Last week Econsultancy posted a story on their website with a salacious title: "WalMart, Best Buy shun social media."  As this Community website proves, that is a fallacious statement about Best Buy.  Less than an hour after the story posted, I commented, "Actually, we embrace social media."  I pointed out that their own website wrote a story just two months ago about Best Buy's open API.  Econsultancy's Editor-in-Chief and CEO commented on my posting.  Others from Best Buy and our partner Carphone Warehouse added their comments about the work they do with social media.  In a comment from the author about the article he stated, "I neglected to do a proper Facebook and Twitter search. My sincere apologies. No[t] sic very professional and certainly not the way I want to start a relationship with your company."  While I accept his apology, I continue to grow wary of the power of unfiltered communication.  Too bad Econsultancy had not read my last blog, which was precisely about how inaccurate statements can quickly spread on the internet. 

This false story was Twittered and picked up by Google Alerts.  While myself and other Best Buy employees have debunked the claim, the title has not changed.  Therefore, this grossly inaccurate statement will remain on the internet indefinitely.  Furthermore, Econsultancy has not written an article that discusses Best Buy use of social media.  We are a large brand and utilize many social media avenues.

Today, many print-base newspapers are going out of business due to the internet's rapid means of transferring information.  However, newspapers were staffed by journalists who were accountable to their readers, their company and their shareholders.  While there were occasions when incorrect information was printed, upon discovery corrections were made and the newspaper's reputation suffered. 

Where is the accountability in the Web 2.0 world?  Many point to the community.  However, I am skeptical that the "community" can watch all websites and see every Twitter statement that flies across the internet.  My team and I caught this false statement about Best Buy; there will be others.  While we remain ever vigilant, I fear we are heading to a new era of yellow journalism - grab a citizen's or brand's name, make an accusation and then poison the public with a toxic accusation.  In a medium where anyone's opinion and lack of research can be accepted as fact, I worry what the potential consequences.

Today anyone can go online to voice their opinion.  Increasingly these opinions transcend the online space and modify events.  It was only a few months ago that an ad on Motrin's website offended mothers by comparing the carrying of children in baby slings to a fashion statement.  Outraged mothers (and others) quickly jumped on Twitter, and their outrage spread to YouTube and blogs.  Within days Motrin pulled their ad.  Congratulations to social media for quickly bringing this to the attention of Motrin.

Last week Bloomberg reported that Blockbuster hired a firm that deals with bankruptcy.  People on Twitter picked up this story and started Tweeting that Blockbuster was filing for bankruptcy.  This went viral within a few moments and their stock fell to $0.17.  Blockbuster put out a press release saying that they did hire the firm to help with capital initiatives, but reports of bankruptcy were entirely false.

Twitter is a rapid means of communication that is unfiltered.  Anonymous people can say whatever they want without repercussions.  When there is limited or no accountability, what measures are there to protect individual citizens and corporations from false, libelous or slanderous accusations? 

As fact and opinion blur, the consequences to individual lives will increase.  Will the next false viral rumor cripple a brand to a point from which it cannot recover?  How many jobs will be lost over a fallacious statement?  These concerns highlight the imperativeness of brands actively monitoring their perception in the blogosphere.

I love social technology.  And I am happy to join the online conversation on behalf of Best Buy.  Joining the conversation today is more important than ever for brands to survive and thrive in the world of Web 2.0.