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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