Social Media Crisis: Australian Securities Exchange crash ASX

What happens when the stock/securities exchange for your country has a computer glitch and closes down before the final bell? Well, nothing, if you are ASX Public Relations. No social media, no updates for hours. That’s pretty dangerous in these times. Especially when the “glitch” wipes $1.5 Billion off the Bourse.

I checked Twitter – the number one REtweet for ASX is the one above.

Mistake Number One: Assuming The Press Don’t Use Social Media

Ignoring the Press is not a good idea. Ignoring the Press that use instant, always on social media as well as their own traditional channels, is a bigger mistake.

Mistake Number Two: Starting and not Continuing in Social Media

The ASX has an account but is currently “missing in action”. Not something you want to have happen when your service crashes.

I suspect this was a case of “Our social media strategy is to have some social media accounts”. @ASX is there but silent. This is pretty dangerous – what is so bad that they can’t use their own channels to update the general public?

Mistake Number Three: Not Updating Your Own Website

This one is mad.

What’s the point in having a video channel, podcasts and so on if you don’t use ’em? (Bottom Right).

I checked the RSS channel (top Right link) and nothing there was useful either.

I also checked the ASX Group page (not ASX page) and nothing there is media releases either. (It’s currently 5pm) – There’s a lot of different “Notices” so it could be buried.

Ten bucks says ASX 1. need approval before posting to the main site (and everyone is too busy) and 2. it’s too hard technically to update in an emergency (and everyone is too busy with the emergency). There is a System StatusOpens in a new tab. page but it basically says join an email list to find out if the service is available and a PDF with their communication process which basically said the same thing.

Mistake Number Four: Not linking to OFFICIAL social media channels.

Three minutes ago (i.e. some hours after the ASX Crash), someone posted this on Facebook:

Hallelujah. I have no idea if I have the right Page (ASX doesn’t list its Facebook page on it’s main site) so suspect that ASX customers will be leaving comments and questions all over the ‘net. If there is no central authorised area to ask, it’s open season.

Ah well, the good news is, the Facebook page will have a lot more than 90 odd members by the time this is over. Nothing quite like a PR crisis to push social media activity into a viral spike!

Mistake Number Five: Letting Social Media Channels do the News distribution with no input or guidance.

If you ignore social media, you have to put up with what you get. Linked In had over 700 references to ASX crash when I checked – and climbing.

There are of course other bits and pieces in there – a better search might be ASX Crash?

Update:  a couple of minutes after 5pm, ASX posted this on @MyASX (another official channel?) Update 2: I’m pretty sure this is not an official channel. Update 3: $1.5bn wiped by the “glitch”.

What do you think? Should ASX pay attention to social media? Too little too late?

PS if you belong to an online forum about Trading, can you tell me the tone and content of the ASX crash discussions please?

Laurel Papworth

Named by Forbes™ Magazine in the Top 50 Social Media Influencers globally, named Head of Industry, Social Media (Marketing Magazine™) and in the Power150 Media bloggers (AdAge™). CERT IV Training and Assessment certified trainer (Diplomas and Certificates etc) Adult Education. Laurel has manager Facebook Pages for Junior Masterchef, Idol, Big Brother etc. and have consulted on private online communities for banks Westpac, not for profits UNHCR & governments in SE Asia. Lecturer, social media, University of Sydney for 10 years and Laurel has 11,000 online students. Laurel Papworth personally connects to 6 million followers online and has taught around 100,000 people in the last 10 years how to be social media managers.

12 thoughts on “Social Media Crisis: Australian Securities Exchange crash ASX

  1. Couldn’t agree with you more Laurel.

    Unfortunately many people who call themselves public relations professionals are only publicists these days. Gone is community relations, issues management, stakeholder relations and media relations (online and traditional). The days of public relations referring to public(s) relations are , unfortunately, largely over as the end of year bonuses prove to be a greater incentive than the desire to serve two masters: the President AND the Public.

    All is not lost however. The best PR professionals, remain steadfast and smart enough to strike a balance that works for both their Presidents *and* their Publics. Hopefully those not in the industry will not tar all with the same brush.

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