BlogWell Social Media Case Study: Wells Fargo, presented by Tim Collins and Ed Terpening

2. Darwinism in Social Media Tim Collins Ed Terpening Wells Fargo Social Media http://blog.wellsfargo.com © 2008 Wells Fargo Bank, N.A. All rights reserved. The entire presentation is confidential. Distributing or sharing this presentation in any form– to Wells Fargo Internal is not aDo Not Distribute, Do Not Copy, Do Not Forward Confidential and Restricted For anyone who Use Only – Wells Fargo team member is prohibited. 1

3. Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 2

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5. Confidential and Restricted – For Wells Fargo Internal Use Only – Only – Do Not Distribute, Do Not Do Not Forward Confidential and Restricted – For Wells Fargo Internal Use Do Not Distribute, Do Not Copy, Copy, Do Not Forward 4

6. The emerging definition of brand…. A brand is… what people say about you… when you’re out of the room Jeff Bezos- Amazon Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 5

7. Why Social Media? Be where our customers are. Marketing is increasingly becoming an opt-in activity Media is fragmenting We had many internal blogs prior to our first public and learned from those Bottom line: You want to be your customers are – They can call, visit or click. Why not have a dialog online? – A new channel to listen and learn. – Hosting a channel where customers learn from each other benefits everyone involved. Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 6

8. How we got started Understand the culture Communications Culture Evolves – Email: use of signatures, distribution lists, BCC – SMS: short-code acronyms, emoticons, real-time – Websites: linking, page layout, 24x7, service delivery Experience the culture – Immerse yourself in blogs of interest, where your passions are – Read the best. There are lots of niche bloggers that cover industry best practices (eg, BankWatch, OpenSourceCU, NetBanker) – Start commenting on blogs, participate! Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 7

9. Wells Fargo’s blogs Joining the blogosphere with authenticity, relevance. Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 8

10. Challenges Yours may vary by industry, but there are commonalities Regulation – COPPA, Privacy, Security, … Getting buy-in through education, address risk – Understand & address rational fears, like comments. Have a thick skin. Resources, training bloggers – Finding bloggers, writing style, not being intimidated, learning the culture, balancing “day job” Standards & guidelines development – Community guidelines (comments, email) Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 9

11. How we Fared What to expect and what we learned. Blogeratti Buzz – Steve Rubel, Robert Scoble, Shel Israel, et al Not blogging about your primary business – Played it safe out the gate, but clearly unique, relevant content. Build confidence. When you launch – Pay attention, participate in the buzz – Be “in the room” Measurement – Throw out traditional web measures, measure engagement. We’ve reached millions of visitors, and have hosted thousands of conversations. Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 10

12. Corporate blog tone Key ingredients Tone Recipe…Individualism + Brand + Audience Culture Know your audience…read + participate = dialog Write great headlines…remember, RSS is your filter Authenticity…bring personal experience, admit faults, listen. Include a biography. Listen…Think conversation, not conversion. Find your relevance…a niche passion. Love what you do Post with regularity. Be linky…you’re part of a broader ecosystem. Don’t build walls, be open. Use visuals, photographs, info-graphics Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 11

13. Joining the conversation changes tone Rants can become civil conversations Rant by blogger ‘Brent’ about Guided by History: “You’d have to be a creeped-out paranoid consumer to have an ongoing interest in that.” Courteous response by Wells Fargo blogger Staci Schiller: “Your suggestions are valuable and much appreciated.” Civil reply by ‘Brent’: “As a move of pure positioning, GBH works.” http://www.opensourcecu.com/articles/2006/09/05/wells-fargo-launches-second-blogDo Not Distribute, Do Not Copy, Do Not Forward Confidential and Restricted – For Wells Fargo Internal Use Only – 12

14. Successful Engagement Don’t be afraid to go off topic. Be approachable. This post about an employee’s wedding planning generated 4 pages of comments (21) Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 13

15. Successful Engagement Be open to conversations with other bloggers. Engage other Answer bloggers. common Be open. questions with a “Network Effect” benefit Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 14

16. Successful Engagement Have a thick skin: be prepared for public conversation. A customer initiated a great conversation on how to improve statements. Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 15

17. Successful Engagement Make it easy. Integrated comment box Integrated Give readers a Video channel Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 16

18. Video Blogging Engaging, personal, connecting 26 day RV trip vlog retracing the 150 year anniversary of the Butterfield Overland Mail Route Stops at schools and museums along the way, bridging online & customer experience Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 17

19. Social Media is beyond blogging Participate beyond your “home turf” Blogging alone is an incomplete social media strategy. Get out of your sandbox. Find your customers wherever they are, listen and participate when it makes sense. Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 18

20. Wrap-up Social Media is yet another way for us to have a dialog with our customers. Listen, learn, respond. Know the culture. Transform a cold medium (online) and humanize it. Measure engagement, and be prepared. Have a thick skin. Small “test & learn” initiatives can be a great start. Are you where your customers are? Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 19

21. Thank you! http://blog.wellsfargo.com Confidential and Restricted – For Wells Fargo Internal Use Only – Do Not Distribute, Do Not Copy, Do Not Forward 20

BlogWell Social Media Case Study: Wells Fargo, presented by Tim Collins and Ed Terpening

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