A lot has been written lately about entrepreneurial failure, and a growing number of investors are embracing the value of Silicone Valley’s failure culture. Today’s entrepreneurs are being encouraged to “fail fast, fail often” — and to consider the lessons that can be learned from failure and applied to their next iteration or venture.
While embracing failure is one thing, publicizing it is another. But Jenny Q. Ta, CEO of Sqeeqee.com, the first-of-its-kind social networthing® site, has identified five benefits of going public with your failures through social media. Before you cringe and click away, you should hear her out.
Publishing Your Failures Humanizes Your Company
When you advertise your company’s errors, you “remind your followers that you are human and make mistakes like everyone else.” Human interaction is the key to developing business relationships and clients. In a world increasingly dominated by remote capabilities, “there is something oddly reassuring (even endearing?) about human imperfection,” Ta argues.
You Will Prove You Are Not A Corporate Machine
While most companies try to appear bigger and more established than they really are online, our natural instinct is to root for the underdog. Showing vulnerability makes your company more approachable (and more forgivable). “When people believe they are following Ashton Kutcher or Kobe Bryant, they feel happily connected to the A-list, only to realize sooner or later that some marketing or PR machine is in charge of these obvious brand building posts. For businesses, the same principal applies: if you are clearly brand building, then real engagement will suffer. By showing some vulnerability at times, you let followers know you and your company are authentic — and you will increase your following,” Ta notes.
Your Failure Is A Chance To Ask For Help
“If you find yourself stuck in a bad situation, ask your followers what they would do,” suggests Ta. “Of course, you don’t want to make them lose confidence in you, but it is actually endearing and useful to seek input from time to time. People love to be needed and wanted, and they will respond if they feel you value their opinions. When they do offer feedback or suggestions, make sure to reach back out to them and thank them. You will build a social media follower — and customer — for life.”
Social Media Is A Good Platform To Ask For Forgiveness
Sometimes even small companies can make really epic mistakes and early adopters (who tend to be particularly loyal) can get very angry. “If you do find that you've made a large mistake, it is absolutely crucial to get out in front of it through social media. By directly engaging with your clients and followers in real time, you are demonstrating a level of respect and concern that signals your sincerity. If this mistake is very costly for your business, the admission is even more important in order to regain the public’s trust,” Ta says. However, she warns that you can’t just apologize: “Be sure to clearly articulate how you plan to correct the situation.”
Remember That Controversy Sells
We live in a society where headlines that grab attention dominate the news cycle. A story about the good someone is doing is quite rare, while a scandal of any kind will dominate the news cycle on traditional broadcast or social media news feeds. In this context, Ta reinforces the old adage that there is no such thing as bad press. “I am not suggesting you engage in white collar crimes, but a little drama could create publicity and exposure for you and your brand as long as it stays on the correct side of the fence.”
So while it is tempting for all of us to cover up failures as quickly as possible and move on, before you turn the page on the next chapter for your company, think long and hard about whether a tweet or a post on the topic of a shortcoming could be turned to your advantage. You might be passing up a golden opportunity to make a bad situation better.
