Social media Project Risk Management

Project Risk Management
Risk factors
Wasting time and money for zero returns
Social media is not a complete guarantee of rapid growth. It may take a long time for the business to be fully established on social media and create brand awareness among the target market. The costs of carrying out the project may take a very long time to bring returns, as fast growth on social media is not guaranteed.
To mitigate this risk, the business will employ online tools to boost social media followers and reach many people. The tools used will be Social Flow and TailWind to attract more followers (Evans et al., 2021). The use of social media promotion badges will also be employed to ensure that the business gets its returns within the stipulated time
Negative reputation by competitors and other people
Social media is a public platform where everyone can air their views. Many platforms have review sections where customers leave their reviews about the business. In case of a negative post made on the business platforms, people may ridicule the post and perceive the business negatively. Also, competitors can use a strategy to leave negative reviews for the business, leading to a bad reputation (Zarella, 2009). However, this risk will be mitigated by employing an experienced social media manager to professionally reply to negative comments and ensure that only positive reviews are given about the business. Social media post scheduling will be done using the HootSuite platform to ensure no posts are made by error.

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