November 16, 2006

Good case study for bad Word-Of-Mouth

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me_timesSquare2005_1_N.jpgBoing Boing recently reported on Bank of America wrongfully arresting one of their customers. What I find interesting is that Boing Boing is keeping a tally of how much business/money Bank of America is losing due to readers of just their post.

In just 12 hours, $75,000 has been taken from Bank of America and given to their competitors from Boing Boing readers alone. This current event is quickly becoming a good benchmark of metrics for the power of negative Word-Of-Mouth. While this shouldn't be used as a scare tactic for brands entering the blogosphere, this should be presented as why brands should discontinue viewing blogs as just a few kids bitching in a basement.

Previously: November seems to be a bad month for Bank of America with their karaoke session that became as viral as William Hung.

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