be angry is the least Wall Street folks can do to get protestors to acknowledge that there is some understanding somewhere. The same goes for the Obama administration.
Are there any other tenets of social media that Wall Street can learn from. Share them in the comments below.