Prior to the advent of social media, the consumer’s voice was left largely unheard via unread letters of complaint, lost and unanswered telephone calls to an automated phone system or ineffectual projectiles of vitriol ricocheting off the walls in an empty room.

All of these inadequate methods of communication ensured that businesses always maintained power over the customer. Moreover, they prevented businesses from steering their service to a more satisfying state.

Now social networking sites such as Facebook and Twitter have empowered the consumer by providing them with a voice. The online world allows for real-time communication where the consumer is not only heard but also listened to and responded to in real-time.

Businesses can now uphold the reputation of their brand with timely responses to those letters, calls and complaints which now find their desired recipient through a post, a tweet or within a forum.

“We also do cut-glass sherry decanters complete with six glasses on a silver-plated tray that your butler can serve you drinks on, all for £4.95. People say, “How can you sell this for such a low price?” I say, “because it’s total crap.”

It is just as well that Gerald Ratner was not a Marketer or Social Media Manager today. Whilst we can be absolutely sure that a CEO would never be allowed to post a comment of this type today, it is worth considering the impact of Ratner’s words on his brand.

There might have been letters of complaint, telephone calls made and no doubt there would have been disbelieving shakes of the head alongside some very angry words said but the ultimate price paid by The Ratner Group was that customers refused to buy from the once thriving jewellery business. Ratner’s hubris and ill-conceived speech in 1991 cost The Ratner Group £500m.

If we are all unanimously agreed that the foundation of any good business is its customer service, social media allows businesses to appease consumers and retain them. More crucially, those that land on a page, enter a forum or view a hundred likes as a result of positive action will buy in to the brand. The brand’s reputation is restored and belief in the product or service is instilled and messages to that affect will be sent.

The power of social media was not lost on iTunes last year and it certainly was not lost on Taylor Swift. Using Tumblr, Swift put out a statement saying she would be holding back her album ‘1989’ from the streaming service as Apple Music would not be compensating artists during the three-month free trial offered to those that sign up to the service.  Using the closing sentiments expressed by Swift in her statement, Social Media Strategist Laura Olin took to Twitter. Eddy Cue, head of Apple Music responded with speed and tweeted that artists will be paid for streaming during the customer’s free trial period.

Likes and retweets later, iTunes was great again.