Wells Fargo Bank Jumps Ahead of the Competition Using Social Media
It’s not only quite impressive that Wells Fargo Bank & Co is adopting social media with such open arms – but it’s IMPORTANT to watch them lead the way for other banks and financial institutions. Wells Fargo has made a bold strategic marketing move, and is capturing audience and engaging them online, where they enjoy being part of the community.
Online Marketing for Banks
WAY, way back – in the social media world – March 2006, Wells Fargo & Co. launched its first corporate blog.
Today, with hundreds of employees using blogs to brainstorm with each other and interact with customers, they’re LISTENING to their audience, and their blogs are the most-read non-banking pages on their website. And that’s ground-breaking significant, because Wells Fargo is the No. 4 U.S. bank (as measured by assets). Wells Fargo now also has the nation’s largest retail brokerage operations, as well as its largest branch network, with more than 6,600 offices in 39 states and Washington, D.C.
Wells Fargo’s blog site proclaims:
“Every day more and more of you are using social media to connect, communicate and learn, and we’re here with you to help. What else would you like to see? And how can we do more? Let us know.”
Launch of a Virtual World
They’ve even gone much further, boldly launching Stagecoach Island, an online virtual world where you can explore the island and its hidden secrets, connect with friends and make new ones, and at the same time learn smart money management.
Targeting the hard-to-capture Gen X and Gen Y audience, Wells Fargo brilliantly created this free gaming platform to grab the attention of this coveted market and gain their loyalty by offering a fun online attraction marketing tool to engage them and keep them coming back.
How Stagecoach Island Works
After you register on Stagecoach Island, you can create your own in-world character and explore the virtual world. They now have four neighborhoods: Isla Del Sol, Desert Hollow, Sapphire Springs, and the newest addition — Olympic Valley. You can chat with other cool islanders and take part in activities such as:
- Building your dream home
- Meeting new friends
- Getting a virtual job to earn “shells”
- Flying (the easiest way to get around)
- Motorbike racing, snowboarding and skydiving
- Bingo tournaments four nights a week
- Nightly firework displays
- Parties, talent shows, competitions
- Shopping for new clothes
- Island Quests
Learn Money Management
The idea is creative and fun, but also a very important learning experience in managing money.
You can earn virtual money by visiting the Learning Lounge — a virtual Wells Fargo ATM — and answering questions about money management. With the introduction of the building functionality, you can now use what you earn to buy land and start building your dream home. Each new member is given 5000 “shells” — just enough to start a mortgage.
They’ve also introduced virtual jobs, credit cards, and home loans so that you can learn, earn, build and play more in-world! Some of the activities require you to spend Stagecoach Island “shells,” and these can only be used while playing the game.
Now that the Gen X and Gen Y audience is playing on Stagecoach Island, guess where they’ll do their banking?
Additional Social Media ‘Firsts’ by Wells Fargo Bank
Wells Fargo now claims a variety of banking-industry social media firsts:
- First U.S. bank with a blog
- First bank with 2, 3, and 4 blogs
- First bank with a student loan blog
- First bank with a business banking blog
- First bank in the world with a Second Life presence
- First bank on MySpace
- First bank with an avatar persona on MySpace
- First bank with a VP Social Media (who is proactively reaching out to the blogging community)
The bank has also branched out to Facebook, Twitter and YouTube.
It’s all about online strategy and goals – move forward and realize tangible, meaningful returns – profits – increased customer value that leads to loyalty & retention.
Online marketing for banks – has it touched you yet? What does your bank do in social media?
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ABOUT Lisa M. Chapman: With offices in Nashville Tennessee, but working virtually with international clients, Lisa M. Chapman serves her clients as a business and marketing coach, business planning consultant and social media consultant. As a Founder of iBrand Masters, a social media consulting firm, Lisa Chapman helps clients to establish and enhance their online brand, attract their target market, engage them in meaningful social media conversations, and convert online traffic into revenues. Email: Lisa @ LisaChapman.com