1
Social Measurement Strategy
Initial Findings and Recommendations
For Wells Fargo Bank
DRAFT as of January 6, 2012
Susan Etlinger
Industry Analyst
2
Agenda
 Program Overview
 Stakeholder Findings
 Measurement
Framework
 Applied Measurement:
Student
 Applied Measurement:
Smarter Credit
 Next Steps
 Appendix: Detailed
KPIs
© 2010 Altimeter Group
Program Overview
© 2011
2010 Altimeter Group
4
Measurement Strategy Program Statement
Altimeter Group will deliver a set of metrics that will show how well social
media is helping achieve the four key business goals.
These metrics will not only enable Wells Fargo to manage the business
but also to make strategic decisions on what to invest in, and what it can
safely ignore.
We will frame this primarily in how social media deepens relationships
with customers, with associated metrics that tie social media back to
relationship KPIs used by Wells Fargo.
The goal is to provide Wells Fargo with “apples to apples” metrics so that
it can make coherent decisions on how to deploy scarce resources,
people, and budgets.
Work includes up to four checkpoint meetings with the strategy team and
a final 40 page presentation.
Source: Wells Fargo_Strategy_Proposal_Altimeter_05042011
© 2010 Altimeter Group
5
Program Goals
 Develop a metrics framework based on Altimeter's
“Learn, Dialog, Advocate, Support, Innovate” model, as
tied to the Wells Fargo four pillars.
 Help Wells Fargo identify and begin to implement the
processes, tools, organizational structure and
resources it needs to support measurement as part of its
strategic roadmap.
 Support overall program goals related to brand health,
revenue generation, customer experience and risk
management.
 Include framework in the repeatable process
workbook to guide lines of businesses in a consistent
form of measurement.
© 2010 Altimeter Group
6
Key Stakeholders

EM Social Media Team: Susan Gardella; Ed Terpening; Gina Ballenger; Tim
Collins

Social Media Community of Practice Strategy/Vision Workstream (Ed
Terpening, et al)

Marketing Strategy/Insights: Urmila Raghavan, Jim Henney, Alan Gellman,
Teddy De Rivera, Kimarie Matthews and Dave Williams

Product/LOB measurement (Smarter Credit): Gary Korotzer, Laura Vidal,
Bill Nash, Matt Krakowiecki

Product/LOB measurement (Student): Jennifer MacCloskey, Stephen
Nixon/Lorry Nelson, Barbara Raus, Dinna Martinez and Jim Mansfield

Risk/Compliance Perspective: Claudia Russ Anderson, Kelly Baron, Lori
Hale, Deanna Pereyra, Nancy Riter
© 2010 Altimeter Group
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Methodology
1. Plan Development
• Develop plan and kickoff deck
• Identify core team
• Hold kickoff meeting
2. Discovery
• Identify stakeholders
• Interview stakeholders using thought starter and other
questions
• Align timelines and efforts with strategic roadmap
workstream
• Document steps for use in repeatable processes
workbook
© 2010 Altimeter Group
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Methodology
3. Analysis & Recommendations
• Summarize findings
• Present initial findings and solicit feedback
• Draft initial metrics framework based on LDSAI model
and introduce KPIs and metrics that Wells Fargo can
measure today and over time
• Adapt metrics framework to Student and Smarter credit
strategic initiatives
• Review with workstream and present recommendations
based on findings and input from student, smarter
credit and enterprise marketing social media teams
• Integrate measurement into repeatable process
© 2010 Altimeter Group
Image by iandavid used with Attribution as directed by Creative Commons http://www.flickr.com/photos/iandavid/3532086917
Stakeholder Findings
© 2011
2010 Altimeter Group
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“We need to say how are we looking at
the performance of social from a deeply
measurement-oriented
organizational culture. We want to be
driving at those business goals we
are talking about.”
Source: Stakeholder interview
© 2010 Altimeter Group
11
Topline Measurement Findings
Opportunities
• “Culture of Measurement” and high granularity of data
• EM has a dedicated SM listening team in place
• Strong inventory of tools
• Progress toward assigning monetary value to social
media (Google AdWord value, profit proxies)
• Community of Practice & repeatable process
Challenges
• Internal Alignment: Current metrics do not yet align with
objectives/initial milestones of social media programs
tied to smarter credit/student work streams
• Data Integration/Shared Metrics (across channels,
enterprise databases, departments, social graph to
enterprise)
• Insight, valuation and prioritization of social initiatives as
they relate to the four pillars
• Efficiency: measurement is manual and resource
intensive
Source: Stakeholder interviews and Wells Fargo reports
© 2010 Altimeter Group
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Top-line Recommendations


Internal Alignment. Integrating measurement into the strategy roadmap and
repeatable process will help address this challenge, but there are several discontinuities
that the CoP and repeatable process need to address:
•
The strategic role of social media for Well Fargo; specifically in planning, as well as
executing initiatives and programs.
•
The role of social media within the marketing mix and for market research
•
The role of social media for corporate brand versus individual initiatives
Data Integration and Shared Metrics. Data integration will remain an issue for some
time, as vendors work to provide more visibility across platforms and channels, and
from the social web to enterprise systems. This is an industry issue, not one specific to
Wells Fargo. Teams should be transparent about and clearly document integration
challenges as they construct their KPIs for new initiatives.
Enterprise Marketing, Social Media and each LoB should collaborate on adapting the
metrics framework to measure elements that are important to the Wells Fargo
enterprise and LoB, and phase its implementation over time, understanding that some
higher-value metrics will require additional resources to track and report.
© 2010 Altimeter Group
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Top-line Recommendations

Valuation and Setting Priorities. The measurement framework will aid in clarifying and
quantifying “soft” versus “hard” metrics and demonstrating which initiatives move the
needle for brand health, financial performance and customer experience.

Test and Learn is Critical. The relative newness of social media—at least as an
enterprise strategy—means that testing and learning is essential not only to improving
results but to scaling social media across the enterprise. Learning should be considered
a valid and valuable outcome for social initiatives. At a tactical level, we recommend
considering a conversation analysis solution that will provide a more in-depth view of
conversation drivers, volume and intensity.

Efficiency. “Ability to measure” should also be added to the Initiative Scorecard, as
manual measurement requires significant resource expenditure. Note that this will
change over time as the industry and organization mature in their use of social media.
© 2010 Altimeter Group
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Pillar-Level Findings: Brand Health

Desire for metrics that yield insight and action as well as activity. Stakeholders
expressed a need to see more “cause and effect” relationships in social data. Examples:
•
Brand. Desire to measure social media impact of corporate or branch initiatives.
“[Social media] could be a great way to extend initiatives like Home Preservation
Workshops, Wells Fargo Environmental Forum and others into the social realm.”
•
Initiatives
- Students. Desire to better understand how engagement affects customer
acquisition, yet this is a challenge. “Right now the brand and category are not
included in this segment conversationally.”
- Smarter Credit. Desire to increase share of voice as a responsible lender and
solution provider without adding risk. If the strategy is to engage consumers
and customers and educate them around credit offerings, “can we see how
social engagement drives to value add? That would be great.”

Ability to measure sentiment and resonance helps safeguard brand reputation.
“I’m concerned about coming across as anything but authentic. It could blow up if we try
to be the wrong thing in this space.”
© 2010 Altimeter Group
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Competitive Example: Citi
© 2010 Altimeter Group
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Example: Where People Talk About Coke Zero
Used with permission of Netbase
© 2010 Altimeter Group
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Pillar-Level Findings: Financial Performance
Revenue (Top Line)

Tying Social Media to Business Drivers. Primary emphasis on metrics at
the top of funnel (views, impressions) combined with a strong desire to
measure activities lower in the funnel (conversions, ROI and ROA), which are
currently measured for paid media. “There is a tolerance to measure the
upper and mid funnel as well as lower funnel.” Example:
• Sponsorship: “Did we generate brand awareness in a market where we
didn't have a lot of awareness? Are we getting more business from these
prospects?”

The Cross-Channel Challenge. “One of the general things we struggle with
is the cross-channel nature of what we do. [We would like to know] what other
best-in-class companies are doing and how they're measuring.”
• “We want to tie social media to the experiential things (events, in person,
stores). Can we measure that?”
© 2010 Altimeter Group
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Revenue Impact of Social Media
Awareness
Consideration
Conversion
Social media feeds the marketing funnel
KPIs correspond to each layer
Sharing
Advocacy
Co-Creation
Source: Altimeter Group
© 2010 Altimeter Group
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Revenue Example: Conversion Efficiency
Facebook
Marketing Programs
Natural Search
Referring Sites
Direct Load
(Percent)
0
0.5
1
1.5
2
2.5
3
Source: Anonymized
© 2010 Altimeter Group
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Pillar-Level Findings: Financial Performance
Operational Efficiency (Bottom-Line)

Cost Optimization. Keen interest in understanding the cost optimization
benefits of social media. For example, with (Ask_WellsFargo):
• “Cost optimization is another big bucket. How do we use online mobile
tools to remove cost, and use communities to answer common questions?
It’s not just triage and referral; we can solve some problems with self
service.”

Optimize channel presence. Desire to focus on social channels and
platforms in which the most valuable customers congregate (thus reducing
costs):
• “We want to know: where are people active? What are the correlations?
Customers who are active in a certain space are more valuable to us.”
© 2010 Altimeter Group
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Pillar-Level Findings: Customer Experience

Challenge of knowing the [social] customer. “One of the biggest
challenges is knowing who the customer is [and calculating the] lifetime value
for customers.”

Understanding customer attitudes across touch-points. “The bigger
opportunity is learning about the social graph data and connecting it to our
existing database – connecting what we know about the customer and their
relationship to us in a deeper way.”

Establishing consistent metrics between social and business. ”I feel
strongly that the business metrics for social are the same as for other areas of
the business.”

Data Integration. Measuring online behavior and combining that with other
channel data. “There's a desire to see what we can harvest from the broader
social media environment and to be able to capture that within the data team.”

Proving the value of social customer service. “There is a desire to
demonstrate why the business should continue to invest in social media from
a service standpoint specifically. “For us it's really much more basic, around
helping us to build a business case for continued investments in this area.”
© 2010 Altimeter Group
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Example: Conversation Analysis Yields Insight
Source: Crimson Hexagon
© 2010 Altimeter Group
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Example: Tying Social to Business Metrics
© 2010 Altimeter Group
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Three Dimensions of Risk Management
Addressed in Existing
Policies and Social
Media Risk Matrix
Risks
Created by
Social
Media
Holistic
View of
Social
Media Risk
Requires
definition
© 2010 Altimeter Group
Risk of Not
Engaging
Risks
Mitigated
by Social
Media
Requires
definition
25
Pillar-Level Findings: Risk

Rigorous risk assessment process, but with some vulnerabilities
• Risk Matrix lays out categories of risk posed by social media
• All official social media properties must be approved and
inventoried. Yet listening is limited, as the inventory system is unable to
see private content.
• Existing policies cover most, but not all, social media risks. If there is
an existing corporate policy, new social media policies are integrated.
“Policies related to privacy, HR/labor, vendor third-party content, business
continuity, solicitation and information security will evolve to cover social
media. That is the participation standard.”
• Unprecedented Areas of Risk. “[Social media] is the hardest thing I've
had to wrap my brain around in 31 years in the financial services
business.”

Risks mitigated by social media, and risks of not engaging, have not yet
been documented.
© 2010 Altimeter Group
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Risk Evaluation Matrix
Risk Created
Risk Mitigated
Risk of Inaction
Reputational
Reputational risk
potentially
created/exacerbated by
initiative
Reputational risk
potentially mitigated
by initiative
Reputational risk of
not acting
Legal/Regulatory
Legal/regulatory risk
potentially
created/exacerbated by
initiative
Legal/regulatory risk
potentially mitigated
by initiative
Legal/regulatory risk
of not acting
Security
Security risk potentially
created/exacerbated by
initiative
Legal/regulatory risk
potentially mitigated
by initiative
Security risk of not
acting
Operational
Operational risk
potentially
created/exacerbated by
initiative
Operational risk
potentially mitigated
by initiative
Operational risk of
not acting
Strategic
Strategic risk potentially
created/exacerbated by
initiative
Strategic risk
potentially mitigated
by initiative
Strategic risk of not
acting
© 2010 Altimeter Group
27
Sample Process: Risk Impact of Social Media
Identify
• Relevant Risk Categories
• Reputational
• Legal/Regulatory
• Security
• Operational
• Strategic
Identify
• Key stakeholders
• Corporate Communications
• Human Resources CRMP
• Information Security CRMP
• Fraud CRMP
• Privacy CRMP
• Brand Management
• Records Retention/Management
• Web Governance
• Experiential Marketing
Risk-Specific Recommendation
Create a framework and repeatable process for risk to (1) more clearly quantify
the ratings in the initiative scorecard (2) ensure that there’s a shared process
for evaluating risk and (3) support the repeatable process
© 2010 Altimeter Group
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Sample Process: Risk Impact of Social Media
Verify
• Existing risk management policies and
procedures (such as online and mobile
policy) that address these risks
• Past experience with this type of
initiative and risk;
• Is this something Wells Fargo has
done before?
• Does it present a new area of risk for
the company?
• Have we successfully implemented
similar programs? Have other financial
insttutions?
Quantify
• Value and/or risk mitigation created by
this initiative relative to brand health,
revenue and/or customer experience
• Cost to mitigate this risk through
additional training, technology tools or
internal controls such as policy and
procedure development or required
resources for review
• Litigation, brand, regulatory or other risk
in event of an infraction
Risk-Specific Recommendation
Create a framework and repeatable process for risk to (1) more clearly quantify
the ratings in the initiative scorecard (2) ensure that there’s a shared process
for evaluating risk and (3) support the repeatable process
© 2010 Altimeter Group
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Sample Process: Risk Impact of Social Media
Document
• Gaps in risk policies
• Cost versus benefit of moving
forward/not moving forward
• Business case, for and against
• Obtain stakeholder feedback
• Document rationale
Decide
• Recommend course of action
• Short term
• Medium term
• Longer term
Risk-Specific Recommendation
Create a framework and repeatable process for risk to (1) more clearly quantify
the ratings in the initiative scorecard (2) ensure that there’s a shared process
for evaluating risk and (3) support the repeatable process
© 2010 Altimeter Group
30
“Right now, nobody except for EM or ISG can go out and
test something. But we need to build standards around
what needs to be done when you’re evaluating a brand new
platform: legal review, privacy review, information security
review. Then, at the end of the day, even if we checked
boxes on all of those – if we feel there's a reputation risk,
we won't do it. At Wells Fargo, it's all about control first,
and can you do it profitably, and can you grow it.”
Source: Stakeholder interview
© 2010 Altimeter Group
31
Identify Organizational Model for Listening
EM Listening Leader
Susan Gardella
EM Listening Team
IN PROGRESS WITH SUSAN GARDELLA
Listening
Vendors
Team Leaders
(LOBs/Initiatives)
Example:
Smarter Credit
Listening Resource
© 2010 Altimeter Group
Example:
Student Segment
Listening Resource
32
Define Team Roles and Responsibilities
Listening Team
(LOB/Initiatives)
Team Leader
(LOB/Initiatives)
Listening Leader (EM: S.
Gardella)
•
•
•
•
• Drives business unit and/or
initiative listening strategy
• Allocates/shares/manages
(matrix) BU resources
• Develops report requirements
for BU
• Identifies training and education
needed for BU
• Prioritizes reports and topics for
BU
• Liaison with Listening Leader
• Manages LOB budget
• Drives company listening
strategy
• Designs workflow process
• Allocates/shares/manages
resources
• Liaison with stakeholders
• Collects stakeholder
requirements
• Leads tool selection process as
needed
• Identifies education needed
• Prioritizes reports and topics
• Manages budget for above
Conducts listening; uses tools
Designs searches
Drills down into anomalies
Offers insight and
recommendations
• Recommends other reports or
searches
• Shares actionable insights with
relevant teams
IN PROGRESS WITH SUSAN GARDELLA
© 2010 Altimeter Group
33
If You Outsource…
1. Balance domain expertise, analytical skill and
tool mastery
2. Consider information sensitivity
3. Plan for collaboration and workflow
4. Plan for knowledge transfer
5. Implement checks and balances
6. Compare in-sourced to outsourced expenses
IN PROGRESS WITH SUSAN GARDELLA
© 2010 Altimeter Group
Measurement Framework
© 2011
2010 Altimeter Group
35
“One of the things we measure a lot in
social is engagement and sentiment.
What we're not good at is assigning a
value to those things. What is the value
of a positive Tweet or share?”
Source: Stakeholder interview
© 2010 Altimeter Group
36
Five goals define social strategy
Dialog
Advocate
Learn
Support
Innovate
Source: Altimeter Group
© 2010 Altimeter Group
37
Tying Social Media to Business Goals
Wells Fargo
Strategic
Pillars
• Brand
• Financial Performance
• Customer
• Risk
© 2010 Altimeter Group
Social Media
Goals
• Learn
• Dialog
• Support
• Innovate
• Advocate
Social Media
Measurement
Framework
38
Planning Stages*
Pre-Initiative
• Desired
outcomes
• Core KPIs
• Existing today
• Possible in
future
• Data
sources/tagging
• Effort and
resources
required
• Priority
• Cost/benefit
Initiative
• On WF
Properties
• Impressions
• Engagement
• Posts
• Off WF
Properties
• Impressions/
Engagement
• Share of Voice
• Conversions
Post-Initiative
• Performance
against:
• Self
• Peers
• Industry
• Trend Analysis
• Insights and
Actions
* To be built out in more detail as part of repeatable process.
© 2010 Altimeter Group
39
Core Framework For Social Media Measurement
Brand Health
Financial
Performance
Customer Experience
Risk
Learn
Insights into how
people view and talk
about our brand
Insights into drivers of
leads, conversion,
search value
Insights into how the
social customer
experiences us
Risks inherent in social
media listening
Dialog
Impact of dialog on
favorability/brand health
Impact of dialog on
revenue (lead gen to
conversion) conversion
as well as search value
Impact of dialog on
perception of service
and experience
Risks inherent in dialog
with customers and
community
Advocate
Greatest advocates/
Influencers of brand
health?
Greatest
advocates/influencers
of referrals
Greatest
advocates/influencers
of the customer
experience
Risks inherent in
advocacy behavior
Support
Impact of support on
individual/aggregate
brand health
Impact of support on
referrals and revenue
Impact of support on
the customer
experience
Risks of social support
Innovate
Impact of social
innovation on brand
health
Impact of social
innovation on revenue
Impact of social
innovation on the
customer experience
Risks of social
innovation
Current State + Over Time + Compared to Competitors/Industry
© 2010 Altimeter Group
40
Using the Framework
1.
The framework is a guide for measuring the effectiveness of social
media initiatives. The four pillars (Brand, Financial Performance, Customer
and Risk) and five social media goals (Learn, Dialog, Support, Innovate,
Advocate) present a set of measurement options that teams should use as a
guide when developing a social media initiative.
2.
Initiatives will vary, but the framework remains consistent. While not all
social media goals will apply to every initiative, they provide a shared
approach and thought process for social media measurement across the
organization.
3.
The framework includes a core set of KPIs. Each pillar includes a
corresponding set of core KPIs that map to that pillar. For example, KPIs
related to brand reputation focus on volume, sentiment, topics, influencers
and sources, while revenue KPIs map to the layers in the marketing
hourglass. Teams may choose to measure a selection of these KPIs, but
should consider all when planning their initiatives. These KPIs are based on
measurements currently used by Wells Fargo, as well as others that are
emerging in the industry. To the extent possible, teams should measure
KPIs consistently.
© 2010 Altimeter Group
41
Using the Framework
4.
KPIs will evolve over time. While the framework should remain consistent,
KPIs will evolve as the company and social media landscape evolve. For
example, if mobile becomes a more prominent platform for engagement,
mobile KPIs would become relevant.
5.
KPIs must be evaluated in context of the data availability and the resource
required to extract and present it. This will require cost/benefit review as well
as expectation-setting as to what is possible both now and in the future.
6.
Consistent approach, repeatable process. Ultimately, the framework is
intended to support a consistent vocabulary, approach and repeatable
process for social media measurement at Wells Fargo.
7.
Applying the framework. The next section illustrates how Wells Fargo
would apply the framework to strategic initiatives.
© 2010 Altimeter Group
42
Social Media Brand Health KPIs
IN PROGRESS WITH SUSAN GARDELLA
Volume
Reach
• Social Media
• Visits
impressions
• Duration
(Blog, YT, FB, • Share of Voice
Twitter)
• Engagement
(comments,
likes, shares,
retweets,
replies, stars)
• Page and video
(YouTube)
views
Sentiment
• Current
Sentiment
• Sentiment Over
Time
• Sentiment Vs.
Competitors
• Sentiment
Drivers
Topic
Analysis
• Topic
Prominence
• Topic
Acceleration
• Topic
Sentiment
• Share of
Voice/Topic
Influencers
Sources
• Number of
Influencers
• Most Active
and Followed
Influencers
• Klout,
Tweetlevel or
other influence
score
• Advocates vs.
Detractors
• Referrals
• Sources of
positive or
negative
sentiment, by
platform
• Sources of
influence
• Sources of
volume
Social Brand Health KPIs are based on existing Wells Fargo metrics as well as [evolving]
industry standards.
Source: Altimeter Group
© 2010 Altimeter Group
43
Financial Performance KPIs
Top-line
Awareness
• Social Media
impressions (Blog,
YT, FB, Twitter)
• Engagement
(comments, likes,
shares, retweets,
replies, stars)
• Page and video
(YouTube) views
IN PROGRESS WITH SUSAN GARDELLA
Bottom-Line
Consideration
• Clicks (with tags:
Today)
Conversion/R
evenue
• Conversion
(submit
application:
Future)
• Natural Search
Improvement
Sharing
•
•
•
•
•
•
Tweet/Re-tweet
Post or comment
Like or Fan
Review
Bookmark
Community
participation
Advocacy/
Co-Creation
• Consistent sharing
with positive
comment
• Consistent
positive reviews
• Curate community
• Submit idea
Social Revenue KPIs rely on a combination of social media listening and web analytics tools,
which requires integration that many solutions do not yet have. Wells Fargo is currently
measuring some of these KPIs.
Source: Altimeter Group
© 2010 Altimeter Group
44
Social Media Customer Experience KPIs
IN PROGRESS WITH SUSAN GARDELLA
Volume
• Social Media
impressions (Blog,
YT, FB, Twitter)
• Engagement
(comments, likes,
shares, retweets,
replies, stars)
• Page and video
(YouTube) views
Sentiment
• Current Sentiment
• Sentiment Over
Time
• Sentiment Vs.
Competitors
• Sentiment Drivers
• Note: to isolate
impact of
customer service,
measure on
individual and
aggregate basis
•
•
•
•
Topic Analysis
Influencers
Topic Prominence
Topic Acceleration
Topic Sentiment
Share of
Voice/Topic
• Number of
Influencers
• Most Active and
Followed
Influencers
• Klout, Tweetlevel
or other influence
score
• Advocates vs.
Detractors
Sources
• Sources of
positive or
negative
sentiment, by
platform
• Sources of
influence
• Sources of volume
Social Customer Experience KPIs primarily rely on sentiment, which can be captured in social
channels and triangulated with customer satisfaction and other market research surveys for
additional context.
Source: Altimeter Group
© 2010 Altimeter Group
Applied Metrics: Student Segment
© 2011
2010 Altimeter Group
46
Student
Social Mantra
Wells Fargo will use social media to become a valued resource for students and
those who help them make financial decisions when, where, and how their needs
arise.
Vision Statement
Wells Fargo will use social media to complement traditional touchpoints to drive
preference. We will earn relevance with students by being where they are. This is
our opportunity to engage them in a way they want to do business and to talk to
them in a way that's meaningful and beneficial. We will become a valued
resource and a trusted business partner to help students and their parents make
financial decisions that help them just in time and over time.
As a result, Wells Fargo will become a valued business partner, which creates
preference for our brand, products and services today and well after students
graduate.
Source: XXXXXX
© 2010 Altimeter Group
47
“We want to tie social media to the
experiential things (events, in person,
stores). Can we measure that?”
Source: Stakeholder interview
© 2010 Altimeter Group
48
Social Media Metrics
Questions
Student Segment/Brand Health
KPIs
Notes
Learn
What can we learn about how
people view and talk about our
student offerings?
How can we learn how parents,
guardians, and students talk about
related issues and opportunities?
1. Brand Sentiment (current,
compared to competitors in this
segment, over time)
2. Topic volume and acceleration
3. Topic sentiment
4. Share of voice by topic
Keywords to be determined based
on
• SEO keywords
• Existing search terms
• Desired attributes and messaging
Dialog
What is the effect of engaging with
students on brand sentiment
(services + corporate), either via
online engagement, physical events
or multimedia content?
1. Brand sentiment related to
specific content before/after
engagement (examples: video,
events, other content)
2. Brand sentiment over
time(individual and aggregate)
Tool: social media listening
Advocate
Are there influencers who could help
advocate for Wells Fargo services in
the student segment?
1. Volume, reach and influence of
advocates/influencers
2. Ratio of advocates to detractors
Tools: web analytics plus social
media listening and/or influence tool
such as Klout
Support
How does support affect
individual/aggregate brand
sentiment?
1. Brand sentiment before and after
support (individual and
aggregate)
2. Reach of above
Tool: social media listening.
Innovate
Does crowd-sourcing ideas in this
segment affect brand sentiment? Is
Wells team integrating new ideas
gleaned from experiences?
1. Brand sentiment before/after
request for ideas (individual and
aggregate)
2. Reach of above
3. Number of crowd-sourced ideas
considered/implemented per
year.
1. Social media listening
2. Social media listening
3. Internal evaluation
© 2010 Altimeter Group
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Social Media Metrics
Questions
Student Segment/Financial Performance
KPIs
Notes
Learn
What can we learn about the
drivers of leads and conversion?
What can we learn about how to
increase share of wallet or breadth
of relationship with us?
Highest converting:
• Actions
• Content (posts, videos, etc)
• Channels
• Campaigns
• Events (check-ins)
Requires access to web analytics
to attribute engagement (support)
to conversion behavior. Requires
tagging of content and/or use of
short links. See Dialog.
Dialog
What is the Impact of dialog on
revenue (lead gen to conversion,
share of wallet, share of portfolio in
this segment?
Awareness: Impressions,
Engagement
Consideration: Click with tag
Conversion: Submit application (w/
tag) (future)
Requires access to web analytics
to attribute engagement (support)
to conversion behavior. Requires
tagging of content and/or use of
short links. See Dialog.
Advocate
Which of these consumers are
driving the greatest number of
referrals?
Share/Recommend: Tweet/Retweet, Post or comment, Like or
Fan, Positive Review/Review
Sentiment, Bookmark
Tool: Brand listening
Support
How does support encourage
referrals and revenue? Does
engagement tie to customer
retention?
See Dialog
Requires access to web analytics
to attribute engagement (support)
to conversion behavior. Requires
tagging of content and/or use of
short links. See Dialog.
Innovate
Do crowd-sourced-ideas have an
impact on revenue (top to bottom of
funnel?)
See Dialog
Requires access to web analytics
to attribute engagement (support)
to conversion behavior. Requires
tagging of content and/or use of
short links. See Dialog.
© 2010 Altimeter Group
50
Social Media Metrics
Student Segment/Customer Experience
Questions
KPIs
Learn
What can we learn about how
customers experience our
student-oriented services?
1. Brand Sentiment (current,
compared to competitors, over time)
2. Topic prominence
3. Topic sentiment
4. Individual vs. Aggregate
5. Share pf voice by segment/topic
Tools
• Social media listening
• Market research studies/surveys
• Focus groups
Dialog
How does dialog affect
perception of service and
experience for this segment?
1. Brand Sentiment (current,
compared to competitors, over time)
2. Topic prominence
3. Topic sentiment
4. Individual vs. Aggregate
Tools
• Social media listening
• Market research studies/surveys
• Focus groups
Advocate
What is the impact of
advocacy on the customer
experience?
1. Tweet/Re-tweet, Post or comment,
Like or Fan, Positive
Review/Review Sentiment,
Bookmark
2. Individual vs. Aggregate
Social Tools
• Social media listening
Traditional Tools
• Market research studies/surveys
• Focus groups
Support
How does support improve the
customer experience?
1. Brand sentiment before and after
support (individual and aggregate)
2. Reach of above
3. Individual vs. Aggregate
Tools
• Social media listening
• Market research studies/surveys
• Focus groups
Innovate
Do crowd-sourced ideas affect
the customer experience?
1. Brand sentiment before/after
request for ideas (individual and
aggregate)
2. Reach of above
3. Number of crowd-sourced ideas
considered/implemented per year
Tools
• Social media listening
• Market research studies/surveys
• Focus groups
© 2010 Altimeter Group
Notes
Applied Metrics: Smarter Credit
© 2011
2010 Altimeter Group
52
Smarter Credit
Social Mantra
The Smarter Credit team will use social media to foster holistic and deeper
relationships with consumers seeking help on credit wherever they are in the
credit lifecycle.
Vision Statement
The Smarter Credit team will use social media to guide Wells Fargo customers
and the broader consumer marketplace seeking help or direction on credit-related
decisions. We will create awareness through guidance and drive preference
through engagement. Wells Fargo will spotlight the care and feeding of credit to
help consumers achieve their financial goals.
For consumers this means, that they’ll be more confident in their decisions and
planning, which will result in better outcomes and financial successes. For Wells
Fargo, we will deepen customer relationships, become trusted business advisors
to those we help, and a potential resource to the people they’re connected to in
social networks.
Source: Strategy Roadmap, Smarter Credit Segment, [DATE]
© 2010 Altimeter Group
53
“[We want to know] what other best in
class companies are doing and how
they're measuring. In any way that
there's someone effectively tying offline
to online, that'd be Nirvana.”
Source: Stakeholder interview
© 2010 Altimeter Group
54
Social Media Metrics
Questions
Smarter Credit/Brand Health
KPIs
Notes
Learn
What can we learn about how
people view and talk about our
smarter credit offerings?
How can we learn how key groups
like “young credit,” “first house” and
“Re-Set Credit” talk about related
issues and opportunities?
1. Brand Sentiment (current,
compared to competitors in this
segment, over time)
2. Topic volume and acceleration
3. Topic sentiment
4. Share of voice by topic
Keywords to be determined based
on
• SEO keywords
• Existing search terms
• Desired attributes and messaging
Dialog
What is the effect of engaging with
the above groups on brand
sentiment (services + corporate)?
1. Brand sentiment related to
specific content before/after
engagement
2. Brand sentiment over
time(individual and aggregate)
Tool: social media listening
Advocate
Are there influencers who could help
advocate for Wells Fargo services in
the smarter credit segment?
1. Volume, reach and influence of
advocates/influencers
2. Ratio of advocates to detractors
Tools: web analytics plus social
media listening and/or influence tool
such as Klout
Support
How does support affect
individual/aggregate brand
sentiment?
1. Brand sentiment before and after
support (individual and
aggregate)
2. Reach of above
Tool: social media listening.
Innovate
Does crowd-sourcing ideas in this
segment affect brand sentiment? Is
Wells team integrating new ideas
gleaned from experiences.?
1. Brand sentiment before/after
request for ideas (individual and
aggregate)
2. Reach of above
3. Number of crowd-sourced ideas
considered/implemented per
year.
1. Social media listening
2. Social media listening
3. Internal evaluation
© 2010 Altimeter Group
55
Social Media Metrics
Questions
Smarter Credit/Financial Performance
KPIs
Notes
Learn
What can we learn about the
drivers of leads and conversion?
What can we learn about how to
increase share of wallet or breadth
of relationship with us?
Highest converting:
• Actions
• Content (posts, videos, etc)
• Channels
• Campaigns
Requires access to web analytics
to attribute engagement (support)
to conversion behavior. Requires
tagging of content and/or use of
short links. See Dialog.
Dialog
What is the Impact of dialog on
revenue (lead gen to conversion,
share of wallet, share of portfolio in
this segment?
Awareness: Impressions,
Engagement
Consideration: Click with tag
Conversion: Submit application (w/
tag) (future)
Requires access to web analytics
to attribute engagement (support)
to conversion behavior. Requires
tagging of content and/or use of
short links. See Dialog.
Advocate
Which of these consumers are
driving the greatest number of
referrals?
Share/Recommend: Tweet/Retweet, Post or comment, Like or
Fan., Positive Review/Review
Sentiment, Bookmark
Tool: Brand listening
Support
How does support encourage
referrals and revenue? Does
engagement tie to customer
retention?
See Dialog
Requires access to web analytics
to attribute engagement (support)
to conversion behavior. Requires
tagging of content and/or use of
short links. See Dialog.
Innovate
Do crowd-sourced-ideas have an
impact on revenue (top to bottom of
funnel?)
See Dialog
Requires access to web analytics
to attribute engagement (support)
to conversion behavior. Requires
tagging of content and/or use of
short links. See Dialog.
© 2010 Altimeter Group
56
Social Media Metrics
Smarter Credit/Customer Experience
Questions
KPIs
Learn
What can we learn about how
customers experience our
smarter credit services?
1. Brand Sentiment (current,
compared to competitors, over time)
2. Topic prominence
3. Topic sentiment
4. Individual vs. Aggregate
5. Share of voice by segment, topic
Tools
• Social media listening
• Market research studies/surveys
• Focus groups
Dialog
How does dialog affect
perception of service and
experience for this segment?
1. Brand Sentiment (current,
compared to competitors, over time)
2. Topic prominence
3. Topic sentiment
4. Individual vs. Aggregate
Tools
• Social media listening
• Market research studies/surveys
• Focus groups
Advocate
What is the impact of
advocacy on the customer
experience?
1. Tweet/Re-tweet, Post or comment,
Like or Fan, Positive
Review/Review Sentiment,
Bookmark
2. Individual vs. Aggregate
Social Tools
• Social media listening
Traditional Tools
• Market research studies/surveys
• Focus groups
Support
How does support improve the
customer experience?
1. Brand sentiment before and after
support (individual and aggregate)
2. Reach of above
3. Individual vs. Aggregate
Tools
• Social media listening
• Market research studies/surveys
• Focus groups
Innovate
Do crowd-sourced ideas affect
the customer experience?
1. Brand sentiment before/after
request for ideas (individual and
aggregate)
2. Reach of above
3. Number of crowd-sourced ideas
considered/implemented per year
Tools
• Social media listening
• Market research studies/surveys
• Focus groups
© 2010 Altimeter Group
Notes
57
“We need to be able to have a
relationship with customers where we
measure success based on how THEY
measure success. We aren’t talking to
people in a way that’s meaningful to
them. We simply are not in the
conversation.”
© 2010 Altimeter Group
Next Steps
© 2011
2010 Altimeter Group
Wells Fargo Measurement Strategy
Updated Timeline
Phase
Activity
Date
1
Internal kickoff
September 21
Align with Ed
September 22
Review existing materials
September 29
Wells team kickoff
October 3
Discovery: existing metrics and service levels
October 3
Begin stakeholder interviews
October 4
Complete stakeholder interviews
November 4
Ed/Susan G Checkpoint: Interviews
November 9
Begin first draft analysis and recommendations
November 7
Complete 1st draft and for internal review
Receive feedback from internal AG review
November 17
December 3
Complete working draft; refine with internal team
December 7
Deliver first working draft to Wells Fargo
December 8
Receive feedback on first working draft
December 9
“Working Final” draft to Wells Fargo
December 21
Final approved document
January TBD
Incorporate measurement into repeatable process
By end of January
2
3
© 2010 Altimeter Group
60
Thank you
Susan Etlinger
Susan@altimetergroup.com
www.susanetlinger.com
Twitter: setlinger
© 2010 Altimeter Group