The company I chose to analyze the Facebook content and code against core company goals and objectives is Wells Fargo. Wells Fargo core vision and value proposition is trust, understanding that it does not happen in one transaction, in one day on the job, or in one quarter. Trust is earned relationship by relationship (“Vision and Values – Wells Fargo, “n.d.). Wells Fargo objectives are to grow their business through these trusting relationships providing services for customers as their financial needs evolve through life. According to Marketrealist.com, Wells Fargo strategy is to increase customer engagement and loyalty and increase efficiency through technology. These two important goals align well with a social media strategy (Perez, 2014).To analyze the impact of social media against the goals of the organization, a random sampling of 10 Wells Fargo Facebook posts, comments, likes, and shares will provide a coding perspective that supports the goals and objectives of the company. The structured protocol evaluates posts and comments for positive, negative or neutral weighted outcomes. The coding weighted the posts and comments on a scale of 0-20 points based on the following criteria: Reference to trust or relationship building, clarity of message, tone, response timing, and number of likes, shares and views. Each of these criteria provides perspective on achieving the goals of nurturing a trusting environment through improved relationships to achieve repeat business. According to an article published by the Institute for Public Relations, PR professionals can directly measure the business value of carefully targeted social media opportunities (Duncan, n.d.). The results of the analysis are summarized below using a sliding scale with criteria supporting the scores. The average score from 10 random posts based on the following criteria:
1. Does the post reference trust or relationship building?
(0-10 for no words trust, or relationships) (11-15 if words exist) (16-20 if trusting situational story about relationships)
Average score 16.4
2. Clarity of Message
(0-10 for unclear messaging) (11-15 for semi-clear messaging) (16-20 for very clear messaging)
Average score 14.4
3. Tone of Message
(0-10 for negative tone of message) (11-15 for neutral to positive tone) (16-20 for upbeat positive tone)
Average score 16.4
4. Wells Fargo Response Timing
(0-10 if no response or responded to greater than 7 days later) (11-15 for comments between 1-7 days) (16-20 if response time is less than 1 day)
Average score 16.3
5. Quantity of Likes & Shares
(0-10 for less than 20 likes and shares) (11-15 for 20-100 likes and shares) (16-20 if greater than 100 likes and shares)
Average score 16
As the analysis point out, the categories ranked relatively high with regard to trust, tone, responsiveness, and reach. It also points out the lacking clarity of message. Most of the categories provided upper quadrant results, however constant improvement is imperative to maintain a positive social media presence that supports the goals of building trusting relationships and enhancing engagement and efficiency. As socialmediaexaminer.com states, engagement and reach are the most important metrics when analyzing social media impact (Ernoult, 2013). Wells Fargo has opportunities to improve their reach and customer engagement through social media.
In conclusion, Wells Fargo Facebook does a relatively decent job at aligning social media marketing efforts with the goals and objectives of the greater organization. A couple of cautionary items to note include; the comments section seemed to channel mostly negative feedback, sometimes related to the post and other times off topic; and the perspective of the post is slanted towards the company with limited external influence. Overall, Wells Fargo has done a good job of diversifying the outreach through social media to reach sub groups of the population that broadens their reach and impact.
Duncan, S. (n.d.). Institute for Public Relations. Retrieved from http://www.instituteforpr.org/wp-content/uploads/Seth_Duncan_Web_Analytics.pdf
Ernoult, E. (2013, March 18). 6 Facebook Metrics Marketers Should Be Measuring : Social Media Examiner. Retrieved from http://www.socialmediaexaminer.com/facebook-page-metrics/
Perez, S. (2014, October 9). Why Wells Fargo is leveraging technology to cut costs – Market Realist. Retrieved from http://marketrealist.com/2014/10/why-wells-fargo-is-leveraging-technology-to-cut-costs/
Vision and Values – Wells Fargo. (n.d.). Retrieved from https://www.wellsfargo.com/about/corporate/vision-and-values/