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Leveraging the Power of the Community 235

Quality of Content (value-add) 10
Quality of Conversation 10
On Consumer’s terms 10
Virality/Advocacy 10

The bottom line was Buying Behavior Increased by 40%.

Other stats:
Added: October 6, 2006
Views: 9,560,548
Ratings: 9,966
Comments: 4,526
Favorited: 35,569 times
Length: 1:15.

The actual dollar figure to create this viral marketing was
$120,000 US. They calculated that it costs them $.00657 per
view which was a better ROI than from a marketing cam-
paign run during the Super Bowl. Not only did product sales
skyrocket but also their brand stature increased.

This was a home run. Can financial institutions hope to
achieve such a lofty win? Likely not. Can financial institutions
use the same fundamentals to achieve great success in CMR?
Unequivocally yes.

For financial institutions, entry into CMR is not a question
– it’s the way the world is going and nothing will stop its
evolution. It is a strategic imperative that institutions get into
this while doing the due diligence required to make the first
inroads positive and thus, serve as a launch point to further
initiatives.

Wells Fargo’s bold “social” move

The financial institution that has made the boldest entry
into social networking is Wells Fargo. They’ve instituted a