How Wells Fargo and Chrysler practice Social Media Marketing
Social Media and its integration with digital and off-line marketing continues to be one of the main opportunities and challenges for marketers. In fact, Social Media Marketing is changing the way major brands advertise. Portada talked to the CMO's of Chrysler and Wells Fargo and asked them how they go about it. How can America's largest companies have a spontaneous voice in the midst of corporate bureaucracy? Is there really a need for their brands to be always on? What Wells Fargo, CMO, Jamie Moldafsky and Chrysler CMO Olivier François have to say. (Both executives will be speaking at AHAA's upcoming Annual Conference next week).
Wells Fargo has invested substantially to set up its Social Media Marketing unit. Wells Fargo's CMO Jamie Moldafsky, tells Portada that the financial services company has "made a significant investment in social media marketing over the past 5 years. Since then the social media team has helped us listen to and evaluate the voice of the customer very quickly and effectively." "In the past 18 months we established new policies and processes, engaged partners and people, and launched new platforms to move from social test/learn to having a robust social business. We have a hub and spoke model where an enterprise team develops the capabilities, accelerants and guardrails for the company to follow."
Wells Fargo has a team of more than 75 social practitioners that meet regularly across all of our businesses to build and support our social media content and programs.
Moldafsky adds that "in 2013, we significantly increased engagement, fans and followers and have seen improvements in sentiment by integrating and moving toward a socially engaged business. We’re excited about the engagement we’ve experienced so far." We have a terrific team of more than 75 social practitioners that meet regularly across all of our businesses to build and support our social media content and programs. Social media also allows us to spread our marketing messages very quickly and effectively, particularly when integrated into our marketing campaigns. When our millions of fans tell their friends that they like our vehicles, that helps change perception more than anything else."
In a different sector, automotive, Chrysler also is putting a substantial amount of resources into social media."At Chrysler Group, we know that our brands and each nameplate appeal to different people for different reasons, and our social media strategy is a reflection of that. We have the ability to talk to people of different ethnicities, but also different life stages, different interests and we use social media to listen to and have conversations with them. The brand voice and tone in social media is consistent with our other marketing channels," says Chrysler CMO Olivier Francois.
Do Brands have to be always on?
Is there really a need for brands to be always on? How do Chrysler and Wells Fargo answer this question?"The real time feedback is very insightful. We feel that we need to be where our consumers are whenever they need us. As such, we moderate social conversations 24/7, through established social media command centers on both coasts (Charlotte and San Francisco) and a small team presence in Asia," says Wells Fargo's Moldafsky. She points out that as , Wells Fargo continues to increase its speed to market, responsiveness and relevance in the market, "we will continue building out relevant capabilities to meet our customers in the channels they prefer."
You may have seen how quickly our Ram social media team moved when Jimmy Fallon said he was shopping for a new truck on The Tonight Show.
Should a brand like Chrysler be "always on"? "Social media is always on, and it certainly doesn't stay contained to work hours," says Chrysler's François. As an example he cites the Ram social media team:"You may have seen how quickly our Ram social media team moved when Jimmy Fallon said he was shopping for a new truck on “The Tonight Show” a few weeks ago. Via Twitter, Ford and GM suggested he look at their vehicles. Ram did the same thing, but took it a step further by Tweeting a challenge, bringing a Ram truck to his studio to test drive, collaborated with key brand partners to help spread the word with a unique hashtag, and ultimately getting an on-air mention. Speed and flexibility are key in leveraging real-time opportunities. But François also cautions that there is a need to be selective when it comes to directing social media resources: "Brands still need to be strategic on how they allocate their resources. Being on 24/7 to cover every social property is a huge investment in resources. Brands need to be strategic in how to provide the most coverage and make the most impact."
Wells Fargo's Jamie Moldafsky and Chrysler's Olivier Francois will be speaking at AHAA's upcoming Annual Conference in Miami's Eden Roc Hotel on April 28-30th, 2014.