Wells Fargo Group
Marketing 304
Professor Kiesler
2:00 P.M. – 3:15 P.M. T/Th
9 May 2007
Wells Fargo:
Marketing Plan
Kevin De Place
Bill Ho
Ryan Neal
Diana Suranyi
Kevin Yetter
Executive Summary
Our team constructed a marketing plan of the company Wells Fargo. The first half of the
report covers the company background by finding information about it, its competition,
and the environment to see how the company stands. The second half of the report deals
with a new product, tax preparation, and how it will be implemented into Wells Fargo.
When analyzing the company, we found that it is viewed as the largest bank in the United
States by physical size. The company have “2000” child companies and their advertising
style is very recognizable with the stagecoach theme. The biggest competition to Wells
Fargo is Bank of America.
There are many trends that are looked at that could affect the banking industry. Some
trends include the environment, government policies, technology, and much more. These
trends show how the industry should view what is going on in the market that could
affect how consumer’s perceptions are changing in the market.
After the trends were analyzed, our team analyzed the customers and put them into
segments. These segments are relevant because of the different ways that consumers
look at the bank industry. The segments were then used to make the target market of the
age range of 26 to 60 years old and lower to middle class consumers.
Then we made a SWOT table; that shows our strengths, weaknesses, opportunities, and
threats. All this information was then used to make our marketing plan.
Through examination of the information in the situation analysis, our team came up with
a new product service, tax preparation. This service will coincide with our home loans
by making it a free service to customers who have a home loan with us. If a customer
does not have a home loan with us; the service can still be used in-house with a
specialized and licensed tax preparer or with software for a fee.
Our target market is people in the age range of 26 to 60 years old and lower to middle
class. Our team will initially setup a test market in the San Franando Valley in June 2007
and end in May 2008. After implementation, the findings will be reviewed so the service
can be setup to all customers.
Finally, our team feels confident in our recommendations of this new service. The
service is expected to bring in 58 new home loans per year, which will insure brand
loyalty and enforce Wells Fargo’s customer loyalty.
Table of Contents
Situation Analysis
Company
…..…..……………… ……………………………………………………..1
History of Company
……………………………………………………..1
Current Situation
……………………………………………………..1
Human Resources
……………………………………………………..1
Financial Resources
……………………………………………………..2
Product Portfolio
……………………………………………………..2
Current Target Market
……………………………………………………..3
Current Pricing Strategies
……………………………………………………..3
Current Distribution Strategies……………………………………………………3
Current Promotion Strategies ……………………………………………………..3
Company Strengths
……………………………………………………..4
Company Weaknesses
……………………………………………………..4
Industry
……………………………………………………………………………..5
Competition
……………………………………………………..5
Bank of America
……………………………………………..6
J.P. Morgan Chase Bank
……………………………………………..8
Citi Bank
……………………………………………..9
U.S. Bank
……………………………………………10
Omni Bank
…………………………………………....11
Environmental Trends
……………………………………………………12
Where Industry Does Business…………………………………………..12
Economic Environment
……………………………………………12
Political Trends
……………………………………………13
Regulatory Trends
……………………………………………14
Social Trends
……………………………………………15
Technological Trends
……………………………………………15
Demographical Trends
…….……………………………………...16
Other Trends
……………………………………………17
International Trends
……………………………………17
Market Trends
……………………………………17
Impact of Trends
……………………………………………18
Customer Analysis ……………………………………………………………………18
Industry Level
……………………………………………………18
Relevant Variables
……………………………………………………19
Young Adults
…………………………………………………....20
New Families
…………………………………………………....20
Low Income Families
…………………………………………………....20
Middle Income Families
…………………………………………………....21
Wealthy Families
…………………………………………………....21
Foreign Families
…………………………………………………....21
Seniors
…………………………………………………....21
Farmers
Small Businesses
Middle Businesses
Big Business / Corporations
Needs and Wants
High or Low Involvement
Decision Process
Roles Consumers Play
Demand Forecast
SWOT analysis
…………………………………………………....22
…………………………………………………....22
…………………………………………………....22
…………………………………………………....22
……………………………………………………23
……………………………………………………24
……………………………………………………24
……………………………………………………24
……………………………………………………24
……………………………………………………………………25
Marketing Plan
General Marketing Strategy……………………………………………………………...27
Marketing Objectives
…………..………………………………………..27
Campaign Strategy
……………………………………………………27
Performance Measurement ……………………………………………………28
Segmentation Analysis
……………………………………………………28
Target Market
……………………………………………………29
Positioning Statement
……………………………………………………29
Marketing Mix
……………………………………………………………………30
Product
……………………………………………………30
Description
……………………………………………30
Benefits to Consumers
……………………………………………31
Branding Issues
……………………………………………33
Potential Impact to Wells Fargo Name…………………………………..33
Potential Impact to Pre-Existing…… ……………………………………33
Marketing Object and Target Market Needs. ……...…………………….34
Price
……………………………………………………34
Pricing Strategy
……………………………………………34
Pricing the Products
……………………………………………35
Price vs. Cost
……………………………………………36
Consumer Perception
……………………………………………37
Competition
……………………………………………38
Price Effects on Brand Equity……………………………………………38
Pricing Objectives
……………………………………………38
Placement
……………………………………………………39
Distribution Strategy
……………………………………………39
Distribution Channels
……………………………………………39
Product Transportation
……………………………………………40
Promotion Mix
……………………………………………………41
Communication Objectives ……………………………………………41
Implementation
……………………………………………………………………42
Schedule
……………………………………………………42
Budget
……………………………………………………43
Evaluation
……………………………………………………45
Risks & Threats
……………………………………………………45
Conclusion
……………………………………………………………………48
Appendix
……………………………………………………………………49
Survey Plus
……………………………………………………………………55
References
……………………………………………………………………61
Marketing Plan
Wells Fargo
Company
History of Company
Wells Fargo is a publicly traded company that was founded by Henry Wells, William G.
Fargo, and associates on March 18, 1852. During the era in which it was founded,
stagecoach robberies were infamous. At that time, they focused on safely transporting
their money from Nebraska to California. Now, Wells Fargo uses this stagecoach image
as their company’s background and main marketing techniques.
Current Situation
Out of all companies worldwide, Wells Fargo is the 26th leading company based on sales,
assets, profits, and market value (The Forbes 2000). Their debt ratings are ranked positive
and stable as well as having the highest possible credit ranking from Moody’s Investing
Services, Aaa (Appendix A). When ranked by American Banker based on assets, they
ranked 5th against all other American banks. (American Banker)
Human Resources
They employ over 155,000 individuals and that number grows more every year. Within
these individuals Wells Fargo understands the importance of diversity, and works to
employ people of all races and personalities. Diversity helps them to deliver quality
services by further understanding their diverse customers’ needs. The chairman and CEO
of Wells Fargo, Dick Kovacevich, sees that as a team, Wells Fargo Company shares
common values on responsibilities, and how they live and work. Their company also
instills those values and hard work ethics into the over 2000 separate “child” companies
they own, such as; Crocker National Bank, First Interstate Bancorp, and Northwest
Corporation.
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Wells Fargo knows the quality of customer service is very critical to customers. The
Branch Customer Service Manager is responsible for managing quick, smooth, and
quality customer experience. Meaning the manager must make sure the customer gets all
questions answered, speedy service, and to wait no longer than 5 minutes for service.
This position focuses on proper production management skills. Managers pinpoint
problems by going to the source to solve them instead of using band-aid solutions.
Managers motivate bank workers to treat customers nicely, and more importantly make
them feel comfortable. Enough workers are always employed to satisfy the banks busiest
times. When customers call the bank to report a problem or ask for information they get
taken care of with fast friendly service. Managers analyze existing procedures and devise
new ones to increase efficiency. For example the time it takes a teller to help a customer
can be reduced by rearranging the physical layout of the bank. All the tools teller’s need
is positioned close by for easy access. The qualitatively improved services make the
bank more competitive and more attractive to customers.
Financial Resources
With a stock market value of over $110 billion, Wells Fargo Company has become the
largest financial institution on the west coast of the United States. Wells Fargo also has a
high cash volume of over $480 billion in assets (Appendix C).
Product Portfolio
Wells Fargo Company focuses its skills on many aspects of banking; investing,
insurance, brokerage services, trust and estate services, financial consulting, international
banking, foreign exchange, as well as online and ATM banking. Their products include
diversified financial services, banking, consumer finance, home loans, commercial real
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estate, and specialized lending. Their company is always conducting economic research
to better their financial market strategies. They believe that understanding what is going
on around them increases their understanding of investing. They use agricultural reports,
country reports, regional reports, housing situation analysis, economic forecasts, growth
charts, and local banker observations to find all types of economic information.
Current Target Market Defined
Our current target market is anyone that has or can make money worldwide. In the
United States, a person can have a savings and checking account if an address, social
security number, and signature is given. For other types of services a credit score and
other information must be used to determine eligibility.
Current Pricing Strategies
The way that Wells Fargo decides on pricing for different products goes by the Fed’s
interest rate, also called the prime rate. Then Wells Fargo looks at competition and the
industry to decide on what to charge consumers to get consumers interested in receiving
that particular product or service from Wells Fargo.
Current Distribution Strategies
Wells Fargo has many banking stores in the United States. When a consumer needs a
certain product or service, all that a consumer needs to do is go into the branch and apply
for that particular product or service.
Current Promotion Strategies
Wells Fargo has many promotions to show consumers the products and services available
to them. Wells Fargo advertises on their own website, http://www.wellsfargo.com, the
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company advertises on television, radio, billboards, internet, the Yellow Pages, and instore.
Company Strengths
Wells Fargo is a very strong financial lending company. Their strengths include high cash
volume of over $480 billion in assets as well as a powerful distribution of advantages in
the Banking Industry (Appendix C). They also have strong ties to several different
industries including financial services, energy, gaming, media, communications,
municipalities, real estate, retail, solid waste management, and technology. Since 1852,
they have grown roots into the mind of individuals as being strong and trustworthy. Their
name is well known and they’re marketing strategy, the stagecoach specifically; can be
identified easily with individuals. They have strong, hard working, and smart employees
from all types of diverse lifestyles. They are considered “America’s [Most Admired]
large bank, and [ranked] 12th most admired company in the world” (Barron’s). They are
the # 1 bank in total stores, the 3rd in banking stores, 1st in mortgage stores, 1st in
personal credit market share, 3rd branded bank ATM owner, the 2nd debit card issuer, and
the 1st prime home-equity lender in states they do business in Wells Fargo.
Company Weaknesses
Wells Fargo’s weaknesses include confusion due to large-scale activity. Being an
enormous company it is hard to personally know all individuals within the banking
community. They are often the targets of fraud, and counterfeiting due to how large they
are. Other weaknesses might include ability to obtain brand loyalty. In today’s society,
with so many other large scale competing banks, getting brand loyalty from individuals
can be complicated. Many people have accounts in more than one bank, and several
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individuals’ change from bank to bank depending on offers they are given at different
times.
Industry
1. Competition
According to the report from Americabanker.com in December 2006, our team could find
out the market leader, market challengers, market followers, and market niche in the bank
market and the results of all bases on bank’s total assets. Assets were used to determine
size mainly because the services that these banks offer do not necessarily have fixed
prices, and many products do not have any prices at all. As the result, our team found that
Bank of the America is the market leader in the commercial bank industry in the United
States with a market share of 21% based of assets. But according to Gardner, “After
[Wells Fargo’s] foray onto the tundra, the bank's 2,900-branch network spans almost
3,500 miles across 23 states and five time zones, from Van Wert, Ohio, to Bethel, Alaska,
and that's more miles and more time zones than BofA” (Gardner). From this the claim
can be scene to be that Wells Fargo could be considered the biggest bank by physical
size.
In the result, we can see that J.P. Morgan Chase Bank, Citibank, and Wachovia Bank are
the market challengers. Their total assets are less than Bank of America’s at around 2
percent to up to 50 percent. In the report, we can find out that Wells Fargo and U.S Bank
are the market followers. For our team’s research, we found out a lot of market niches in
the commercial bank industry, specifically we will look at Wauchula State Bank.
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In the banking industry, there is a lot of competition. The competition is not only with
direct competitors, but also with indirect competitors such as ING Direct, which is a
financial company. These companies offer several services in insurance, asset
management, investment, internet banking, and other such products to various customers.
There seem to be no “gaps” in the market which could be filled. The closest things that
could be seen are the foreign market shares, which seem to be taken care of by small
individual banks. If a large bank stepped into the field offering a different type of
promotion for, let’s say, Chinese Cantonese speakers. Then perhaps they could corner
that small part of the market as well. These types of customers are the only ones that
really seem to fall between the “gaps” of the big companies and fall into the smaller
companies businesses. The position that most banks take on such matters is to open up
branches in neighborhoods of these types of individuals and hire employees that can
speak the language of the consumer, but generally the stores still look the same and act
the same otherwise. This can still scare away these customers.
Bank of America:
BofA held $1,082,242,862,000 total assets ever since its merger with MBNA, listing
them as #1 on total assets by American Banker (Appendix B). BofA has a market share
of 21% based on assets. Also, Bank of America has 161,318 full-time employees and
5,808 branches around the United States. All the branches are distributed within 50
states. Their main products include those listed in Appendix E as well as risk
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management and financial management (Overview: Corporate Profile 1). Appendix F
shows the amount of revenue generated in each of their main fields of business.
Their products do not generally have a set price, since the diversity of the banking world
has several different interest rates applying to different credit scores as well as sizes of
corporations.
BofA aims their products for the big businesses more than individual consumers. They
have over 20 million active users that are currently banking with them, and from those 20
million they serve “98% of the U.S. Fortune 500 companies… [as well as] …80% of the
Global Fortune 500 [companies]” (Overview: Corporate Profile 1). Mostly they serve
consumers and small businesses; secondly they serve individual banking customers.
Most of their banks can be found near businesses in high growth communities, such as
business and retail districts in Los Angeles. They have fewer banks near residential
districts, and do not aim for the “in supermarket” banks like Wells Fargo. This can be
seen as a weakness. Their strength is their capabilities with big businesses, but their
weakness is that of not being connected with individual customers.
To promote their products they generally have word of mouth and big business
advertising. They advertise in big money magazines and business reviews, such as
Forbes, Fortune, U.S. News, The Wall Street Journal, and American Banker, while rarely
advertising over television or to the average American consumer.
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J. P. Morgan Chase Bank:
For the J.P. Morgan Chase Bank, it has $1,013,985,000,000 total assets, ranking it #2 by
American Banker.(Appendix B) Their market share is 20% based on assets. Also, it has
131,868 full-time employees and 2,667 branches in the U.S. They focus most of their
services towards commercial and corporate companies, and very little on private banking.
Their products include all of the regular banking services (Appendix E) as well as
treasury services and asset management. They focus on asset management inside of large
commercial and corporate companies to increase revenue, and then their secondary
product is commercial banking.
Physically they have several banks in which they do business, including their Chase
banks which they do business with individual customers. They are generally located in
cities and suburban areas, and less in rural. They focus on fast, busy business people and
market their products towards them (Chase – About). Although their bank company
Chase is aimed more at individual customers than businesses, JP Morgan is still losing a
great deal of customers to smaller banks. Their biggest weakness is that they do not
concentrate on small customers, but their biggest strength is that they have a large
amount of the big money customers, making it so that their profits are high even with
lower market segment.
Chase is a brand inside of J.P. Morgan. It is focused on individual customers and small
businesses more than big businesses, but they still focus towards the same types of
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individuals. Business going white collar workers and privately owned businesses can get
J.P. Morgan’s advanced security systems in their normal checking and savings accounts.
They also offer federal rate loans for college students. To market to these students they
use a marketing technique geared towards the academic calendar, saying the origination
fee will be paid by Chase themselves for the first academic year.
To promote their products, J.P. Morgan advertises in major political, news, and business
magazines such as Forbes, Fortune, U.S. News, The Wall Street Journal, and American
Banker, then focus their TV advertising on Chase Bank.
CitiBank:
Citibank has $706,497,000,000 total assets, 184,489 full-time employees and 286
branches with a market share of 14% based on assets. For the Wachovia Bank, it has
$472,143,000,000 total assets, a market share of 9% based on assets, 78,571 full-time
employees, and 3,193 branches. Their rank by assets is 3 according to American Banker
(Appendix B). They offer all the main banking products (Appendix E), as well as Identity
Theft Solutions and the ThankYou Network.
They focus these products towards individual consumers and private customers. Their
main products are online banking, which they have been made famous by. Through
online banking, they have been able to reach out to customers in various ways that they
wouldn’t have been able to before, and contact more customers by doing so. Specifically
they target the market of online investing more than other comparable banking industries,
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helping customers to earn money investing, as well as saving money in their accounts
(Online Investing). Their online strategy is their biggest strength and weakness at the
same time. While it is very innovative and attracts younger consumers, it can easily scare
away those who still think the internet is insecure and those who are confused or scared
by new technology.
Besides their online locations, they also have physical banking locations. Though
significantly fewer locations than market leaders and challengers, they are still found in
almost every strong community in the southern California area.
They promote their product using magazine ads, TV ads, and web advertising techniques
such as banner ads and pop ups. Their specific marketing technique uses their name as
their logo. The Citi name is well recognizable, and easily remembered. When promoting
products they talk about internet security and investing relations, while not promoting
their loans or financing directly.
U.S. Bank:
US bank is located in 24 states nationwide. The head quarter is located in Minneapolis.
They have over 2,472 branches in convenient locations. They rank as the 6th largest bank
according to American Banker, based on their assets of over $200,000,000. (Appendix B)
They have a market share of 4% based on assets.
US Bank’s main services include checking accounts, investing, loans money transfer,
insurance, debt consolidation, saving accounts, student credit cards, and home mortgages.
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During the tax season, they offer a program called TurboTax over the internet for their
customers to calculate their income taxes. Using TurboTax to help customers do their
taxes is an example of one of their strengths. They concentrate on helping the customer,
and making the customer happy. This makes customers brand loyalty grow more than
most other banks in the industry.
US Bank offers check cards with rewards for their customers, such as cash bonus to
redeem for gifts. They have an expert to help their customers to do their finance and
investments. Also they have online services for management customer’s bank account
and investments. Their biggest weakness seems to be their innovativeness when it comes
to technology. The website is hard to get around on, and it is not really up to par with the
other big banks in the industry that it is competing against.
Omni Bank:
Another market nicher is Omni Bank. The bank will locate in some specific spaces to
help their customers. Omni bank is located in Southern California. The head quarters is in
the city of Alhambra. They have only five stores. All the stores are located near the
Chinese districts of Los Angeles County. It provides some mortgage and loan services
for their customers. For example, one of their branches is located in Monterey Park,
California. This branch mainly helps people who live in the area with mortgages and
loans.
The company’s biggest strength is also its biggest weakness. While focusing its products
for the Chinese communities might get them a great deal of those individual consumers,
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it has the problem of not attracting outside customers. Therefore they may have a great
percentage of the Chinese customers in the area while only having a very low percentage
of the non-Chinese customers. If they made their banks less specific to Chinese
immigrants they might lose a portion of their market share of Chinese customers, but they
would gain more business through the non-Chinese customers in the area.
Omni bank principally offers some loan and mortgage services for their customers. Also
they have other special services to satisfy their customer’s needs, such as safe deposit
boxes, ATMs, night depository services, lockbox depository services, and traveler’s
checks. Omni bank attempts to offer the lowest interest rate payments and easily qualifies
programs to help a customer to get a loan. They also help people who do not have credit
history by qualifying them for first time loans.
2. Environmental Trends
Where does the Industry do business?
The industry does business worldwide with individuals and businesses that deal
with money.
Economic Environment
An economic trend that could affect the banking industry could be stock market trends
starting to slow or move in the negative direction. This usually shows the state of the
economy. If the economy of the United States starts to fall, less people will be saving
and investing into the economy. When analyzing the Great Depression, it can be seen
that people pulled their money out of banks, so there was little national savings. Today,
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America’s government has developed the FDIC to help prevent something like that from
happening. But there is still the prospect of a negative shift in the economy. This will
slow down the funds that banks will receive. If they have fewer funds, there could be
layoffs due to shortage of supply. Also, if no one can pay back funds to the bank, there
will be a lot more bankruptcies, making it so the company loses money that way. To
stimulate the economy, Wells Fargo and their competitors can offer lower interest rates
on loans and higher interest rates on savings. The economy can be defined as, “[A]
collective measure of the production, distribution, and commerce in a given area, from a
small village to a state to a nation” (Canton 50). An affect to the change of this economy
is, “[T]he fact that twenty-first-century economies will survive and prosper only if they
embrace innovation” (Canton 50).
Political Trends
The main political trend in the United States is that political policies are always
changing. The main one right now is war. Whenever there is war, it can stimulate the
population with more federal jobs that are geared toward supporting the war. Also,
businesses can profit from this by selling goods to the government that are used for war.
More money coming in due to the war can create more jobs to the public causing the
population to have growth.
On the other hand, if the government makes policies that can affect the public, like
shutting down free medical clinics, people lose jobs that they had at the free clinics, and
people that once had free care will have to pay for it or not get care at all. This can make
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the population growth rate go down or you will see less money being spent on
miscellaneous goods.
Different sectors can be affected in different ways, “Certain industries are particularly
affected by the actions of government authorities. While all businesses are influenced by
regulation to some degree, regulation, licensing, and certification can dictate in large part
how certain industries conduct business” (Abrams 80).
Regulatory Trends
As discussed before with government policy, regulatory trends can change all the time.
Those that regulate banks are; “Federal Reserve Board, the Office of the Controller of the
Currency, the Office of Thrift Supervision, or any one of 50 state regulatory bodies”
(Bank Regulation).
There are many different policies in affect to help people in poverty, help small business,
and in essence, make sure that the individual gets representation so that their money is
protected. Some poverty regulations are those of welfare and grants to those that need it,
“Income support policy occurs mostly through social insurance, but also through
universal grants (‘demogrants’) and means-tested social assistance (‘welfare’), with
different policy mixtures in different countries” (Sherraden 3). Without government
regulations, individuals with less money would not get representation.
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Social Trends
As discussed earlier, if a society as a whole has a trend one year of buying an Apple
IPOD® there will be a huge societal trend to buy that item. If society is in a buying
trend, you will see fewer savings and more people borrowing money from banks.
The social trends are always changing in all aspects of life, “…[H]uman activities create
new systems with emergent behaviors that are both unpredicted, and, perhaps,
unpredictable, as the ever-increasing integration of human and natural systems leads to a
concomitant increase in importance of the particular forms of complexity that
characterize human evolution” (Allenby 159). A social trend that society is geared
toward in the banking industry is online banking. Wells Fargo and their competitors have
online banking available to everyone that has the internet 24 hours/7 days a week. Social
trends have changed to the point of following technological trends. If there isn’t
technology in items, there is usually no social trend that will follow that particular item.
Technological Trends
This can be tied to social trends as well as other trends. If technology is growing, you
will see a trend for people to want to buy more products that are more technological than
ever before and always want the most technological item available. At the same time,
more jobs will be available for those people that know how to make and market those
items. If the market is flooded with a lot of people that can make more technical items,
the price range for receiving a job in that market will go down. At the same time the
price of items get more expensive at first, but then get cheaper so that more people can
afford them. As stated in Deconstructing the Computer, “…[T]he price index for PCs has
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been falling more rapidly in recent years the index for mainframes…” (Jorgenson 12). If
these items are always changing to a newer item, more items will be sold but the market
price for items might change at a higher rate. This relates to us because if the economy is
stimulated to work, more money will be spent. If more people are buying, there is more
of a market to borrow and spend, which the banking market will have more growth.
A technological trend recently is being able to access the internet in a wireless
environment, “Internet access over mobile devices is becoming increasingly pervasive,
particularly in consumer spaces” (Tan 9). With the need to be mobile is an ever more
serious need for security. Banks need to look at ways to become mobile as well as
secure.
Demographical Trends
This trend goes with the trends of generations of people. The biggest one out there right
now is the "baby boomers." Marketing goes with what are the needs of this big
generation. So if there are a lot of baby boomers that are going into retirement or close to
it, you will see a trend of more people needing health care or retirement funding, or
things that they can do while on retirement. So, there will be a trend associated with
money being spent on these plans or needing to have accounts to hold those funds. A
current trend in the banking industry today is the need for society to have the latest and
greatest technology at fast speeds and before anyone else. The banking industry has
satisfied this need by giving society the opportunity to use online banking 24 hours a day
and 7 days a weeks. Whenever a transaction is made, it is instantly posted to the account
making it obsolete to need to balance the checkbook.
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Other Trends
International Trends
Changes in international banking can also affect the way that Wells Fargo does banking.
As noted in Banking International Regulation’s website, “It is an appropriate subject to
discuss, since all of the forces that are operating the international level are affecting
national economies too. Mexico, with its growing integration into the world economy
and global capital markets, is as expose as any to these trends” (Banking Supervision and
Regulation), Changes that can occur in other countries can affect the money supply in the
United States. Any international events that occur need to be looked at as to how it will
affect the economy of the United States.
Marketing Trends
Marketing trends in today’s culture have to do with selling the product in a different way
than before. One of the new changes in selling is the idea of developing existing products
in new fields instead of creating new products. In Foghound’s 2006 Marketing
Predictions: 10 trends that are heating up, Swaysland describe an example as “Buying
music online is a big new market concept, which is why iPod and iMusic are so
successful.” (Swaysland par. 2) Bankers have also taken on this trend by offering online
banking as opposed to normal “in bank” banking activities. The idea of developing
products further instead of coming up with new products in a way that can increase
productivity and get new customers is a growing trend in the marketplace today.
Another change is that of creating a meaning-making objective in advertising as opposed
to normal promoting. “Customers are tuning out advertising, promotions and
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spin,”(Swaysland par. 6) while they are starting to want to buy services from companies
that they can trust by making their own choices based on what they believe the
companies mean to them. In the banking industry where many of the companies are
offering identical services at nearly identical prices, simply promoting a brand name and
product line will not do anymore. Banking firms will need to sell the ideas and concepts
around their products and services more than selling their products and services directly.
Impact of Trends
The impact that these trends have on Wells Fargo, its competitors, and the industry are
that there is always a need to watch consumer behavior to see how people will spend their
money and why they choose a certain bank or lender to help them make the decisions to
spend or save their money. Banks always have to see what motivates consumers to pick
the banks they pick. Technology can play a major role in that decision, so banks always
need to find ways to be up to date on technology as well as given that to the public
securely. These trends pose opportunities to the banking industry because the more a
bank like Wells Fargo can keep up with the trends of society, the more business they will
receive.
Customer Analysis
Customer Description at Industry Level
Wells Fargo provides, “[B]anking, insurance, investments, mortgage, and consumer
finance to more than 23 million customers from more than 6,100 stores and the internet”
(Nine par. 8). Wells Fargo does not discriminate on race. The main thing they look at is
financial history. In fact, Wells Fargo recognizes that certain areas can have a large
population of different nationalities. For example, Wells Fargo understands that the
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Hispanic community is increasing, representing $1.8 billion in buying power for 2005
(Estrella par. 2). In response, Wells Fargo looks at the demographics of an area and tries
to get as much bilingual staff as possible. Altogether, “Wells Fargo provides financial
services and products to more than one million businesses with annual sales up to $20
million in all 50 states, Puerto Rico, and Canada” (Quantcast 2).
Relevant Variables to Describe Segment
The variables that are relevant to describe the segment are age, level of schooling, how
many people they support or that are in the household, and amount of income coming
into the household. Age is relevant because if someone is new to receiving money, they
are not thinking about buying a house or getting a car; whereas if someone has been
working for a while, they will be a little older and thinking about buying a car or a house.
The level of schooling is relevant due to the fact that people that go to school longer will
have more knowledge of their money resources. Also, when they are going to school,
they are using their money for school and not thinking about renting or buying anything
unless it is school related. The amount of people in a household can determine the
amount of money spent on food and clothing and also how people decide on where they
will live by renting or buying a household depending on the amount of people that need
to live in one location. The last relevant issue discussed is the amount of money that is
coming into a household that can determine if the household is renting or how much they
will spend on the house they are looking to buy. All these are relevant to the segment
because it will determine how customers will use the services of the banks and where
they will spend their money or save their money.
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From this information our team has separated the banking industry’s customers into
several different categories, and then we described those categories and their needs as
follows:
Young Adults:
Young adults are between the ages of 18 and 25. Even though they may have had a
savings account, these people are at a place in their lives where they need to start a bank
account for the first time. They look for free checking and savings accounts and have
much less money to put into a bank account than other customers. As college students,
these individuals may be taking out their first loan. The most common way they look for
banks is by looking for those that are easily accessible, nearby their homes and
workplaces. Their attention is more geared toward TV advertising rather than advertising
in magazines. Young adults are looking for quality and unique goods instead of trendy
ones (Lorranye). These consumers have great potential for being future clients when they
grow older. Therefore, building brand loyalty now helps banks to keep these clients when
they get to ages where they start to need larger loans and banking.
New Families:
These individuals have just started a family. They may be looking for homes to raise their
new family. This may require them to take out their first home loans. They have high
involvement when looking for the best rates for the loan.
Low Income Families:
These families have already developed themselves as a unit. “40% of bank customers
were low to middle income (Korets).”They may be struggling from paycheck to pay
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check. This means savings is not much of an option. Rather, credit card loans might be of
interest to them. Tax accounting cannot save them much money except if the tax
accountant is cheap.
Middle Income Families:
The middle-income family looks for improvement on their status. These families are
most certainly have or are looking for homes to establish themselves. Therefore,
financing or refinancing is always options for them. Tax accounting can save them
money that they desperately need to pay off loans.
Wealthy Families:
These customers are looking for a bank that will help them to make more money from
their money. They do not need many loans unless they are starting a business. They are
also investing in CDs, mutual funds, real estates, and anywhere they can make profit.
Also, a good tax accountant can help them save a lot of money
Foreign Families:
These families are looking for banks that can fulfill their language barrier needs. They
look for people they can trust and help them understand the product. Preferable, they
would like to speak to someone who has their native tongue. Advertising does not affect
them as much, due to the fact that they don’t understand it as much
Seniors:
Senior may be trying to secure their retirement. They are also looking for security and
might be considering investing. They want people to manage their estate and assets.
Generally, this is the most brand-loyal demographic, because they look for familiarity
and brand they know they can trust from past experiences.
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Farmers:
Farmers are looking for a bank that knows what they want. Their bankers should be
friendly and get along with them. Farmers can have big or small bank accounts
depending on their profits, but they always look for the same things: reliability, trust, and
goodwill.
Small Businesses:
Small Businesses are looking for a bank that can help them managing their assets and
their financial needs. Often times they will need quick short-term loans in order to
purchase materials or equipment. They may also need larger long-term loans to start up
the business
Middle Businesses:
These businesses are normally the market followers in an industry. They look for the
same things as a small business, while also needing more diverse financial support.
Big business / Corporations:
Big Businesses look for something completely different from the rest of the consumers.
They need large short-term loans to acquire smaller companies. These Businesses are
looking for everyway possible to make their profits bigger. This includes investing,
marketing, and accounting.
Customers use Wells Fargo products for many reasons. Age, credit scores, and income
are relevant. One reason is to buy now what they cannot afford with financing. Since
small businesses usually do not have enough capital to start, Wells Fargo targets
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If the customer owns a small business, they seem to get more loans out of Wells Fargo
than any other bank. According to CRA (2005), Wells Fargo is the number one lender in
terms of total volume of dollars to small businesses in the United States (Nine par. 2).
Finances from commercial real estate seem to be on the rise, “Avg. commercial and
commercial real estate loans grew $11b or 10% from 3Q05 and $2.2b or 8% annualized
on a linked-qtr. Basis” (Event Brief par. 1).
Needs and Wants
The internet seems to be a growing tool for Wells Fargo customers. According to PR
Newsweek, Wells Fargo currently has 8.3 million active users (Event Brief par. 1). They
also say that “One-time visitors make up 30% of Wells Fargo online audience”
(Quantcast par. 2). This means 70% of the online audience might be habitual users. There
are many innovations on the internet, which keeps the customer coming back online and
away from long lines in the offices. Customers being able to see and edit their accounts
online statements save them a lot of time in a world where there is never enough time.
Evidence of this is stated by the CFO of Wells Fargo, Howard Aktins, “Continued to
achieve significant growth in usage of desktop deposit service … Seeing greater usage of
the commercial electronic office (CEO), used by two-thirds of the Co.'s middle market
and large corporate customers…..” (Event Brief par. 2). Consumers are using banking to
secure funds. Insurance is used to protect assets. Mortgages are used to finance homes.
Financing is used to raise money for businesses. Through the use of internet, Wells Fargo
can now cater to anyone around the world.
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High or Low Involvement
Involvement usually depends on the amount of money the decision deals with. The trend
is that the higher the money involved, the higher the involvement. When it comes to large
financing like home loans, decisions are usually having high involvement. Naturally, if it
were a larger corporation buying an eight-story building, the involvement would be even
higher. Some basic checking accounts to students would be an example of low
involvement. Especially since these checking accounts are free.
Decision Process
Interest rates are the major factor involved in decision making. Given that there are so
many banks out there giving various rates; Wells Fargo prides itself on customer loyalty.
Another major factor is the Complexity of the product Wells Fargo sells. Since Wells
Fargo advertises itself as a friendly service, many customers choose Wells Fargo when
the product is complex.
Roles Consumers Play in the Decision
A joint decision in a family would consider two spouses. Both are users of finance.
Usually, the financing goes under both names in title, so both spouses are also buyers.
Either spouse can be the decider or gatekeeper
Demand Forecast
Industry Profits as a whole have steadily increased since 2001. Recently, business lending
has increased, but commercial lending has decreased in most regions (Bavio). Short term
loans have decreased due to competitors (Bavio). Commercial business also seems to
have more money on hand to pay for their costs. Taking risky loans have become a trend
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in the market due to increased competition. As a result, a lot of banks are losing money
on those risky loans.
SWOT Table and Analysis
(a) Strengths
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Size
Star/Still Expanding/Growing Market
FDIC Insured
Solid Reputation
Highly recognizable advertising
campaign / Marketing Recognition
Business Environment (open counters)
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(c) Opportunities
International
Ease of Use for Internet Usage
Tax Services/Free/Internet
Branches
ATM Service
24 Hour Services
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(b) Weaknesses
Not International
Internet Security
Government Policies/ Fed. Regulation
Recession
Economy
Highly Competitive Market
Low Brand Loyalty
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(d) Threats
Highly Competitive Market (Major)
Low Brand Loyalty in Industry (Major)
Government Policies (Potential)
Depression (Potential)
Economy (Potential)
Civil Unrest/War (Potential)
Interest Rates (Minor)
Inflation (Minor)
New Competitor Sales Promotions and
Strategies (Minor)
When analyzing the strengths of Wells Fargo Company we noticed that Wells Fargo’s
overall size is their biggest strength. As noted under the company section, they are
physically the largest bank in America. We identify the banking industry as a still
expanding and growing market; therefore we see Wells Fargo’s banking services to be a
star instead of a cash cow when using the BCG matrix. When our team analyzed the
advertising and marketing measures that Wells Fargo uses, we noticed that they are a
highly recognizable brand, and therefore their marketing recognition is a strength..
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Weaknesses include the fact that they are not international when many of their
competitors are, as well as general banking weaknesses such as security, policies,
regulation, and problems with our current economy that banks face.
Opportunities that our group points out are easily brought down from our weaknesses, but
also from our research. When doing research we found that US Bank helps with
customer’s tax returns, perhaps Wells Fargo could follow the same type of idea. Maybe a
merger with a company like H&R Block could gain customers.
Finally, threats that we noted are mostly self-explanatory. One thing our team would like
to talk about though is the problem with brand loyalty. In the banking business the
biggest threat is that of brand loyalty. How does a company keep its customers loyal, and
what if a new competitor’s promotions exceed the company’s? A big threat is that of
losing customer loyalty through such measures.
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General Marketing Strategy
Marketing Objectives
The objective of this marketing campaign is to create a new service for Well’s Fargo’s
customer base to create more brand loyalty, reinforce brand image, and extend customer
base in home loans. The campaign will start in a specific area, which was chosen by
general population of the target market in the area. This area is the San Fernando Valley,
which includes Northridge, Canoga Park, Tarzana, Woodland Hills, and many other
smaller communities. This community contains a great diversity of classes, from upper
lower class to upper middle class, all of which are targets in the marketing strategy.
Campaign Strategy
The campaign is going to focus on implementing a new tax service to existing customers
and new customers, particularly those who have or are trying to get home loans. An
appropriate time given for this project is from June, 2007 to May, 2008. These dates were
chosen because the campaign needs to have the attention of the consumers and the
consumers need to understand that Wells Fargo will be offering this service before the
consumers begin looking for this service. That way they have Wells Fargo in their mind
when they think of their taxes next season. June was chosen because it is an appropriate
time frame for Wells Fargo to prepare to implement this service. They will need time to
gather information, hire any new employees, make mergers, or any other actions required
to carry out such services. May was decided because it would be the appropriate time to
decide whether or not Well’s Fargo gained an appropriate customer base to the amount of
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costs which it incurred, mainly because this is the month after tax season. Therefore, it
would be the best time to review the performance of this project.
Performance Measurement
In May, 2008, Wells Fargo will measure the effectiveness of the marketing plan on their
home loans and general profits. To measure, first they will calculate new costs given to
them by this marketing campaign, such as new job salaries and any increased marketing
or advertising costs from last year. There is an expected increase in home loans by this
project. Home loans are where Well’s Fargo makes the majority of its profits, especially
their margins. So to measure how effective this campaign is, they will use the following
steps:
1. They will calculate the % increase in home loans, profit, and profit margins over
the past 5 years to figure out an effective average increase.
2. They will calculate the % increase in home loans, profit, and profit margins from
last year and this current year; where the new service was implemented.
3. They will compare the % increases in step 1 to step 2 to see if there was a
significant difference between average increase and increase from the year of
implementation.
Segmentation Analysis
The customer base was divided into different segmentations based on age and income for
individuals, and then size and income for businesses. The reason that the customer base
was divided into these various sections was because these are how a bank would identify
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and treat them different. Age and income reveal large differences’ in the amount of
money a customer can qualify for a loan as well as the length of the loan. A young
person would likely have a short term car or school loan, while an older person or
business owner would be likely to qualify for a larger, longer term loan. Also,
individuals and businesses would take completely different types of loans.
Target Market
The target market for this campaign is lower to upper middle class individuals between
the ages of 26 to 60. The younger market share and lower middle class would be more
likely to be taking out home loans, which is where Well’s Fargo makes a great deal of
money, and the older upper middle class customers would be likely to refinance their
existing loans into one large loan, which would constitute as a new loan at Well’s Fargo,
as discussed in the customer section in the situation analysis.
Positioning Statement
Wells Fargo is currently the market leader in southern California for home loans with
lower to upper middle class customers. These consumers choose Wells Fargo because of
the brand image and because they are well known to be helpful and friendly. Wells
Fargo’s main competition includes Bank of America and Chase Mortgage. Because these
banks generally deal with larger corporations and not individuals, they are often viewed
by those who are trying to take out home loans to be too business-oriented to care about
small families. They also intimidate small families with their complexity and cold nature,
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where Wells Fargo tries to be as friendly and warm to the consumer while explaining
things in detail to make them less complex and easier to understand.
Marketing Mix
The Marketing Mix consists of 4 factors; Product, Price, Place, and Promotion Mix.
These factors are taken into account to describe the benefits of the new product, if it will
be profitable, and if it will add to the company’s overall product line in a positive way.
The marketing mix is also used to decide how the product would best be suited for
placement and promotion, and how to implement such strategies.
Product
Description
The new service proposed to Wells Fargo is an extension of its current financial services
provided to its customers. Currently, Wells Fargo has several branches for financial
consulting and mortgage consulting. The goal of this campaign is to make the company
more accessible and add an accounting division to bring more customers into offices.
This would include in-house consulting or free tax software called FastTAX (much like
TurboTax), to help costumers with their taxes.
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Benefits to Consumer
The target market, middle class Californians, often uses services such as H&R Block to
process their taxes. Many also use TurboTax or other products. By bundling these
services into home loans and bank accounts, Wells Fargo can increase brand and product
equity at very little cost. The company wants to help customers in all financial situations,
that way they know they can depend on us.
When surveyed, 57% of those who were surveyed said that they would be interested in a
bank doing taxes, and 57% said they would be interested if the bank offered free tax
services (appendix k). While this may seem like a small percentage at first look, it is
actually quite large, if 57% of those with home loans switched to our bank because of our
service that would be a ridiculously large growth. Realistically, probably only a small
fraction of these customers would change, but hopefully 57% of people would think it’s a
great deal.
There will be two different ways this product will be given to the consumers. The first is
in-house consulting. These services would be given at already available financial
branches of Wells Fargo. These services will be confidential, and in no way affect any
accounts or transactions the customer has with Wells Fargo. This service can be made by
either procuring a joint venture with H&R Block, or by creating our own firms inside of
our existing financial services departments. We analyzed costs and found that the most
cost effective plan would be to hire our own professional tax consultants, and to train
current employees to assist them during tax season.
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The second way is a take home accounting product such as TurboTax. This is valuable to
the consumer because it is versatile and can be used easily by the customers themselves.
Also, Wells Fargo would have a weekly two hour lecture on how to use this product,
where customers can come in and find out how. Personal help could also be provided.
The product might use either a pre-existing product, such as TurboTax or H&R Block’s
TaxCut program, or the IT department could create its own at a costly price. Therefore it
has been decided that the strategy that should be used is to use a pre-existing tax
program, either through procuring a company or a joint venture. The most cost effective
at this time would be to try a joint venture with a company such as TurboTax. Either way
the packaging would look the same, just with a different product name. In this example,
this product line would be called FastTAX, and would be packaged as below.
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Branding Issues
When considering making a new product or service such as this, the company must take
into account any impact that associating its current brand name with this new product
might have. These issues include how the product will impact the current brand name and
how this product will impact pre-existing product lines. The company must analyze if
these impacts will be negative, and to what degree, in order to realize if this will be a
profitable decision.
Potential Impact of New Product Using Wells Fargo’s Name
Issues that Wells Fargo might have to consider when creating this product is that if there
is a fault in the product, the company would not want its brand name associated with it. It
could also make customers think that the company is going too broad with its services
and no longer specializing in specific fields, making them less likely to count on us when
it comes to those specific needs.
Potential Impact of New Product on Pre-Existing Product Lines
This product would not steal business from any other sections of our company already in
development, due to the fact that accounting services are not already in place. However,
the company could consider that there is a potential for loss in our financial division if
customers end up finding that they do not need financial advice after speaking with our
accountants. Also some customers might find a conflict of interest between our
accounting confidentiality and the fact we have home loans with them. If someone is
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unable to pay their taxes because of loss of income, a customer might get frightened and
move their loan to a different bank when afraid that we might foreclose on their loan.
Marketing Objectives and Target Market Needs
The company’s marketing objectives are to increase home loan rate, brand loyalty, and
overall profit of the company. The product is expected to do all of these things. Our
current target market, lower to upper middle class individuals, have to file taxes every
year. This can be a burden on individuals that do not understand how to manage their
finances. According to our survey, 65% of individuals in our target market pay for some
program or service to file their taxes (appendix k). That is a very large percentage, if we
can help these individuals in our target market with their taxes while getting new loans, it
would be a win-win situation. Wells Fargo already helps many of their current customers
with financing, if they were able to bundle in a product that would lure a larger customer
base than they would be at a great advantage. The individuals targeted specifically want
to have more money to spend, and they want their bank to help them. If Wells Fargo
offers them refinancing along with a package that would include free taxes, than they
would have even more of a reason to switch to Wells Fargo for all of their banking and
mortgage needs.
Price
Pricing Strategy
The basic pricing strategy for this product will be a competitive customer-perceived value
approach. The product will be free to those who refinance with Wells Fargo; this is a
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customer-perceived approach. Those who actually refinance under the agreements that
allow them to have the free tax service have a minimum refinance or loan amount
required for them to get the service. This amount is decided upon by the financial analyst
in charge of their case. The analyst will also take into consideration the interest rate
allowed to by the customer, then from there tells the customer which of our tax services
he or she qualifies for. Those who have lower loans with lower percentages will give
Wells Fargo a low rate of return on those loans, meaning that these customers would only
be eligible for the less costly software, FastTAX. This product is also available to other
customers of ours for only $30 if they do not have loans (a competitive price based on
TurboTax pricing).
Those with higher loans, such as home loans, and those with high interest which we are
expecting a large rate of return; can qualify for full tax service in-house. While these
services may sound like they are free, in all actuality our financial analysts will be
negotiating the terms of the loan with this in mind, and explain to the customers how this
is a bonus. This will draw customers to higher interest rates and larger loans, actually
bringing in more profit than to the customers that pay for the services.
Pricing the Products
As previously mentioned, our take home software will be a program that is used on a
computer that allows individuals to do their taxes at the convenience of their home. This
software will be $30, the same price as competing products (TurboTax Pricing). The
products will actually be our business affiliates product, and because of this the majority
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of the profits on this software will go straight to them, leaving us just the amount of
money it costs us to distribute and sell the products.
The in-house tax services will be offered for free from our financial analysts, but those
who do not have loans with us but still want to use our product, will have to pay prices
according to service rendered. Many of our pre-existing customers who have bank
accounts with us are expected to want to try our service. During this first year of
operation we will be conducting a trial price that is competitive to H&R Block’s pricing.
Our tax services are only offered to individual customers and not to businesses, so the
pricing will be between $25 to $300, depending on the time needed to file the taxes
(H&R Block Pricing). Our tax preparers and consultants will be trained to be able to
quote on the spot when a customer displays his tax information. Ranging from $25 for
those whose taxes can be filed quickly; such as college students that use 1040EZ forms,
to $300 for those whose taxes take a long time to file, such as people that have their own
business.
Price vs. Cost
While determining price, one must always compare costs. The advertisements that our
company will be spending money on will cost quite a bit, but we will only be advertising
our in-house consulting. The TaxFAST software will be advertised only in-store and
online in small sections to show that we provide the service as an added bonus to
customers everywhere in our company. This software will actually be a joint project with
another company, where they will be incurring most of the costs of the project while
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making most of the profit; we will merely take a small amount of profit by providing
them with the ability to put the product in our stores and on our website.
The cost of our in-house consulting will be great, an over $1 million start up cost for our
15 branches in the San Fernando Valley. While the initial cost is high, we expect to
generate much more revenue from the expected increase in loans and refinancing from
this project. Even if the company had a first year loss, it is expected that the customer
base will grow, giving the company a larger amount of income over the next several
years due to the long terms associated with loans.
Consumer Perception
Currently none of the competition in the area has been using this type of idea. If Wells
Fargo initiates this project, consumer perception of the idea of a bank doing your taxes
will be a brand new subject. Current consumer perception of Wells Fargo is that they are
a farmer and family oriented bank that is considered helpful and friendly. These
perceptions are rarely used in the tax preparation industry; usually companies like H&R
Block focus more on being a business and giving off an aura of professionalism. Wells
Fargo can bring together a consumer perception that is all of the above. Customers
already know how helpful and friendly our financial teams can be, and it is natural that
those in the banking industry are considered professionals. Therefore, if we can show
customers we are capable of handling their taxes just as good as other companies, Wells
Fargo will have a competitive edge with consumer perception in the years after they
prove their abilities.
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Competition
Currently, competitors price their products at rates that are scaled. Lower prices for
individuals that are doing personal income taxes for state and federal; with higher prices
for those who do business and major tax write-offs. To compete with these firms Wells
Fargo will develop a similar strategy, while focusing on the lower priced customers. It
seems that most competition focus on higher priced customers, if Wells Fargo were to
concentrate on these as their target market, as they are, they might be able to gain easy
entry into this market.
Price Effects on Brand Equity
Wells Fargo has always comparatively priced its products based on how it would like to
be viewed by the consumers. If we overprice this product it could reflect negatively upon
us. Normally we would price economically that way our prices give a welcome image to
our consumers, giving off a view that is friendly and honest. If this product were to be
more expensive than other companies, perhaps our brand would be viewed as trying to
take advantage of people and then it could build negative brand equity. Therefore, we
have decided to price our product comparatively to other companies.
Pricing Objectives
The objective of this project is to increase our market share of home loans. Pricing this
product at normal levels instead of under the price of other companies gives the product
an image of worth, that way when we offer the products for free with substantial loans; it
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gives our loans a competitive edge. Hopefully this strategy will meet with these
objectives and increase market share accordingly.
Placement
Distribution Strategy
The main new product proposed to Wells Fargo is not actually a physical product, but a
new product service. Because this is a direct service there will be no distribution channels
between the manufacturers and the consumers. Therefore the distribution strategy
proposed will be simply a direct to consumer approach, where the service is offered in
our pre-existing branches of Wells Fargo banks.
For our FastTAX program mentioned, the distribution strategy will be a slightly different
strategy. Because we will purchase this software from another company, we will actually
be the intermediary. After we purchase the goods we will ship them directly to our
various Wells Fargo locations for customers to purchase there.
Distribution Channels
As previously mentioned, our service will be a direct from manufacturer to consumer
system, meaning that no channels will be needed. We will however post tax guides, and
electronic tax programs on our website that customers will login to. The main point of
this tax service will revolve around having a ready to work tax specialist at all valley
locations in time of need.
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As for the FastTAX program, there will only be one channel of distribution, which is
actually Wells Fargo itself. Since we are not the direct manufacturer, we will be
purchasing this product then shipping it to our stores and selling it to consumers.
Product Transportation
The individual consumers will be coming to our already existing Wells Fargo branch
locations. The branches chosen are those that are placed accordingly, such as those in
areas that are mainly visited by lower to upper middle class customers. This placement
will make it consistent with our target market for this new product. The objective of this
is to make our product easily accessible and within the reach of our consumers by being
in branches that they already visit. These branches will have a large booth in the middle
of the larger branches for tax sign ups, and in the smaller branches sign up sheets near the
doors. If the customers decide to purchase tax software that they can take home, they can
purchase it at our store locations, or they can download it from our store website.
For our FastTAX program, we will be making two transportation methods of the product
available. The main will be transportation from our manufacturer straight to our Wells
Fargo branch locations, and the second will be transportation via UPS to any customer’s
houses that order it online. These customers would be paying the charges on UPS
delivery personally; therefore we will not include these rates into our costs analysis.
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Marketing Plan
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Promotion Mix
Communication Objectives
Wells Fargo offers financial services of many kinds. But since we don’t sell products our
services, it can only be measured based on the customer satisfaction of the transaction
experience. Wells Fargo currently strives to give the best customer financial experience.
Now, we want to add tax services into that equation. Remember, our goal is to increase
the number of home loans by offering free tax services to people who have home loans
with us. How can tax services be any better than free to qualifying customers? That’s
right. Free. We will advertise this simple and to the point message, “Customers with
home loans have free tax services”. Our message will be posted with signs in all San
Fernando Valley Wells Fargo locations. The new message will also be posted on the
website of Wells Fargo after a customer signs into their account.
If the customer’s area code used for the account is within Los Angeles County, they will
see a banner ad in the form of “Free Tax Services to San Fernando Valley Residents”.
Putting the message on our website will educate all of our current customers in the area
that use the Wells Fargo account homepages to view and edit their bank accounts. We
figure many wells Fargo customers have home loans with someone other than us.
Hopefully informing customers of free taxes with a home loan will make people transfer
their loan to us. As with any promotion we want customer feedback. The feedback we
receive from advertising on our website and in-store will be analyzed and used to tailor
the next message we send out to the general public of the valley. A month later, we will
extend the message to be received anyone who sees our billboards around the valley. We
41 of 63
Marketing Plan
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will not purchase any new billboards because we are planning on keeping advertising
cost at a minimum. We however, will redesign all current Valley billboards to mention
our new tax service.
We may also incorporate this new message into current Wells Fargo commercials and
radio ads. Our tax service will be available to only Wells Fargo customers. Customers in
Wells Fargo that do not have home loans with us are still eligible for the tax service but
will be charged a competitive rate. The duration of this advertising will be until the end
of the tax season of the following year. At the end of tax season of the following year, we
will analyze how much extra money we made from additional home loans brought in by
our tax promotion. If it’s successful we will promote worldwide.
Implementation
Schedule
Our goal is to use the Los Angeles area as a test market. The below applies to all
branches in the Los Angeles area. Making Los Angeles conservatively aware of our new
free tax services with the purchase of a home loan will begin immediately. Thoughtful
signs will be placed in all branches of our banks in the greater Los Angeles area. Posters
and signs on the inside will catch any customer’s eye that walks through the line, and will
be consistently displayed year round. The deadline for developing and implementing the
signs will be June 31st. We choose this form of advertising for its simplicity, and low
cost. Wells Fargo will immediately look to hire a one tax service expert per branch.
Currently all we need is one tax expert because the demand for tax services is extremely
42 of 63
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low right now. The tax service expert will be trained in other areas as well so that in the
downtime of taxes, he/she can pitch in around the bank and help customers. Our goal is
to be conservative and let Wells Fargo customers know what we are up to. We
understand that people will not worry about taxes until the tax season so we will not
make any intense advertising campaigns until tax season.
When the demand for tax services kicks in from the end of the year to mid April, we will
hire more tax workers to satisfy the extra workload. We will then consistently advertise
our tax service deal in 25% of current Wells Fargo Los Angeles area broadcast TV
commercials. At that time our target market will be anyone 25 to 55 years of age within
the Los Angeles area. That means 25% of Wells Fargo’s current TV commercials will be
replaced with new ones. Throughout the year, we will be monitoring feedback from
customers and we will make necessary changes to continue to improve advertising and
customer awareness.
Budget
Our budget will be minimal before tax season consisting of setup costs and one tax expert
salary. From June 31st to December 31st our budget will consist of equipping 15 branches
with tax services. The costs per branch are:
-
One tax expert full-time salary of $68,000 per year (Business and
Financial Operations Occupations)
-
$300 initial setup
-
$339 tax books (QuickBooks premier accountant editions)
-
$100 store signs “Free Tax Service per Home Loan, or Competitive Rates”
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In tax season we will pay $3 million in T.V. commercials. From Jan 1st to April 15th our
budget will consist of, on top of prior balances already established:
-
Two part-time tax specialists at each branch $25,000
-
Worker training $1,000
-
Los Angeles Advertisements $1 million
-
TV commercials $700,000
-
-
Newspaper ads in L.A. Times $100,000
-
-
15 second advertisements on cable networks
Several mall ads and two large ones
Billboard ads $200,000
-
Across San Fernando Valley
This leads to the total budget at $2,421,085. A good portion of this budget though, will
just be a substitute of funds we would have already spent. All advertising costs will come
out of normal advertisement costs that Wells Fargo would have spent advertising their
brand name originally. Since the advertisements for the tax services will be a substitute
and those prices already accounted for, our additional budget compared to our normal
budget will only be $1,421,085.
When calculating a break even analysis one must compare pricing to costs. If the average
home loan in the southern California area is $400,000, with an average rate of 7%
(calculated from our survey, appendix L), than the return on investment would be
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$28,000 a year. If the costs are considered to be $1,421,085, then divide the total costs by
the income per average loan and you would get an estimated 50 more home loans.
Meaning that in order for this project to break even, Wells Fargo would need an
additional 50 home loans on top of the expected loans for the year. If divided by the 15
locations, each of these locations would need to get an additional 5 to 6 loans on top of
their estimated loans for the year.
Evaluation
We will use the past 5 year’s data to calculate our new marketing plan, such as loans,
loan rates, and profit. We can use all the data to calculate the expected value and forecast.
The expected value and forecast will reflect our company’s objective and goals. So we
can use the result to check if that states our objective. For example, if our company has a
total of 10,000 loans, which is 6 % of new loan. If the data shows a total of loans are
increasing up to 11,000 loans and 10 % of new loans, then we can conclude that our new
marketing plan is workable. In contrast, if we get negative results, all the loan and new
loans are going down, and then it means our marketing plan is not workable.
Risks and Threats
This marketing plan has several risks and threats that could jeopardize our company.
Whether our brand name could be hurt or we could lose customers to competition due to
ineffective strategy, these risks and threats must be analyzed to understand whether this
plan should be initiated or if it is too risky.
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One such risk is that our plan could fail. One issue concerning this is that tax services are
a specialty service that is not very popular. On the other hand, everyone needs to do their
taxes. Also, customers might not think of Wells Fargo as an accounting service. Even
though Wells Fargo does specialize in the financial industry, which is associated with
accounting. Although it is prudent not to put too much emphasis on the tax services,
because it might hurt Wells Fargo's image. Also, the tax season is only a few months
which limits the amount of time to make profit. That is why Wells Fargo should advertise
only Seasonally.
Other risks also include product backfire. If something happens and Wells Fargo files
individual’s taxes wrong it could create a very poor image for us, making our brand
equity drop substantially.
A threat to our company is that competitors could realize the profitability of our product
and saturate competition in the accounting market. Banks like Bank of America and
Washington Mutual could put a devastating counter operation. The only way to contain
this is by developing the new product quickly, so the other banks will struggle getting a
part of the action. While Wells Fargo will already have a customer base, there is a very
large risk that another company might attempt to copy our idea and then end up getting
more buzz about the subject, causing customers will flock towards them instead of us.
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Upon analyzing these risks, none are prominent enough for a rejection of the marketing
plan. They are all theoretical, and none of them very likely to happen. If they’re risk
increased than there might be a change of plan, but at this time these risks and threats
should just be watched over. It would be a good plan to re-evaluate these risks 1 year
from the beginning of the implementation to reassess how risky and threatening they are.
47 of 63
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Conclusion:
Through examination of these findings, we have come to the conclusion that we would
recommend this product for implementation. The expected costs would be under $1.5
million, which the company could make back just by procuring 84 new home loans or
refinances. To implement this strategy we will have to start the project in June, 2007. The
first part will end in May, 2008, then we will continue with the next part until tax season
is finished in July 2008. The first part of the plan is to create product awareness, and the
second is actually an attempt to sell this product to the customers. Once the period is
ended we will analyze the performance by comparing the % increase in home mortgages
compared to the past 5 years average % increase. Lower to upper middle class
Californians between the ages of 26 and 60 are our target market. We will supply our
product inside of our already pre-existing stores in which these customers already visit,
creating easy access to this new product.
There will be 2 products specifically, in house consulting, and a program called
FastTAX. FastTAX will be an outsourced program that we buy from a separate company
then resale for a minimal profit, while the in house consulting will be sold for much
more. We aren’t planning on selling this products that much though, our main plan is to
bundle this with our home loan system, attracting new customers to open up new home
loans or refinance current home loans with us. Once they refinance or open up a new
loan, they will get this service free of charge.
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Appendix A
Article II. Debt Rating Summary
We have one of the highest debt ratings of any financial services company.
WELLS FARGO & CO.
Dominion Bond Rating Service Fitch Ratings Moody's Standard & Poor's
Ratings Outlook
Stable
Positive
Stable Stable
Long-term Issuer Rating AA
AA
Aa1
AA+
Short-term Issuer Rating R-1 (middle)
F1+
P-1
A-1+
Senior Unsecured
AA
AA
Aa1
AA+
Subordinated
AA (low)
AAAa2
AA
Preferred Stock
AAAa3
AAWELLS FARGO BANK, NA
Dominion Bond Rating
Fitch
Standard &
Moody's
Service
Ratings
Poor's
Ratings Outlook
Stable
Positive
Stable Stable
Long-term Issuer Rating
AA (high)
AA
Aaa
AAA
Short-term Issuer Rating
R-1 (high)
F1+
P-1
A-1+
Bank Deposits
AA+
Aaa
Senior Unsecured
AA (high)
AA
Aaa
AAA
Subordinated
AA
AAAa1
AA+
Bank Financial Strength
A
Rating
Source: https://www.wellsfargo.com/invest_relations/debt
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Wells Fargo
Appendix B
Commercial Banks Ranked by Assets
On Dec. 31, 2005. Dollars in thousands
Published July 12, 2006
Assets
Rank
Dec. 31, 2005
Deposits
Dec. 31,
Change* 2005
Full-time
Change* employees
Branches
1
Bank of America Charlotte
$1,082,242,862 40.30%
$686,648,523 29.60%
161,318
5,808
2
JPMorgan Chase Bank
Columbus, Ohio
1,013,985,000 4.8
552,610,000
6.7
131,868
2,667
3
Citibank New York
706,497,000
1.7
485,990,000
5.9
184,489
286
4
Wachovia Bank Charlotte
472,143,000
21.1
333,780,000
22.2
78,571
3,193
5
Wells Fargo Bank Sioux
Falls, S.D.
403,258,000
10.1
319,396,000
13.4
121,271
3,194
6
U.S. Bank Cincinnati
208,867,410
7.4
135,603,591
5.7
47,384
2,526
7
SunTrust Bank Atlanta
177,231,290
35.5
123,624,623
39.3
30,652
1,728
8
HSBC Bank USA
Wilmington, Del.
150,679,481
9.0
95,047,625
16.9
12,052
433
9
KeyBank Cleveland
88,960,716
3.4
60,855,800
2.5
18,018
959
10
State Street Bank and Trust
Co. Boston
87,888,150
-2.6
60,337,941
7.1
21,102
1
11
Bank of New York New
York
85,868,000
-6.8
65,318,000
-0.3
18,742
355
12
PNC Bank Pittsburgh
82,876,683
12.3
59,417,540
12.4
15,387
833
13
Regions Bank Birmingham,
Ala.
81,074,402
64.8
61,483,342
63.3
21,526
1,415
14
Branch Banking & Trust Co.
80,226,832
Winston-Salem, N.C.
7.7
54,318,471
12.3
20,945
943
15
Chase Bank USA Newark,
Del.
75,051,579
-15.4
24,860,779
-15.6
18,527
4
16
Countrywide Bank
Alexandria, Va.
73,116,292
78.5
39,609,479
97.9
1,889
2
17
LaSalle Bank Chicago
71,060,868
11.5
42,567,578
12.8
5,002
143
18
National City Bank
Cleveland
69,482,177
31.2
38,322,018
37.3
12,930
413
19
Bank of America USA
Phoenix
62,982,777
41.8
72,379
1070.4
7,272
1
20
Merrill Lynch Bank USA
Salt Lake City
60,367,705
-9.5
52,789,997
-4.7
1,207
3
Source: American Banker Online
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Marketing Plan
Wells Fargo
Appendix C
Source for Both Above:
Https://www.wellsfargo.com/pdf/invest_relations/overview/Q406InvestProfile_NC.pdf
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Wells Fargo
Appendix D
2006
2005
2004
2003
2002
2001
$8,482
35,691
2.49
1.08
$7,671
32,949
2.25
1.00
$7,014
30,059
2.05
0.93
$6,202
8,389
1.83
0.75
$5,434
5,249
1.58
0.55
$3,411
0,981
.98
0.50
1.75%
19.65%
4.83%
58.1%
1.72%
19.59%
4.86%
57.7%
1.71%
19.57%
4.89%
58.5%
1.64%
19.34%
5.08%
60.6%
1.69%
18.66%
5.53%
58.3%
1.20%
12.69%
5.29%
65.7%
$481,996
319,116
270,224
45,876
$481,741
310,837
253,341
40,660
$427,849
287,586
229,703
37,866
$387,798
253,073
211,271
34,469
$349,197
192,478
198,234
30,319
$307,506
167,096
182,295
27,175
0.52%
1.24%
238%
0.73%
0.43%
1.31%
303%
0.77%
0.47%
1.37%
291%
0.62%
0.58%
1.54%
267%
0.81%
0.78%
1.98%
256%
0.96%
0.98%
2.22%
227%
1.10%
$5,531
2,086
865
$5,473
1,789
409
$4,832
1,679
617
$4,299
1,435
531
$4,006
1,139
289
$2,437
1,146
447
2006
$36.99
30.31
35.56
2005
$32.35
28.81
31.42
Earnings and per share data
Net Income
Revenue
Diluted Earnings per Common Share
Dividends Declared per Common Share
Key Performance Measures
Return on Assets
Return on Equity
Net Interest Margin
Efficiency Ratio
Period-End Balances
Assets
Loans
Core Deposits*
Stockholders’ Equity
Asset Quality Ratios
Non-Performing Loans/Total Loans
Allowance/Total Loans
Allowance/Non-Performing Loans
Net Charge-Offs/Average Total Loans
Net Income by Operating Segments
Community Banking
Wholesale Banking
Wells Fargo Financial
Stock Price (NYSE :WFC)
High
Low
Close
4th Qtr
2006
$36.99
34.90
35.56
3rd Qtr
2006
$36.89
33.36
36.18
2nd Qtr
2006
$34.86
31.90
33.54
1st Qtr
2006
$32.76
30.31
31.94
2004
$32.02
27.16
31.08
*Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates and market rate and other savings.
CAUTIONARY NOTE ABOUT FORWARD LOOKING STATEMENTS
This document might have forward-looking statements about Wells Fargo, including descriptions of plans or objectives of
management for future operations, products or services
and forecasts of future revenues, earnings and other measures of economic performance. Forward-looking statements discuss matters
that are not facts, and often include the word
“believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “target,” “will,” “can,” “would,” “should,” “could” or
“may.” Do not unduly rely on forward-looking statements,
as they give our expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are
made, and we might not update them to reflect
changes that occur after that date. A number of factors—many beyond our control—could cause results to differ significantly from
expectations. Some of these factors are described
in our Annual Report on Form 10-K for the year ended December 31, 2006.
Source:
Https://www.wellsfargo.com/pdf/invest_relations/overview/Q406InvestProfile_NC.pdf
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Appendix E
List of Services offered by most banks:
Banking
Online banking
Checking
e-Savings
Savings
IRAs & Rollovers
Certificates of Deposit
Overdraft Protection
Small Business Banking
Private Banking
Expatriate Banking
Investments & Insurance
Online Investing
Credit Cards
Small Business Credit Cards
Lines & Loans
Home Equity Lines & Loans
Wire Transfers
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Appendix F
Percentage of revenue earned from each major service offered by Wells Fargo company.
Source: https://www.wellsfargo.com/about/today1
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Wells Fargo
Appendix G
Survey Plus Information:
Would
you be
interested
in a bank
offering
tax help?
Would
you be
interested
in our
home
loan =
free tax
service?
No
Yes
Do you
own a
house?
If so, do
you
have a
home
loan?
Yes
Yes
0.09
Car
Yes
No
Yes
Yes
Yes
No
No
Yes
Yes
No
0
0.07
0.08
0.06
0
Credit Card
Car
Car
Car
none
do them myself
do them myself
pay for a service
pay for a program
pay for a program
No
No
Yes
No
No
No
Yes
Yes
No
No
No
Yes
No
Yes
0.075
0.05
Car
Car
pay for a service
pay for a service
No
No
No
No
Yes
No
0
none
do them myself
No
No
10
11
12
13
14
15
16
17
46-55
prefer not to
disclose
26-35
36-45
36-45
55+
prefer not to
disclose
46-55
prefer not to
disclose
prefer not to
disclose
36-45
36-45
46-55
26-35
46-55
36-45
18-25
How do you file
your taxes?
have a friend do
them
Yes
Yes
Yes
No
Yes
Yes
Yes
No
No
Yes
Yes
No
Yes
No
Yes
No
0
0.07
0.08
0
0.07
0.08
0.08
0.06
pay for a program
pay for a service
do them myself
pay for a service
pay for a program
pay for a program
pay for a service
pay for a program
No
Yes
Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
No
Yes
No
No
Yes
18
18-25
No
No
0.09
pay for a service
Yes
Yes
19
18-25
No
No
0.09
none
Car
Car
none
Car
Car
none
Car
Car and
School
Car and
School
Yes
Yes
20
21
22
23
24
25
26
27
18-25
18-25
46-55
36-45
36-45
18-25
36-45
55+
No
No
Yes
No
Yes
Yes
Yes
Yes
No
No
Yes
No
Yes
Yes
Yes
No
0.08
0
0.07
0
0.06
0.01
0.07
0
do them myself
have a friend do
them
do them myself
pay for a service
pay for a program
do them myself
do them myself
pay for a program
pay for a service
Yes
Yes
Yes
Yes
Yes
No
Yes
No
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
28
29
30
26-35
18-25
46-55
No
No
Yes
No
No
Yes
0
0
0.08
do them myself
pay for a service
do them myself
Yes
Yes
No
No
No
Yes
Survey
#
1
2
3
4
5
6
7
8
9
Age Category
What is
the APR
on that
loan?
What kind of
other loans
do you
have?
Car
none
none
none
none
Other
Car
none
Car and
School
none
Credit Card
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Appendix H
Age
18-25
26-35
36-45
46-55
55+
prefer not to disclose
Do you own a home?
63%
37%
56 of 63
yes
no
Marketing Plan
Wells Fargo
Appendix I
Do you have a loan on your home?
no, 0.315789474
yes, 0.684210526
What is your APR?
10
9
8
7
6
# of people
5
4
3
2
1
0
0
1
2
3
4
5
APR in %
57 of 63
6
7
8
9
Marketing Plan
Wells Fargo
Appendix J
Other Loans
7%
3%
10%
37%
None
Car
Car and School
Credit Card
Other
43%
How do you do your taxes?
0.35
0.3
% of people
0.25
0.2
0.15
0.1
0.05
0
have a friend do them
do them myself
58 of 63
pay for a service
pay for a program
Marketing Plan
Wells Fargo
Appendix K
In Target Market, How people pay taxes
35%
65%
Pay for Service or Program
Do Not
Interest in service
Would you be
interested in our
home loan = free
tax service?, yes,
57%
Would you be
interested in our
home loan = free
tax service?, no,
43%
Would you be
interested in a bank
offering tax help?,
no, 43%
Would you be
interested in a bank
offering tax help?,
yes, 57%
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Appendix L
APR on
loans
0.09
0.07
0.08
0.06
0.075
0.05
0.07
0.08
0.07
0.08
0.08
0.06
0.09
0.09
0.08
0.07
0.06
0.01
0.07
0.08
APR on loans
>>>>>>>>>>>
Mean
Standard Error
Median
Mode
Standard Deviation
Sample Variance
Kurtosis
Skewness
Range
Minimum
Maximum
Sum
Count
Confidence
Level(95.0%)
60 of 63
0.07075
0.004011
0.0725
0.08
0.017938
0.000322
6.439162
-2.13409
0.08
0.01
0.09
1.415
20
0.008395
Marketing Plan
Wells Fargo
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