twitter approach

© 2011 Wells Fargo Bank, N.A. All rights reserved. Internal use only.

Twitter ApproachSocial MediaEnterprise Marketing


Where we are today with Twitter We have 4 live channels:

We’ve been in our “test & learn” phase and thus far learnings include: We can successfully shift sentiment Our innovation drives positive PR We surprise and delight customers

We’ve been building the infrastructure Testing common platform tools (eg, CoTweet, Spredfast) Developing standard approaches

We’re leveraging existing infrastructure. For example, adding new LOBs to current channels whenever possible e.g. extending service to include Debit on @Ask_WellsFargo

We are listening. We can learn a lot about customer preferences listening to our followers and building a profile for further engagement; as well as look for PR fires and measure.

We are working to integrate and cross pollinate content where appropriate. Integration leads to increased engagement; efforts include:

Across Twitter channels Across platforms (Twitter, YouTube, Facebook, Blogs) Across media that is owned, earned and paid (including Twitter’s paid products, Facebook Ads and other

3rd party placements) Across media types (traditional, new media)

2

Twitter handle Scope Partnership@ask_wellsfargo and @wachovia

Customer service including proactively reaching out to frustrated customers and thanking customers for their loyalty EM & ISG

@wellsfargo General Wells Fargo business information, PR, press releases, WF news, etc. EM & CorpComm@wellsfargo_jobs Job listings, recruiting information and events EM & HR

© 2011 Wells Fargo Bank, N.A. All rights reserved. Internal use only. 3

Our efforts on Twitter need to focus on the intersection of customer needs, Twitter’s strengths and our goals

Customer NeedsFocus on customers with unmet needs who are active on Twitter e.g.

TwitterLeverage strengths of Twitter’s platform e.g.

Wells Fargo’s Goals

• Reach influencers, press, Hispanics, African Americans

• Distribute and access real-time information

• Customer service• Financial education• Investment guidance or research

• Build Brand Health• Manage Risk • Drive Business Results• Focus on the customer


To understand the opportunities, we need to understand Twitter’s strengths Some of the best uses of Twitter: Curating valuable, helpful content from around the Web to create goodwill Facilitating conversations Building relationships, networking, and collaborating Directing traffic and disseminating content Researching what people really think and better understanding consumer

needs Reaching specific segments e.g. influencers, media, content creators, press,

African-Americans, Hispanics, well-educated, higher-income, early-adopters, urbanites and mobile enthusiasts

Reinforcing our brand and showing a different side of it Extending audience Improving search engine optimization Generating ideas for innovation and improvements


And we need to focus on our business goals Build Brand Health

Increase differentiation/relevance of Wells Fargo (live “helpful, friendly conversation” brand promise on Twitter and amplify WFCs influence)

Expand perception of WFC as innovative thought-leader, an authority in all matters related to financial services, customer-focused

Build relationships with key influencers (journalists, bloggers, etc) Manage Risk

Find, track and analyze brand threats and opportunities Establish “outposts” that enable WFC to respond quickly when issues arise Create common infrastructure and approach to ensure consistent operations, easier auditing, and

“One Wells Fargo” customer experience Drive Business Results

Increase engagement with consumers including deepening relationships and loyalty, improving sentiment and identifying and amplifying promoters to drive referrals/recommendations

Drive traffic to our owned media (wellsfargo.com) by leveraging Twitter’s niche as a traffic driver Focus on the customer

Provide a seamless, integrated experience with existing communications platforms Reach customers where/when they need us Provide a “One Wells Fargo”, integrated, seamless experience


Any new proposed Twitter channels must answer the following questions Research: Have you started by listening to identify needs, relevancy, sentiment and influencers? What have

you learned? Are you or someone from your LOB a member of the Social Media Community of Practice? Testing: Have you tested and learned on existing properties? Audience: Is your target audience active on Twitter? When? With Whom? Why? How often? What time(s) of

day, day(s) of the week or month? What is the catalyst for their activity? What drives or influences their engagement? What other groups in Wells Fargo are targeting the same audience? How can you work together to better meet customers’ needs and create something relevant and valuable for the audience?

Value Proposition: What problem are you solving that isn’t already addressed on Twitter or elsewhere? What is your value proposition? How will you differentiate your offering from what is already available? How will you engage with your target audience and how will you personalize those interactions?

Differentiation: How is the proposed new content different from existing Wells Fargo social media properties? How will this differentiation be communicated clearly to the customer?

Content: What is your content strategy? How will the content and focus stay customer centric and focused on fulfilling customer needs? What iterative processes are in place to ensure continuous improvement?

Integration: How can your proposed new content be integrated into or leveraged in other platforms or content? How will the proposed new content align with our brand and maintain One Wells Fargo view?

Resources: Are the resources available to support this channel going forward? Twitter requires multiple postings, responses and ongoing engagement throughout the day and often after hours.

Management: How will the new channel be managed and supported? How will it enhance and support two-way ongoing communication?

© 2011 Wells Fargo Bank, N.A. All rights reserved. Internal use only.7

Resources Required (Cost)

Cons

umer

Impa

ct

High Impact

-Content orchestration: integrating into multiple channels or existing channels e.g. Mobile Monday chat or Financial Education Tweets/ATM messages- New channels where there is readily available supply of usable content and target audience is active on Twitter e.g. student channel or channel for market research reports

-New channels requiring significant content creation e.g. Hispanic channel which would require translation-Examples: @ask_wellsfargo and @wellsfargo

Low Impact

-RSS Feed or Alerts e.g. jobs channel or mortgage rates

-New channels targeting small or unengaged audiences e.g. Rapid Alerts

Low Resource Requirement High Resource Requirement

All new proposed channels will be evaluated via this prioritization matrix

Requests for new channels will be considered on case by case basis


Process for requesting a new channel 1. Membership in the Social Media Community of Practice2. Begin by listening and leveraging existing channels whenever possible3. Review Twitter’s strengths, our goals and unmet customer needs to ensure

proposal fits within these parameters4. Work with EM Social Media team to

Clarify business goals and size the opportunity Review alternatives including other platforms and/or ways to integrate and leverage

existing properties to meet business goals Review best practices, risks, required resources, roles and responsibilities Develop content plan

5. Submit for approval with content plan 6. Once approved, follow Twitter Platform Standards and Guidelines for

implementationRequests for new channels will be considered on case by case basis, and as the CoP Strategy Workstream makes recommendations. Process takes 3-12 months.

http://blog.wellsfargo.com/


Go forward guidelines Keep aligned with CoP Strategy Workstream roadmap Continuously monitor to ensure alignment of our experience,

competitive advantages, and business goals with customer’s needs and Twitter’s strengths to determine market opportunities

Expand partnerships Finalize partnership model for assigning risk/responsibility, as well as shared accountability Build stronger content partnerships with Diverse Segments, Student/Youth Marketing, Mobile Obtain service personnel to expand @Ask_WellsFargo success to additional products/needs Focus on youth/college educated, added @WellsFargo_Jobs for HR

Clearly define channels. To avoid customer confusion (if we are to expand the number of Twitter channels), ensure each channel is distinct and targets unique audience and needs (analogous to sections of a newspaper).

@WellsFargo = general Wells Fargo information targeting wide audience: shareholders, customers, and media

@ask and @Wachovia = service @WellsFargo_Jobs = recruiting

*Proposed name for Spanish Language Twitter Channel


Appendix


New research shows number of Twitter users is still relatively small but growing quicklyOf the American adults who use the internet, 13% are Twitter users. But

some groups are notable for their relatively high levels of Twitter use: College educated are twice as likely to use the service vs. high school graduates. African-Americans and Latinos: – Hispanic internet users are more than twice as

likely to use Twitter as are white internet users, and Black, non-Hispanics are almost three times as likely to use Twitter.

Urbanites: Urban residents are still twice as likely to use Twitter as rural dwellers. Young adults: Internet users under 49 are twice as likely to use Twitter as those age

50 and over. And users ages 30-49 have doubled in six months since November 2010. Men are 27% more likely than women to use the service. Tech enthusiasts, influencers and media professionals (e.g. press and bloggers)

continue to be well known for their heavy Twitter usage. Mobile users: 95% of Twitter users own a mobile phone and 54% access Twitter via

cell phone.

11Source: The Pew Research Center’s Internet & American Life Project, April 2011


Given the small number of users, why should we care about Twitter? At 92%, awareness of Twitter is almost universal Regular Twitter users more likely to be ‘status updaters’ across all social networking

services Financial services brands are being discussed on Twitter Twitter users appear to be growing more engaged. Percent who post status updates

rose from 47% in 2010 to 70% in 2011 Among financial services companies, Twitter is the most widely used social network;

two-thirds of 85 companies across the banking, credit cards, brokerage and asset management sectors tracked by Corporate Insight had a presence on Twitter.

Twitter users index as early adopters, well-educated and higher income - consumers on Twitter earn more than $85,000 on average, 9% higher than the average income of US online adults overall

It’s an efficient broadcast platform that enables Wells Fargo to distribute information consumers want and to establish WF as trusted source of valuable information

Sources: Edison Research: Twitter usage in America 2010 http://www.edisonresearch.com/twitter_usage_2010.php Edison Research: The Social Habit 2011 http://www.edisonresearch.com/home/archives/2011/05/the_social_habit_2011.php Forrester Research: How eBusiness Executives At Financial Services Firms Are Successfully Using Twitter Corporate Insight: Social Media: Trends and Tactics in the Financial Services Industry http://info.corporateinsight.com/Portals/55706/docs/executivesummary-socialmedia.pdf

http://www.edisonresearch.com/twitter_usage_2010.php

http://www.edisonresearch.com/home/archives/2011/05/the_social_habit_2011.php

http://www.forrester.com/rb/Research/how_ebusiness_executives_at_financial_services_firms/q/id/58306/t/2



http://info.corporateinsight.com/Portals/55706/docs/executivesummary-socialmedia.pdf


Twitter plays an active role in purchasing decisions

79% of Twitter users are more likely to recommend brands they follow 67% of US Twitter users are more likely to buy brands they follow Twitter users are far more likely to follow brands/companies than social

networkers in general Regular Twitter users report using the service not only to seek opinions

about companies, products and services but to provide these opinions as well 42% learn about products and services via Twitter 41% provide opinions about products/services

Sources: Edison Research: Twitter usage in America 2010 http://www.edisonresearch.com/twitter_usage_2010.php Edison Research: The Social Habit 2011 http://www.edisonresearch.com/home/archives/2011/05/the_social_habit_2011.php

http://www.edisonresearch.com/twitter_usage_2010.php

http://www.edisonresearch.com/home/archives/2011/05/the_social_habit_2011.php


Twitter is the hub for content creators and therefore more likely to impact our brand than any other social networkOf the users who are active on Twitter daily: 72% publish blog posts at least once a month 70% comment on others’ blog posts 61% write at least one product review a month 61% comment on news sites 56% write articles for third-party sites 53% post videos online 50% make contributions to wiki sites 48% share deals found through coupon forums

Source: http://thenextweb.com/twitter/2011/08/18/twitter-users-are-more-likely-to-impact-your-brand-than-any-other-social-network/


The heaviest Twitter users are focused on disseminating content

“the heaviest users are focused on disseminating content... when asked what they want from brands, consumers ask for knowledge and, among younger adults, entertainment. Brands have an opportunity to use the transmission-oriented social media landscape to disseminate valuable content to followers—who in turn are hungry for interesting and entertaining content to transmit.”eMarketer 8/16/2011


Topics for new channels need to be thoughtfully selected

Source: http://mashable.com/2011/06/01/twitter-qa/

Less than 1% of questions asked on Twitter focus on Finance & Insurance. Therefore, we recommend new channels target either topics with proven active followers (e.g. investors seeking real time news) or a specific audience with unmet needs.

An advantage of focusing on a specific audience and their unmet needs is that it provides an opportunity to offer something of value and a license to distribute a wide variety of content that the audience would find useful. For example, a Student focused channel could include the following content: Financial Education e.g. how to pay for

college, budgeting tips, value of a credit score

Tips for college planning and prep (financial and otherwise)

Time management or study tips for students Career planning information Curation of relevant tweets, blog posts,

news articles that students would find beneficial


Pew Research

twitter approach

Documents

wells fargo bank

internal use

twitters strengths

best uses of twitter

intersection of customer

blogsacross media

customer preferences

helpful content