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

October 28, 2008www.gaspedal.com/blogwellwww.blogcouncil.org

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Darwinism in Social Media

© 2008 Wells Fargo Bank, N.A. All rights reserved. The entire presentation is confidential.Distributing or sharing this presentation in any form to anyone who is not a Wells Fargo team member is prohibited.

Tim CollinsEd TerpeningWells Fargo Social Mediahttp://blog.wellsfargo.com

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The emerging definition of brand….

A brand is…what people say about you… when you’re out of the room

Jeff Bezos- Amazon


Why Social Media?Be where our customers are.

Marketing is increasingly becoming an opt-in activityMedia is fragmentingWe had many internal blogs prior to our first public and learned from thoseBottom 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.


How we got startedUnderstand 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!


Wells Fargo’s blogsJoining the blogosphere with authenticity, relevance.

http://blog.wellsfargo.com/StudentLoanDown/

http://blog.wellsfargo.com/GuidedByHistory/

http://blog.wellsfargo.com/StagecoachIsland/


ChallengesYours 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)


How we FaredWhat 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.


Corporate blog toneKey ingredients

Tone Recipe…Individualism + Brand + Audience CultureKnow your audience…read + participate = dialogWrite great headlines…remember, RSS is your filterAuthenticity…bring personal experience, admit faults, listen. Include a biography.Listen…Think conversation, not conversion.Find your relevance…a niche passion. Love what you doPost with regularity.Be linky…you’re part of a broader ecosystem. Don’t build walls, be open.Use visuals, photographs, info-graphics


Joining the conversation changes toneRants can become civil conversations

http://www.opensourcecu.com/articles/2006/09/05/wells-fargo-launches-second-blog

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.”


Successful EngagementDon’t be afraid to go off topic. Be approachable.

This post about an employee’s wedding planning generated 4 pages of comments (21)


Successful EngagementBe open to conversations with other bloggers.

Answer common questions with a “Network Effect” benefit

Engage other bloggers. Be open.


Successful EngagementHave a thick skin: be prepared for public conversation.

A customer initiated a great conversation on how to improve statements.


Successful EngagementMake it easy.

Integrated VideoGive readers a

channel

Integrated comment box

http://blog.wellsfargo.com/GuidedByHistory/2008/06/hayward_stagecoach_event_happy_1.html


Video BloggingEngaging, personal, connecting

26 day RV trip vlog retracing the 150 year anniversary of the Butterfield Overland Mail RouteStops at schools and museums along the way, bridging online & customer experience

http://www.youtube.com/watch?v=fdoMfsQC_Ks

http://www.youtube.com/watch?v=fdoMfsQC_Ks


Social Media is beyond bloggingParticipate beyond your “home turf”

Blogging alone is an incompletesocial media strategy.Get out of your sandbox.Find your customers wherever they are, listen and participate when it makes sense.

http://www.new.facebook.com/pages/Wells-Fargo-Someday-Stories-Finalists/24448114517

http://www.myspace.com/stagecoachisland


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?


Thank you!http://blog.wellsfargo.com

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

Business

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