I coined the term wikibranding to capture a new marketing dynamic -- consumers have even more power than marketers to rapidly define brands now that access to global mass media is just a point-click away.
Social media enables consumers to co-create and spread a great brand narrative just as easily as it enables consumers rightfully destroy poor quality brands. Most marketing people know this too well.
PR folks at Domino's and elsewhere are learning another painful lesson about social media -- there is no such thing as a local incident, everything is immediately global. The damage control needs to be swift and devoid of spin.
From The New York Times:
Video Prank at Domino's Taints Brand
By Stephanie Clifford
A video prank two Domino's Pizza employees posted online has shown how social media has the reach and speed to turn tiny incidents into marketing crises....http://www.nytimes.com/2009/04/16/business/media/16dominos.html