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Marketing Group

Wells Fargo has the big bank image and people do not feel like they are cared for or important

to this bank.

Wells Fargo has the big bank image and people do not feel like they are cared for or important

to this bank.

Competitive Analysis

FREE is a promotional tactic

that Wells Fargo can actively and successfully

participate in like their fellow

competitors.

In 2007 Wells Fargo lost market share in Colorado due to smaller banks increasing their market share.

Competitors are using these “free” promotions to successfully increase accounts.

TCF Bank

Bank of the West

1st Bank

Compass Bank

Chase

$25 referral reward

Get $100 to spend at local businesses

Get $50 when you open a free checking account

Get a free Apple IPod 4GB shuffle

Get a $100 cash bonus when you open a checking account

Target Market• 18 to 34 year olds • Located along the Colorado Front Range

Target Market Analysis

Our Main Focus:1. Current college students at all the universities across the Front Range of Colorado.

2. Recent college graduates that are still living along the Front Range.

3. Entry level job positions at any company within our geographic segment.

Customer Analysis

Generation YComposed of two sub segments

• “Twentysomethings”• Teens

Value Convenience and Brand Name Products

Generation Y seeks companies that….. • understand their needs

• feel their business is valued• offers competitive prices

• a small company feel. Effective Communication Methods•Event Sponsorships•Electronic media•Use of language, music and images•Honesty, humor, uniqueness

Infective Communication• Traditional Marketing

Generation X • Well educated

• Unresponsive to Traditional Media• Biggest market force for homes, cars, and appliances• Best targeted via magazines such as Spin, Detail, or

Maxim

Generation X responds well to marketing and promotions that are not mainstream. They value tangible assets that seem to be customized to their lifestyles.

Population Break Down

Target Market Makes up 35% of population.

34% are Millennial’s and Generation Y

Wells Fargo cannot miss its chance to gain a relationship with this younger demographic

Building a lasting reliable and trustworthy relationship with prospective as well as existing customers.

Building a lasting reliable and trustworthy relationship with prospective as well as existing customers.

Primary Objective• Increase foot traffic of customers between the ages of 18-34

into Wells Fargo branches.

Secondary Objectives Educate customers in all their banking needs and make

banking fun and desirable to further help increase potential customers.

• Within the six week time frame our goal is to increase perspective customers by 4% (8,000).

Brand Positioning Strategy

Airline Voucher Program • Unique selling point =New

customers into the bank.

• Other banks = (cold hard cash)

• Wells Fargo= Achieve goals i.e. Travelling

Facebook • Online connection • Position within Facebook community (Medium between Voucher and Seminars positioning)

Financial Seminars• Helps younger generations

into financial success.

• Trusting semi-individual relationship with customers.

• Position of the “practical bank”

Brand Image

The Overall Image will be

one of “Trust”

Facebook • “Trust” =

accurate and up to date

• Increases overall image

Airline Vouchers • Wells Fargo:

“Helping their customers achieve their goals”

Financial Seminars • Wells Fargo:

“Personally interested in educating and helping these generations into financial success”

Travel Voucher

• Will Target Full Target Market.

• All ads will piggyback off of Wells Fargo’s already successful “Someday” campaign.

• Will bank on the fact Gen Y loves seeing new places and new experiences, Spring Break Vacations

• Comparable incentive to

increase new customer foot

traffic, but can also modify for

existing customers.

$100 Voucher on American Airlines for New Checking Accounts

Keys To Success• Voucher that can be used in the next 6 months anywhere

American Airlines flies.• Only when a customer redeems their voucher Wells Fargo will have

to pay American.

Generation X does not respond to mainstream. • Customized to their lifestyles.

Generation Y seeks companies that….. • understand their needs

Together Well Put the World In Your Hands$100 Travel Voucher when you open a free Wells Fargo Checking Account

Financial Seminars

Six target schools including:1. Colorado State University, 2. Metropolitan State3. University of Colorado4. University of Colorado at Colorado Springs 5. University of Colorado Denver 6. University of Northern Colorado

• Forge a trusting relationship between Wells Fargo and students

• Present practical information• Giving students a reason not a sales pitch.

Will require a team of bankers with high levelsof financial knowledge and communication skills

Gen Y: Expects companies to understand

their needs and values

Gen Y: Expects companies to understand

their needs and values

Seminar Goals

Scheduling and renting

Contact Individual departments, send out emails with all the information.

Run Ads in the schools newspaper to inform.

Provide food. “If you feed them, they will come…”

Update website and Facebook with event particulars.

Further IncentivePromotional Debit Cards

Each student attending the seminars will be given a promotional card ranging from $5 to $100

• Only redeemable within a Wells Fargo bank.

Individual Codes Will Identify:• Which seminar it came from• How much the card is worth. • Information will assess

effectiveness

(Any prize money awarded must go into a new or existing account.)

Who's r

eady for fi

nancial

independence…………..

Financial Seminars are Coming to Campus

No Takers…..

Wells Fargo will be holding a financial seminar aimed at giving you practical information in order to build a brighter future. …bring yourself, a friend, anyone is welcome to attend….oh yea and Free Food.

Whatever Your Dreams Are….

Let Us Get You There

Wells Fargo Financial Seminars are Coming

Free Knowledge……and Food

Wells Fargo Fan Page on Facebook

Competitors have Facebook pages• Display new ads and incentives.

Wells Fargo would benefit from implementing similar strategy.

• This campaign will be long running

Facebook Facts• There are more than 300

million users• 50% of active users log on

every single day • More than 8 billion

minutes are spent on Facebook each day

More than 10 million users become fans of pages every day

Company Updates

Company Information

Potential Customers

Customer Feedback

Advertisements and Promotions

Evaluation/Measurement

Airline Voucher Program • How many new accounts are opened/

vouchers given out. • How many vouchers redeemed in the allotted

time (Promotion Costs)

Facebook• Number and quality of posts and comments by

customers on the site • How many users add the page to fan list.

Financial Seminars • Amount of promo cards given out at each

university will help track the attendance.• When card is redeemed Individual Codes

Will Identify:Which seminar it came from.How much the card is worth.

Week 1

Week 2

Week 3 Week 4

Week 5

Week 6 Total

Airline Voucher Promotion 33,000 33,000 33,000 33,000 33,000 33,000 198,000

Radio Advertisements 3,000 3,000 3,000 3,000 3,000 15,000

Facebook Fan Page 200 200 200 200 200 2,00 1,200

Financial Seminars (1/week) 5,000 5,000 5,000 5,000 5,000 5,000 30,000

Newspaper Advertisements 570 285 285 285 285 1,710

Total 41,770 41,485 41,485 41,485 41,485 38,200 245,910

Budget

Sources• Hawkins, Del I., Roger J. Best, and David L. Mothersbaugh. Consumer Behavior

Building Marketing Strategy. New York City: McGraw-Hill Irwin, 2008. Print. • Johnson, Hilary. "Gen Y Marketing: Can Web Close Loyalty Gap?" American Banker

172.29 (2007): 3. Business Source Premier. Web. 22 Sept. 2009. • Neuborne, Ellen and Kathleen Kerwin. “Generation Y.” Business Week 15 Feb 1999.

http://www.businessweek.com/1999/99_07/63616001.htm • Davis, A. (2009). New1020 Placecast Survey Shows 42 of18 34 Year Old Cell Phone Owners are Interested in

Receiving Location Based Advertising Specials Provided They Opt In for Such Alerts. Retrieved October 17, 2009, from docstock: http://www.docstoc.com/docs/13279473/New-1020-Placecast-Survey-Shows-42-of-18-34-Year-Old-Cell-Phone-Owners-are-Interested-in-Receiving-Location-Based-Advertising-Specials-Provided-They-Opt-In-for-Such-Alerts

• Floren, J. (2006, July 18). Experiential Marketing to 18-34 Year Olds. Retrieved October 17, 2009, from iMEDIA: http://www.imediaconnection.com/content/10397.asp

• Knight, K. (2007, March 1). Study shows targeting 18-34 year olds can pay off. Retrieved October 19, 2009, from BizReport: http://www.bizreport.com/2007/03/study_target_youngwithmoney_ demographic.html

• Moskalyuk, A. (2009). 79.8% of 18-24-year-olds use instant messaging, 29.6% read blogs. Retrieved October 17, 2009, from ZDNet: http://blogs.zdnet.com/ITFacts/?p=8428

• Reducing Student Loan Debt. (n.d.). Retrieved October 17, 2009, from Student Doc: http://www.studentdoc.com/student-loan-debt.html

• Torabi, F. (2008, September 8). Curd College Spending. Retrieved October 17, 2009, from Main Street: http://www.mainstreet.com/article/career/students/gen-y/curb-college-spending

• Used material from all other 7 teams research