Whoever said all social media “engagement” is a good thing was clearly wrong. On Nov. 6, multinational banking and financial services firm JPMorgan attempted to engage with the common man through a special Twitter “online discussion” with Vice Chairman Jimmy Lee, planned the following day. The firm encouraged users to use the hashtag #AskJPM to ask questions. While it seemed a good idea on paper, the event led to a social media disaster for the brand. Twitter was immediately bombarded with negative, accusatory and hostile tweets ultimately showing how JPMorgan is judged in the court of public opinion.
Although the discussion was supposed to focus on career advice for students, the #AskJPM Twitter feed was filled with questions with everything except what the company intended. After quickly realizing the hashtag campaign wasn’t going their way, the company tweeted a truthful acceptance that the campaign was a bust.
JPMorgan should have taken notes on engaging with the Twitter audience from competitor, Goldman Sachs, who hosted a successful live Q&A in October with its Global Head of Financing to discuss “corporate financing trends in Latin America.” JPMorgan should have realized they needed to limit the scope somehow or the Internet will chew you up and spit you out.
What do you think about the Twitter campaign? Was JPMorgan wrong in trying to use Twitter to engage with followers? Is there any way that a company like JPMorgan can have a Twitter discussion of any kind? What other ways can JPMorgan engage with followers?