Engaging Customers in the Digital Age

Transcription

1 Engaging Customers in the Digital Age Ed Terpening Vice President, Social Media Strategy Wells Fargo Sydney, Australia November, 2011

2 Through our long history, we ve experienced many paradigm shifts that resemble the one we re experiencing now in social media THE PARADIGM SHIFT 2

3 Wells Fargo: Embracing change since Stagecoach Wells Fargo Pony Express Telegraph Transcontinental Railroad 1900 s

4 Wells Fargo: Embracing change since 1852 Wells Fargo 1960 s Mainframe Computing Drive-Up Tellers Charge Cards ATMs Online Banking New Media 2010

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6 Media shifts and evolving maturity Instinct Repurpose content and approaches TV: Filmed plays, few broadcasters, radio speech (authoritative) Web: PDF brochures, browsing a library, document focused, few publishers, web-based Social: BBS/Usenet, Chat, User Ratings/Reviews, AOL Discovery Discover/invent unique qualities of the medium TV: Mulit-camera, product features, strong branding Web: Price compare engines, online shopping, chat Social: Social Ads, Friends/Follow, News feeds, MoveOn.org, Huffington Post, Wikipedia Confidence Confidence to push the limits of the medium TV : Consumer-generated media & advertising, multi-channel (IPTV) Web: Web-based apps/sas, mass participation/democratization Social: Social Graph, Social Advertising, Social Commerce 6

7 THE IMPACT OF SOCIAL MEDIA 7

8 Social media s impact is broad Marketing Communications Service Product Human Resources Brand, Product Marketing Managing Influencers Finding and solving customer issues Social rewards programs Recruiting Customer Insights, Research Understanding Perception and Sentiment Thanking customers and building loyalty Social payment tools Internal engagement, Team member communications 8

9 Social and mass media reach different influencers Top down PR Academic or expert (64%) Financial or Industry Analyst (52%) NGO Rep (45%) CEO (40%) Govern t official or regulator (35%) Most trusted Least trusted Peer-topeer Social Media Person Like me (44%) 2010 Company employee (32%) Social Media is a great tool for P2P conversations, including recommendations If you hear information about a company from each of these sources, how credible would it be? Source: Edelman Trust Barometer

10 Social lift ecosystem R e a c h Mass media propels itself Social media propels itself Mass media propels social media Social media propels mass media Mass media unshared Mass Media Social unshared Social Media 10

11 Impact summary Power shift. From institutional publishers to individuals; brand publishers. Social media both creates news and drives mass media attention and now driving search results (eg, +1 buttons on Google) Connections matter. The social graph is increasingly used to spread information among people with shared interests Fragmentation. Consumer attention is fragmented, and businesses face delivering integrated services/messages across mediums Complexity. What s the relationship between this new category of earned media, vs. paid and owned media? How shall we organize for social media and integrate as standard practice 11

12 OUR APPROACH TO LISTEN & ENGAGE 12

13 How we evolved in social media Listen What conversations are already occurring? What s the tone and culture like? What role might you play to add value? Self Publish Start commenting, engaging with others. Publish a blog or other social element on your turf. (i.e., your community rules, data center, safe topics) Participate Go outside your sandbox to external networks (e.g., Facebook, Twitter), where you ll have less control. Understand the culture of the network each is unique. Engage Go beyond publishing to get to the heart of your business. For us, that was service.

14 Joining the conversation changes tone Rants can become civil conversations Rant by blogger Brent about Guided by History: You d have to be a creepedout 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.

15 Joining the conversation changes tone Social Media as emerging customer service channel Wells Fargo The Customer

16 Beyond listening and engagement to branded participation 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. Post during real-time events, if possible Be linky you re part of a broader ecosystem. Don t build walls, be open. Use visuals, photographs, info-graphics

17 Branding social media We treat corporate news differently than service 17

18 Successful Engagement Don t be afraid to go off topic. Be approachable. This post about an employee s wedding planning generated a lot of conversation

19 Use events to bridge social

20 Overview of our social media pages Social service that drives referrals and loyalty Reinforce brand positioning: working together, approachable, responsible partners, guidance Be part of the conversation in popular social networks 20

21 Lessons learnt Our long history as an innovator has allowed us to put social media in perspective Social media exists in an interesting ecosystem of communications platforms that propel each other Our approach is to start by listening and learning, and then find the best way to add unique value for our customers We ve been able to shift the conversation and engage in social media to build and protect our brand We choose branding, engagement strategy and content based on the audience, platform norms and strengths and the amount of control available Participating in social media is yet another way we can help our customers succeed financially 21

22 Thank you! Ed Terpening, VP Social Media Strategy blog.wellsfargo.com