Want to make more money? Have a crisis
It was really fascinating to read today’s results news from Domino’s Pizza. The company is attributing a significant part of its uplift in online sales to social media activity, and innovations like its Foursquare loyalty scheme.
But those of us with slightly longer memories will recall that Domino’s was in the news for social media activity of a different sort in only April last year when two employees went rogue on YouTube. The company dealt with the crisis well, and showed that it knew how to have its voice heard in the ensuing conversation. It’s clearly stepped up a gear since then, and is now seeing the benefits of proactive engagement with active social communities, not least to the bottom line.
Seems to me that it’s Dell Hell all over again. Get battered in social media, take remedial action, have your eyes opened to the power of the crowd, start earning the right to be part of the conversation and then see the benefits to our company’s performance. In Dell’s case at least $3 mln worth of value.
So, dear CEO, forget those expensive management consultants, to boost profitability enjoy a social reputation crisis instead.
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