A Stitch in Time Saves Nine

It is a rare case to find crises that had come up as one that was foreseen from before. While manufacturing a product or providing a service most organizations plan carefully so that there are no complaints from their stakeholders. The major priority for any organization is customer/ stakeholder satisfaction. This is simply because of the surge in the use of new media, which allows anyone to access a vast amount of information regarding any organization from the Internet. Therefore, in today’s technologically advanced world, organizations are forced to be transparent to their stakeholders because crises can be born out of anything, anytime, anywhere.
Crises are generally of two types.
1) Unexpected crises: the news of which spreads fast (Ex: Nokia in Crisis Management Mode over Faulty 'Bl-5c' Batteries)
2) Ones which start out small but then develops into bigger ones (Dominos Youtube Crises)
However, in times of crises it is key for the organization to respond fast because otherwise once the ‘word spreads’ the organization can suffer a severe loss both in terms of goodwill and income generation.
This had happened to Baush & Lomb (one of the worlds most renowned and leading eye care company) in 2006 when its contact lens cleaner, ReNu with MoistureLoc (ReNu MoistureLoc) was reported to create a fungal infection of the eye called Fusarium keratitis. In this case Baush and Lomb had initially overlooked and delayed in reacting to the crises due to which many analysts and critics said that B&L had adopted a "self-destructively passive role" in dealing with customers and investors and had thus broken the basic rule in crisis management.
They should have reacted like Nokia which despite its crises of faulty batteries came out of it almost unscathed.
Therefore, organizations need to remember that denying or trying to evade a complaint can result in paying high prices. They need to think and act fast in order to keep their goodwill and sales figures unhampered because truth is a ‘stitch in time saves nine.’

Watch the Dominos Pizza Prank @ http://www.youtube.com/watch?v=xaNuE3DsJHM