BlogWell San Francisco Social Media Case Study: Wells Fargo, presented by Joel Nathanson

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In the BlogWell San Francisco case study presentation, "Social Media Engagement During a Financial Crisis," VP, Social Media Programs Joel Nathanson describes how Wells Fargo launched its engagement program, and used social media to help customers navigate through the minefields.

Measuring ROI, managing teams, legal issues, B-to-B, working with agencies and creating great content are central themes at BlogWell. This event is the best opportunity available for anyone looking to get started or improve their corporate social media efforts. Learn more at http://gaspedal.com/blogwell

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BlogWell San Francisco Social Media Case Study: Wells Fargo, presented by Joel Nathanson

  1. 1. How Big Companies Use Social Media San Francisco | June 23, 2009 Joel Nathanson Wells Fargo “Social Media Engagement During a Financial Crisis”
  2. 2. 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.
  3. 3. Wells Fargo & Co: Embracing change since 1852 Wells Fargo 1852 Transcontinental 1900’s Stagecoach Pony Express Telegraph Railroad 1
  4. 4. 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
  5. 5. 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
  6. 6. A reminder from our friends at Legal, Risk & Compliance
  7. 7. 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
  8. 8. Our Engagement Evolution 4. Engage 3. Expand to Networks 2. Publish 1. Listen 6
  9. 9. 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 7
  10. 10. Wells Fargo’s Blogs 8
  11. 11. Wells Fargo in Social Networks 9
  12. 12. twitter.com/Ask_WellsFargo Engagement Goals: Appreciation and Service Setting Clear Expectations:  Who  What  Where  When  Why 10
  13. 13. 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 11
  14. 14. 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 12
  15. 15. 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 13
  16. 16. 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? 14
  17. 17. 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? 15
  18. 18. 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 16
  19. 19. 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 17
  20. 20. 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 18
  21. 21. 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! 19
  22. 22. Thank you! http://blog.wellsfargo.com http://twitter.com/ask_wellsfargo http://youtube.com/wellsfargo
  23. 23. How Big Companies Use Social Media Learn more about upcoming and past BlogWells: http://gaspedal.com/blogwell or live@gaspedal.com

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