Customers don't own the conversation. The only thing that social media has done is level the playing field.
Companies are scared of social media because they don't control information about them anymore.
It used to be that individual consumers couldn't get their message out massively. Only companies had the resources to communicate via mass media.
With social media, consumers can now make their thoughts and opinions heard on a wide scale. One tweet, one YouTube video, one blog post that's all that is needed to go viral and impact a company's reputation and brand.
And, companies never know which one it will be!
Some companies have understood this instinctively and are trying to regain a small measure of control by investing social media with their PR, marketing and customer service.
Other more enlightened companies, appreciate this change. They go out into social media and actually engage with their customers and those of others. They are looking to co-create value with their customers; to be part of society and not just milk profits from customers for their shareholders.
This is the new paradigm
As it becomes ever easier for consumers to massively interact and inform each other, the companies that listen and engage with them will become the companies of the future.
There will be exceptions. Some products will always sell without customer engagement or co-creation of value. I doubt that many people want to engage with the company that makes their toilet paper. But in the areas of our economy that really matter, that are delivering services and/or building the future, there is a sea change coming.
They might as well adapt. It has already started and you can't take it back.
What do you think? Will companies adapt or will they try to stop it?