How Big Companies Use Social Media
San Francisco | June 23, 2009
Joel Nathanson
Wells Fargo
“Social Media Engagement
During a Financial Crisis”

Social Media Engagement
During a Financial Crisis
Joel Nathanson
VP, Social Media Programs
Experiential Marketing
BlogWell San Francisco, June 23, 2009
© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.

Wells Fargo & Co: Embracing change since 1852
Wells Fargo
1852 Transcontinental 1900’s
Stagecoach Pony Express Telegraph
Railroad
1

Wells Fargo & Co: Embracing change since 1852
Wells Fargo
1960’s Mainframe Drive-Up Charge Online 2006
ATM’S Blogs
Computing Tellers Cards Banking
2

Social Media for Communications
Complementary:
Complements a broader communications strategy, by
providing an approachable, interactive, flexible and a real-
time channel.
Counters Vacuum Risk:
If you’re not participating, information vacuums can be
created in social networks, filled in by speculation by
employees and customers.
High Influence:
Reach more people through SEO, RSS, and WOM.
But Be Ready:
Have the infrastructure in place to respond to the issues and
questions raised across many channels.
3

A reminder from our friends at
Legal, Risk & Compliance

Consumer Communications in Financial Services is
Not Without Risk or Oversight…
FCC OCC SEC FTC
Non-Public Gramm-Leach
General State Consumer
Civil Code Personal Bliley Act
Information Protection Act
Expert
Promise Guarantee Investments
Advice
Account Security & Privacy Product Disclosures
Investment and Insurance Products:
 Are Not insured by the FDIC or any other federal government or agency
 Are Not deposits of or guaranteed by the Bank or any Bank Affiliate
 May Lose Value
5

Our Engagement Evolution
4. Engage
3. Expand
to
Networks
2. Publish
1. Listen
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Listen and Create a Baseline
Who What When Where Why
TruCast sample data
Quantitative Qualitative
 Top Authors  Product/Service
 Top Sites Insights
 Post/Comment  Sentiment
Volumes  Influence/Reach
 Trends
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Wells Fargo’s Blogs
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Wells Fargo in Social Networks
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twitter.com/Ask_WellsFargo
Engagement Goals: Appreciation and Service
Setting Clear Expectations:
 Who
 What
 Where
 When
 Why
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Twitter.com/Ask_WellsFargo:
Social Media as a Service Channel=Unique Challenges
 3rd Party platforms not always
reliable
 Maintain back up channels
 Unofficial Customer Service Reps
 Credibility/ Transparency
 Abuse: The squeaky wheel
syndrome
 Online Security: Need to take
account conversations offline
 Enterprise ready applications
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Building a Successful Program: Fundamentals
Clear Goals
 Who, What, Where, When, Why, & How
Willing
 To have a conversation
 Have a thick skin
 Make changes-improve products and service
 Have some empathy, apologize, and help
Adaptable
 As soon as you build it, it will likely change
Thoughtful and focused
 Start small
 Find your niche
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Lesson 1: You’ve Got Data… What next?
Determine what you’re going to do with the info:
 Organize and analyze
 Identify and target opportunities
 Integrate into product/service development
Begin building infrastructure & align product/service teams
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Lesson 2: Establish Community Guidelines
 What’s In and Out-of-Bounds
We’ll generally avoid topics like:
 Investor relations, stock price, etc
 Government relations & activity
 Legal/Regulatory issues
 Competitors, etc.
 Always bring value to the Community
 Be relevant- ease up on the sales pitch
 Err on the business side of business casual
 Always take the high road
 Remember that you’re a customer too—how would
you like to be treated?
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Lesson 3: Voice
Voice: Who will represent you?
 Front line customer service reps, execs, product
managers, PR/communications or marketing
professionals?
 Will you be funny, serious, sales-y, 2 kewl?
 What days/hours will you be available? 24x7?
 How will you staff your program?
 How will you handle customer issues?
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Lesson 4: Know the culture
 Not all conversations should be joined
 Regulatory issues
 Conversation etiquette: Don’t be invasive
 Back to basics reminder: Be a good conversationalist
1. Listen
2. See things from other perspectives
3. Be clear
4. Provide good information
5. Be polite and honest
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Lesson 5: Responding to Consumers
 There are real people (customers!) behind every
blog post, every online review, discussion, expressed
opinion.
 When you respond to one, you respond to many.
 Be sensitive to the individual situations
 Engagements are public, indexed by Google, and can
be very influential. Don’t forget that.
Wells Fargo Bloggers, Readers…Customers
Hello Hello
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Some Engagement Examples: Ask_WellsFargo
Unexpected Customer Service
Wells Fargo Bank just lost a customer due 2 miscommunication, horrible
customer service, & lack of considerance.
3:53 PM Apr 1st from web
@ Wait! I’d like to help if I can. Pls send me a DM and tell me what’s
going on and I’ll connect you with the right people. Thx!
7:50 PM Apr 1st from web in reply to
I want 2 thank the reps @Ask_WellsFargo 4 really getting 2 know the
customer and understand their view, I am more confident now than b4!
12:50 PM Apr 7th from web
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Wrap-up: Key Points
 Mainstream adoption is here & social media is a key
component in communications strategy.
 Don’t wait for a crisis to build your program.
 Start listening, build a program and
*when appropriate* Engage!
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Thank you!
http://blog.wellsfargo.com
http://twitter.com/ask_wellsfargo
http://youtube.com/wellsfargo

How Big Companies Use Social Media
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