The power of social media, in particular the ubiquitous Facebook, has forced bank HSBC to make a very public u-turn on their decision to change interest charges to students.

The NUS-led ‘Stop the Great Graduate Rip-off!!!’ Facebook group was joined by almost 7,000 members and – as anything FB related seems to be newsworthy at the moment – was picked up by the BBC

In the end, the bank got in contact with the NUS and announced they’d be freezing the interest charges  this year as a result of ‘feedback from our graduate account holders’ (read ‘expletive-heavy tirades from angry, angry people’).

Andy Ripley, HSBC’s product development manager, said that ‘like any service orientated business we are not too big to listen to the needs of our customers.’

This is a great example of how the company-customer relationship has been affected by social media. Disgruntled customers now have a very public platform to say whatever they want.

If you work in marketing and this makes you feel a little bit nervy, there’s a silver lining – at least you now have a great excuse when your boss asks why you spend half the day on Facebook.

Read the full report on BBC News

E-Marketing & Social Media expert Gino Cosme has been urging online marketers to take their lead from Buddhist teaching.

While you might think this draws somewhat of a tenuous link, it’s actually a very effective way of illustrating some of the most important principals we as marketers need to understand:

‘Buddhists believe that everything in this world is interdependent and that failing to see this often results in problems. In as far as what I often speak and write about – integrated marketing – this is very true.

No one marketing and communication activity is better than the other, and as a result no such activity, whether off – or online, should be implemented in isolation of other complimentary tactics. But this goes one step further.

Traditional business management see the businesses they run as “self-centred beings”, which in today’s day and age can result in consumer resistance, which ultimately results in our business’ performance.’

Read Gino’s blog