blogwell san francisco social media case study: wells fargo, presented by joel nathanson
TRANSCRIPT
How Big Companies Use Social Media
Joel NathansonWells Fargo
San Francisco | June 23, 2009
“Social Media EngagementDuring a Financial Crisis”
Social Media Engagement
During a Financial Crisis
© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
Joel Nathanson
VP, Social Media Programs
Experiential Marketing
BlogWell San Francisco, June 23, 2009
Wells Fargo & Co: Embracing change since 1852
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1852Stagecoach
1900’sPony Express Telegraph Transcontinental
Railroad
Wells Fargo
Wells Fargo & Co: Embracing change since 1852
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1960’s Mainframe
Computing
2006Drive-Up
Tellers
Charge
CardsBlogsATM’S
Online
Banking
Wells Fargo
Social Media for Communications
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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.
A reminder from our friends at
Legal, Risk & Compliance
Consumer Communications in Financial Services is
Not Without Risk or Oversight…
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FCCGeneral State
Civil Code
SEC
Consumer Protection Act
Non-Public Personal
Information
OCCGramm-Leach
Bliley Act
FTC
PromiseExpert Advice
Guarantee Investments
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
Account Security & Privacy Product Disclosures
Our Engagement Evolution
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4. Engage
3. Expand to
Networks
2. Publish
1. Listen
Listen and Create a Baseline
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Who What When Where Why
Qualitative
Product/Service Insights
Sentiment
Influence/Reach
Quantitative
Top Authors
Top Sites
Post/Comment Volumes
Trends
TruCast sample data
Wells Fargo’s Blogs
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Wells Fargo in Social Networks
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twitter.com/Ask_WellsFargoEngagement Goals: Appreciation and Service
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Setting Clear Expectations: Who What Where When Why
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.
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Hello Hello
Wells Fargo Bloggers, Readers…Customers
Some Engagement Examples: Ask_WellsFargo
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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
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.comhttp://twitter.com/ask_wellsfargohttp://youtube.com/wellsfargo
How Big Companies Use Social Media
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