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