Facebook Forces A Rate Change
Nigel Hollis at the Millward brown Blog has an interesting post on how a small student protest on Facebook forced a bank, HSBC, to climb down on a rate increase. The point he makes is not so much that some 6,500 protesters on a social networking site could force a bank to do a climb down. His team at Millward Brown did a quick poll in their offices among new graduates, which showed that only 4% of them had heard of the protest through Facebook itself. While almost nine times as many – 35% – had heard about it through traditional news media. The rest, in the majority, were unaware of the issue. So while the Facebook revolt was a catalyst for the wider news coverage, it was the latter, the traditional media outlets, which really caused HSBC to take notice. Nigel concludes that social networks are a great place to seed marketing campaigns, but to get them to flourish you will need to add a good dose of traditional media coverage. We think there is another little thing that maybe worth noting. That anything that happens on Facebook right now is worth talking about. Just like Second Life had all the buzz a few months, right now it’s Facebook time. Read the whole post here.