Wells Fargo Project
At our meeting on Saturday we selected our target market and selected preliminary
segments to associate this market with.
We initially discussed using college students, but after reviewing Wells Fargo’s
Vision and Values and some other sections of their website, we decided to adjust our
target to primarily young adults just out of college (up to 35). Part of this was based
on WF’s information that when a new customer enters the bank, they are always
trying to sign them up for 4 products (they call them packs). This is usually a
combination of checking, savings, mortgage, online banking or something similar.
We reviewed the target segments that the prof went over in the class a few sessions
ago on Prizm/Nielsen site. Below is a summary of our initial target selections.
Please keep these in mind as we go through class today. Some of this information
will be the answers to the who is your perfect customer questions on one of the
slides.
Please write in your notes that you come up with in class and give them to me
outside of class after it ends so that I can combine it all into preliminary slides that
are DUE ON THURSDAY.
No need to write in complete sentences. Thoughts or bullet points are great.
Even if you don’t know if your thought is on target, write it down. I would rather
have more to work from than less!!!
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Our Target Segments (3 of them)
First:
18 Kids & Cul-de-sacs
Upper-Mid, Younger w/ Kids
Upper-middle class, suburban, married couples with children--that's the skinny on Kids & Cul-de-Sacs, an
enviable lifestyle of large families in recently built subdivisions. With a high rate of Hispanic and Asian
Americans, this segment is a refuge for college-educated, white-collar professionals with administrative
jobs and upper-middle-class incomes. Their nexus of education, affluence, and children translates into large
outlays for child-centered products and services.
Social Group: The Affluentials Lifestage Group: Young Accumulators
2009 Statistics:
US Households: 1,864,873 (1.62%)
Median HH Income: $74,448
Lifestyle Traits
# Shop at Disney Store
# Buy educational toys
# Read Parenting
# Watch Toon Disney
# Chrysler Town & Country
Demographics Traits:
Urbanicity: Suburban
Income:
Upper-Mid
Income Producing Assets: Moderate
Age Ranges: 25-44
Presence of Kids:
HH w/ Kids
Homeownership:
Mostly Owners
Employment Levels: White Collar, Mix
Education Levels: College Grad
Ethnic Diversity:
White, Black, Asian, Hispanic
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Second
24 Up-and-Comers
Upper-Mid, Middle Age w/o Kids
Up-and-Comers is a stopover for younger, upper-mid singles before they marry, have families, and
establish more deskbound lifestyles. Found in second-tier cities, these mobile twentysomethings include a
disproportionate number of recent college graduates who are into athletic activities, the latest technology,
and nightlife entertainment.
Social Group: City Centers Lifestage Group: Young Achievers
2009 Statistics:
US Households: 1,496,913 (1.30%)
Median HH Income: $52,258
Lifestyle Traits
# Shop at Ethan Allen Galleries
# Go in-line skating
# Read Maxim
# Watch MTV
# Nissan Xterra
Demographics Traits:
Urbanicity: Second City
Income:
Upper-Mid
Income Producing Assets: Moderate
Age Ranges: <55
Presence of Kids:
HH w/o Kids
Homeownership:
Mix, Owners
Employment Levels: Professional
Education Levels: College Grad
Ethnic Diversity:
White, Asian, Hispanic, Mix
3
Third:
44 New Beginnings
Downscale, Younger Family Mix
Filled with young, single adults, New Beginnings is a magnet for adults in transition. Many of its residents
are twentysomething singles and couples just starting out on their career paths--or starting over after recent
divorces or company transfers. Ethnically diverse--with nearly half its residents Hispanic, Asian, or
African-American--New Beginnings households tend to have the modest living standards typical of
transient apartment dwellers.
Social Group: Inner Suburbs Lifestage Group: Striving Singles
2009 Statistics:
US Households: 1,723,477 (1.49%)
Median HH Income: $31,963
Lifestyle Traits
# Shop at Express
# Read comic books
# Read Soap Opera Weekly
# Watch Telemundo
# Kia Spectra
Demographics Traits:
Urbanicity: Suburban
Income:
Downscale
Income Producing Assets: Low
Age Ranges: <35
Presence of Kids:
Family Mix
Homeownership:
Renters
Employment Levels: WC, Service, Mix
Education Levels: Some College
Ethnic Diversity:
White, Black, Asian, Hispanic
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Genesis
If you were a historian, what would you write about the brand and its roots?
“Historically, we’ve always…”
“We started, pioneered, invented…”
“Our company was started for a good reason…”
5
Intrinsic Abilities/
Greatest Strengths
What about your product/service is exemplified by your brand name, icon or
universally accepted attribute?
6
Unique and Different
How is your competition positioned?
What can you do that your competition can’t? What have you created, invented
or perfected?
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The Customer Intersection
Describe the perfect customer.
Are they divided into segments?
What’s their current opinion of the brand?
What ‘s their current opinion of the competition?
What problem does the brand solve for the customer?
8
Brand Behavior
Who am I like as a person?
How do I behave? Describe my personality. How does this personality help
the brand engage with customers?
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Promise
What do I stand for?
What is my commitment
to the market?
10
Soul
What is at our very core that is driving our mission? What is our reason for
being? What motivates or inspires us to do what we do?
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Strategic concept
How can you summarize the brand essence/position in the most succinct
terms?
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