In 2008, we experienced an unbelievable financial roller coaster.  We won’t even get into how this affected all of us personally, but I thought to take a look at the companies that it did affect and their involvement in social media.  

In 2008, companies such as Circuit City, Sharper Image, Lenox Group, Inc., Mervyns, CompUSA, KB Toys, Linens ‘n things and Value City filed for bankruptcy.  While the economy was in turmoil and affecting these companies, could social media involvement through Twitter helped these companies in gaining recognition and loyalty in the consumers?

Of all of the companies listed above only three had twitter accounts. Two of these companies (KBTOYS and Mervyns) had but a few posts if any and the one with the most posts, CompUSA seemed to post only with little interaction of the twitter community and followers.

I believe we can all take lessons and hopefully the business world will as well from those companies that have proven that their involvement in Social Media is beneficial.  The successful companies that use Social Media include Dell, Comcast, JetBlue, Whole Foods and Zappos.  These companies use Social Media as a tool to not only interact with their customers and potential consumers, but also as a vehicle to interact with vendors, investors, communities, etc.  

Check out their Twitter pages to see the type of interaction and resources that they provide (@richardatdell, @wholefoods, @comcastcares, @jetblue, @zappos).

Could Social Media have helped the companies that filed for bankruptcy in 2008?  Based upon the success stories from the companies listed above, I believe that Social Media could have helped these companies. Helped to the point that they wouldn’t have had to file for bankruptcy?  I don’t believe there is any way that we can answer that question but….Social Media definitely would have had a positive impact.