Wells Fargo: The Benefits of Influencer Partnerships
Challenge
Founded in 1852 and headquartered in San Francisco, Wells Fargo & Company provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,600 locations. Each year during the holidays, Wells Fargo encourages its local communities to contribute canned goods for families in need. Through this initiative, the bank wanted to have local branches increase their foot traffic.
Solution
Wells Fargo decided these goals would be best achieved by hiring a specialized digital agency, selecting A&E because of their innovative approach to producing viral content and working with top influencer talent with millions in reach. A&E engaged influencers to devise a story accompanied with a photo of their family tradition to awaken and communicate holiday sentiment to their followers. The followers were asked to collect all of the extra canned food and stop by their local Wells Fargo branches in person to drop it off. Upon the arrival to Wells Fargo, each person dropping off the food would be asked to specify the source of the referral.
Results
Over the five week period, two weeks without the A&E influencer initiative vs. three weeks of influencer posting the campaign on their social channels, KPIs saw a substantial uplift, with the ROI of 112%. The influencer social media placement brought awareness to the location and services of local Wells Fargo branches. The success of the brand campaign not only increased brand awareness of Wells Fargo and changed the brand sentiment, but also increased the foot traffic by over 400%. Realizing the growth and innovative new way to reach their target audience through influencers, Wells Fargo extended the campaign into 2019. Difference in uplift from two weeks without A&E initiative vs with A&E influencer campaign: + 405% Foot traffic + 864% Awareness of the Initiative + 783% Food donated +462% Awareness of Wells Fargo Services
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