Last week, our CEO Clara Shih was invited to speak about social media at the Wells Fargo Technology Summit held at the St. Regis Hotel in San Francisco. Ed Terpening (VP Social Media, Wells Fargo), Rahul Sonnad (CEO, Geodelic), and moderator Vince Thompson (Managing Partner, Middleshift) joined her on the panel.
Wells Fargo’s most active social media channel is Twitter. They use Twitter to talk with customers and help solve problems in real time, as well as to provide helpful tips.
Listening is a core critical function for the Wells Fargo social media team. They are highly tuned-in to what customers are saying , in order to better understand customer sentiment and identify social media influencers relevant to the business.
The budget for social media has traditionally come out of marketing, but it’s slowly spreading across the company into groups like customer support, sales, and IT.
While social media is often described as fueling political power (like presidential campaigns), Ed predicts that the next phase will be more about economic power. People will be looking to save and make money through social media.