Insights into Wells Fargo’s Past, Current & Future Endeavors
Jasmine Ahmed
Kristen Desutter
James Liu
Rebecca Pope
Stephanie Tussing
1
Table of Contents
Introduction: Executive Summary
3
A. Part 1: Situation Analysis/Marketing Background
Company/Brand Information
4
Industry Information: Category Trends
6
Competitor Information
7
External Information
9
Current Users
11
Geographical Emphasis
12
Seasonality and Timing
12
Consumers and Consumer Decision Process
12
SWOT Analysis
13
Primary Research Plan
14
B. Part II. Audience Analysis/Primary Research
Target Audience
15
Primary Research
18
C. Part III. Media Plan & Creative Strategy
Media Plan
19
Budget
19
Scheduling/Media Mix
19
Rationale
25
Creative Strategy
28
D. Appendix
Supplemental Graphs/Charts
33
Supplemental Calculations
35
Primary Research Responses
38
Works Cited
47
2
Executive Summary
Client Wells Fargo, home to more communities than any other bank, has the opportunity of expanding
its capabilities and cliental by focusing on offering student loans for the African American community. Conducting most of its business in the western and southern states of the US, Wells Fargo can build its presence in
the Northeast and Midwest by targeting the cities with the highest African American populations via various
media vehicles.
By conducting a scholarship contest and advertising the opportunity through African American communities, word of mouth will be utilized to encourage students to explain to Wells Fargo how they are involved
with their community to compete for 100 $5,000 scholarships, 300 $3,000 scholarships and 600 $1,000 scholarships. All entrants will receive information regarding Wells Fargo student loans.
A $10MM budget will be allocated across radio (34%), television (31%), scholarship funding (20%), out of home
(5%), magazine ads (4%), and direct mail and media to promote workshops (6%).
Based on primary research and MRI data, the 18-24 and 35-54 aged African American target, comprising roughly 16,186M Americans as of the US 2010 Census, is best reached via radio and television. Radio ads
are particularly effective, based on population concentration, in New York, Chicago, Philadelphia and Detroit.
The top channels to reach the target via television are BET, Music Choice and VH1. To supplement our radio
ads, billboards will be used in the 10 cities with the highest number of African Americans, principally near
high schools with a high percentage of African American students. Popular magazines Ebony, Essence and
Black Enterprise will also run ads for the contest.
3
Part I: Situation Analysis/Marketing Background
Company/Brand Information
Brand History
ƌɄ Originally founded in March of 1852 and originated in New York City
ƌɄ Currently headquartered in San Francisco and employs 275,000 workers
ƌɄ Distinguished financial holding company that generated roughly $85.2 million in 2010 through a variety of
retail, commercial and corporate banking in 39 states (Datamonitor)
ƌɄ Acquired Wachovia Corporation in 2008 to become Wells Fargo & Company
ƌɄ Stands as the fourth largest bank in the United States with 70 million customers
Capabilities
ƌɄ Home to more communities than any other bank, is utilized by one in three American households, and
manages one in every four U.S. home mortgage customers
ƌɄ Offers banking, insurance, investments, mortgage and consumer finance through more than 9,000 stores,
12,196 ATMs, and the Internet across North America and internationally
Territory
ƌɄ Mostly conducts business in the western and southern parts of the United States
ƌɄ Needs to build its presence in the Northeast and Midwest
ƌɄ More heavily populated in metropolitan areas and suburbs rather than rural communities (Datamonitor).
4
Major Products and Services
Following the Wells Fargo and Wachovia merger in the first quarter of 2009, the company realigned its business into three management operations: community banking; wholesale banking; and wealth, brokerage, and
retirement.
1. The community banking sector provides roughly $20 million on an annual basis through a variety of
distribution networks, including traditional banking stores, in-store banking centers, business centers, and
ATMs.
2. The wholesale banking sector typically generates an excess of $20 million by providing a line of corporate,
capital markets, cash management, and real estate banking services to U.S. businesses.
3. The wealth, brokerage and retirement branch offers a range of financial advisory, lending, and investment
management, and trust services to clientele (Datamonitor).
The power of African American spending is apparent across many segments, including the educational industry, as is depicted in the graphs below (Pepper, 10):
5
Wells Fargo’s Student Loans
As part of Wells Fargo’s private student loan program, the following guidelines are offered:
ƌɄ No payments while in school
ƌɄ Rate discounts as much as 1.00%
ƌɄ Fixed and variable interest rates
ƌɄ Funds up to $25,000 per year
ƌɄ Four options: collegiate loans, education connection loans, career & community college loans, and student
loans for parents
ƌɄ Student loan resources center for guidance on college financing, learning how to lower interest rates, and
application expectations
Advertising History
At a glance from What’s Black About It? by Pepper Miller and Herb Kemp:
ƌɄ Authors commended Wells Fargo for organizing free seminars to build wealth in the financial sectors of
real estate, savings, investing, and entrepreneurship in 2003.
ƌɄSession attracted 300 African Americans and over 2,000 participants since
ƌɄWells Fargo partnered with positive role models such as Kelvin Boston, a motivational speaker and
author of Smart Money Moves for African Americans.
ƌɄAt one event, Wells Fargo closed 100 home loans.
ƌɄAt another event with 1,000 attendees, Wells Fargo gained 300 new customers
Industry Information: Category Trends
ƌɄ
Global Finance’s annual ranking of World’s 50 Safest Banks, published August 18, 2011, ranks Wells Fargo
36 of all banks ranked
ƌɄRanking recognized as a standard of creditworthiness for the financial world (Global Finance, 2011)
ƌɄOut of United States banks, this places it only after BNY Mellon (24) and JPMorgan Chase (34)
Recognizing overlooked audiences to combat the recession
ƌɄ Urban Trust Bank is owned by RLJ and headed by Robert L. Johnson, founder of BET
ƌɄJohnson believes that, “their target markets are ripe for expansion that would benefit not only minority
neighborhoods but also the banks’ investors,” (Washington Post, 2007)
ƌɄLow-income and minority communities often overlooked as pressing markets to be entered by banks,
according to a study released March of 2007 by the National Community Reinvestment Coalition
ƌɄComparison of regulated bank branches in white and upper-income neighborhoods depicts obvious
shortage compared to regulated banks in working-class or minority areas around US
6
Problems to be solved
ƌɄ John Taylor, president and chief executive of NCRC (a nonprofit benefiting poor communities and neighborhoods by means of external investors) noted, “Much of the problem we have today in terms of mortgage
foreclosures is the absence of full-service branches in low- and moderate-income and minority neighborhoods,” (Washington Post, 2007)
ƌɄ Lack of competition makes for ideal conditions for Urban Trust to target African American market for
mortgages, credit cards, student loans and small-business loans
Students In the US
ƌɄ Federal student loans are fixed at interest rates of 3.4 percent
ƌɄ Private student loans are likely to increase after Standard & Poor’s (a leader of financial-market intelligence) downgrade of US credit to AA status (previously AAA)
ƌɄ Nearly two-thirds of students in the US are behind on repaying loans (World Socialist Web Site, 2011)
ƌɄ As of October 5, 2011, American student loan debt was quickly approaching $950 billion. In addition to this
pressure, only 37 percent are currently making their monthly payments
ƌɄ Moody’s Analytics Student Lending’s Failing Grade: “unless students limit their debt burdens, choose
fields of study that are in demand, and successfully complete their degrees on time, they will find themselves in worse financial positions and unable to earn the projected income that justified taking out their
loans in the first place”
ƌɄ Student loan growth remains around 10 percent annually, tuition costs rising and the trend of for-profit
schools rising, thus student lending will continue to rise (Deritis, 2011)
ƌɄ US Department of Education: official Fiscal Year 2009 for student default rate rose to 8.8 percent, a 1.8 percent increase form that of FY 2008
Competitor Information
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Wells Fargo is characterized as a competitive market.
ƌɄ Four major competitors: Citibank, U.S. Bank, Bank of America, and Chase
ƌɄ Direct competitors to Wells Fargo as within the same category of Wells Fargo as a branch bank
ƌɄ Indirect competitors that offer financial services: Providian Financial Corporation, Commerce Bancorp, Inc,
International Bancshares Corporation, American National Bankshares, Inc., Security First Network Bank,
NetBank Inc., Aon Corporation, Countrywide Financial Corporation GE Money, Wachovia Corporation,
Washington Mutual Inc., Fleet Financial Group, and Comerica.
External Information: Trends Influencing the Industry
ƌɄ
ƌɄ
ƌɄ
ƌɄ
Trends of dynamic society: economical, political and cultural, affect the choices made within the industry
of banking
External and category trends mold the decisions that Wells Fargo has, does and will make as they try to
find their place within a slowed economy
Kathmandu of The Kathmandu Post January 1st of 2011; “Never before had the country’s financial industry
faced challenges such as liquidity crisis, inflate interest rate, declining deposits and danger of real estate
collapse at once”
December 2008: National Bureau of Economic Research announced that the US had been in a recession
since December 2007
ƌɄSalaries have decreased, job numbers have dwindled and loan interest has increased
Economical Trends
ƌɄ More jobs than expected were added in September
ƌɄOnly reached 103,000 jobs
ƌɄUnemployment rate of 9.1% to battle with
ƌɄ Rate of unemployed workers rose from 16.2% to 16.5% in August (CNN Money)
ƌɄBad news for recent grads battling for jobs with high school grads that accept a lower pay and do not
have school loan debt knocking on their door
ƌɄ As people grapple for work, both the newly unemployed and the consistently unemployed, hirers get by
with lower offers
ƌɄ Students forced to except higher interest rates, knowing that both the force of the loan and that of a waning
economy will prolong their repayment process
9
Societal Trends
ƌɄ Mounting banking fees lead to customers straying from original bank to find better payment plans
ƌɄ Students, in particular, have less bank loyalty, which is being confronted with fears of loan debt
ƌɄ Cost of tuition has risen an the total amount of student loan debt is expected to reach upward of $1 trillion
this year
ƌɄ 2009 graduates took about $24,000 of student loan debt into a work world without the promise of a job
ƌɄ Unemployment for recent grads in 2008: 5.8%
ƌɄ Unemployment rose 2.9% to 8.7% in 2009 - highest unemployment rate for this category of people on record
Political Trends
March 2010: President Obama signed federal student loan program into effect.
ƌɄ Starting in 2011: payments will cap at 10 percent of income above typical living allowance
ƌɄ Balance will be forgiven after 20 years.
ƌɄ Public service will forgive balance after 10 years (Student Loan Info, 2011)
ƌɄ January 2011: eligibility for the Loan Forgiveness Program include those involved in: child welfare work,
dentistry, early childhood education, foreign language specialists, teaching students from low-income communities/students that are not proficient in English, research in technology, applied science, engineering,
mathematics fields
ƌɄ Additional service professions include those invested in: libraries, nursing, nutrition, occupational therapist, school counseling, speech-language pathology, other education administration
ƌɄ September 26, 201: 400,000 signatures marked MoveOn petition to forgive student loan debt in, “the name
of economic stimulus”
ƌɄ The Inquirer: “the 20-somethings are worse off than any other age group” when it comes to unemployment
(Keystone Politics, 2011)
ƌɄ US Census Bureau figures: 1 in 3 unemployment rate for people age 20 to 29 in 2010
ƌɄ Worst student loan debt on record: class of 2011 averaged $22,900 in outstanding payments
ƌɄ Classes of 2012-2014: worse off, with the Loan Forgiveness Act not affecting them, tuition rising ~5% annually
Cultural Trends
ƌɄ April 2010: Huffington Post’s Black Voices published Blacks Accumulating More Student Loan Debt than
Whites or Hispanics
ƌɄ Co-author of a report released by the College Board Advocacy & Policy Center noted: the middle-income
students have the most debt at graduation, not the lowest-income students
ƌɄ Results reported by the College Board: “black students are more likely than Asians, whites, and Hispanics
to have high-debt levels”
ƌɄ Non-blacks that graduated debt-free: 33 - 44%
ƌɄ African American that graduated debt-free: 19%
10
ƌɄ
ƌɄ
27% African American graduates had $30,500+ in student loan debt
Percent of students of other races with that amount of debt ranged from only 9-16%
Current Users
This section offers a comprehensive overview of current users of Wells Fargo’s various financial services.
Projected Demographics, According to MediaMark Fall 2010 Data on Wells Fargo Customers:
Quality of Life
ƌɄ
Wealth compared to general population
ƌɄ 27% more likely to have a household income between $75,000-$149,999 (Index: 127).
ƌɄ 48% more likely to have a household income over $150,000 (Index: 148).
ƌɄ 27% more likely to own a home valued between $200,000-$499,999
ƌɄ 57% more likely to own a home valued at $500,000 or higher.
ƌɄ
Education compared to general population
ƌɄ 42% more likely to have graduated from college (Index: 142).
ƌɄ 32% more likely to have a postgraduate education (Index:132)
ƌɄ
Employment compared to general population
ƌɄ 27% more likely to have a professional occupation (Index:127)
ƌɄ 38% more likely to work in management and/or business and financial operations (Index:138).
ƌɄ Conclusion: Current Wells Fargo customers are more likely than the general population to be wealthy, well
educated and have professional careers or ones in management, business and financial operations.
Race
ƌɄ
MRI Indices reflect the difference between the African American population count in the US Census and
Wells Fargo’s customer base. A customer is 38% less likely than the average citizen to identify exclusively
as African American. (Index: 62)
ƌɄ
However, Mediamark data suggests that a Wells Fargo customer is 40% more likely than the average
citizen to identify as Asian. (Index: 140)
ƌɄ
Conclusion: While Wells Fargo’s current user makeup is less racially diverse than the general US population, there do appear to be opportunities to be had. For instance, Wells Fargo appears to have a larger
share of the Asian American market compared to its share of the general population.
11
Psychographics
Individuals who intend to achieve or have achieved academic excellence likely fall under the VALS types of
Thinker, Achiever, and to some extent Innovator.
Geographical Emphasis
Geographic distribution of current users (Data taken from MRI+ Fall 2010 Products Report : Financial - Banking and Financial Services: Banks Used)
ƌɄ Wells Fargo’s current customer base is primarily made up of individuals from the West and South.
ƌɄ Wells Fargo has captured a larger share of consumers in the West, but not so much in the South.
ƌɄ Wells Fargo customers are 61% more likely than the general population to be located in the Western
census region. (Index: 161)
ƌɄ Wells Fargo customers are about on par with the general population when it comes to probability of
being located in the South.
ƌɄ Wells Fargo’s customer base primarily lives in heavily populated counties. This means that they are likely
concentrated in metropolitan/urban areas and suburbs.
ƌɄCustomers are 49% less likely than the general population to live in a D size county (Index: 51).
Seasonality and Timing
See appendix for customers’ age and when they seek loans.
Consumers and the Consumer Decision Process
The “Purchasing Cycle” of a Student Loan from Wells Fargo
ƌɄ Before applying for loan
ƌɄGather information (address, phone number, social security number, drivers license, employment information (if applicable), personal reference, and cosigner (if applying for private student loan))
ƌɄ While applying for a loan
ƌɄApply online and have cosigner apply online as well
ƌɄ After applying for a loan
ƌɄSend any additional documents the company may need and sign consumer credit agreement
The Consumer Decision Process
ƌɄ Eight Steps:
ƌɄNeed: must have a need to fulfill
ƌɄAwareness: aware of the brands available to satisfy that need
ƌɄPreference: gain a preference to one or more brands
ƌɄSearch: search for the brand desired
ƌɄSelection and Purchased: specific brand is selected and purchased
ƌɄUse: use specific brand
12
ƌɄ
ƌɄ
Satisfaction: level of satisfaction is obtained with that purchase and it determines whether that brand is
bought on future occasion (Katz, 15).
Further information on the African American’s consumer decision process on student loans will be discovered through primary research.
SWOT Analysis
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Primary Research Plan
Research Method: Interviews
We will be conducting interviews of our target audience to gain more insight on his or her purchasing behaviors regarding student loans. Our interviews will include constructed questions to learn about our consumer’s
behavior and how they make purchasing decisions, their opinions on Wells Fargo as a brand and compared
to their competitors, and what type of media is most effective for reaching this audience. An interview will
provide a relaxed atmosphere for interviewees to express opinions and emotions that normally would not be
gained through surveys.
Goals and Objectives of the Research
ƌɄ
ƌɄ
ƌɄ
ƌɄ
ƌɄ
ƌɄ
ƌɄ
To learn how our target market makes decisions as a consumer
To learn about our target market’s core values to better relate and reach
To learn what sources of information would be most effective in educating African Americans about using
Wells Fargo for student loan purposes
Gain an insight about what company our target market is currently using for student loans
ƌɄHow they made the decision to use this company
To learn his or her perceived opinion of Wells Fargo and its competitors
To see how effective Wells Fargo advertising is to this target audience
Gain an insight about what media outlets they are currently using
Description of the Method
Conduct a one-on-one interview with 8-12 African Americans. We will interview college students as well as
parents of college students to achieve our goals and objectives of our research.
Sample Questions and Analysis Techniques
ƌɄ What kinds of media are you in contact with on a daily basis? How often are you in contact with this media,
where do you see it / use it, and what time of day are you most prone to being in contact with this media?
ƌɄ What bank are you currently using / thinking about using for student loan reasons? What are your perceptions on Wells Fargo?
ƌɄ What is your highest level of education? What is your opinion on the importance of a higher level of education and why?
Ensure that interview questions are constructed to achieve the set goals and objectives for our research for
each interview. Interviews should be conducted in a comfortable setting to promote honesty and ease of interviewee. Said setting also encourages sharing of feelings to gain a better understanding of their true opinions.
14
Timeline
ƌɄ
Week of October 17, 2011: First contact with interviewees. Will set a time to conduct a one-on-one in
depth interview.
ƌɄ
Week of October 24, 2011: Will conduct one-on-one interviews with 8-12 African Americans (each group
member will conduct 2 interviews at minimum).
ƌɄ
Week of October 31, 2011: Group will collect and analyze results from all interviews.
Part II. Audience Analysis/Primary Research
Target Audience
The target audience we would like to propose for Wells Fargo student loans are African American young
adults who either intend to, or already attend college, and their parents.
Market: African Americans (100% of budget will be spent on advertising to this market.)
Segments to focus on: Young Adults (18-24); Parents (35-54)
The African American Market
Comprising 13 percent of the U.S. population, African Americans influence American culture – fashion, music,
dance, and language – and their buying power is projected to increase to $1 trillion+ by 2012. Being concentrated in urban communities and heavy consumers of TV and magazines allows easier target marketing (MPA,
2009).
Young Adults
ƌɄ African American young adults ages 18-24
ƌɄ Rationale: This age group of African Americans encompasses almost all young adults who may need the
assistance of a student loan in order to afford going to college
ƌɄ Scope: 5,470M (US Census, 2010)
Parents
ƌɄ
African American adults age 35-54
ƌɄ
Rationale: Paying for college is often a group effort that involves parents, as not every student will be so
lucky as to receive enough financial aid from their chosen school to be financially capable of paying for
everything themselves.
ƌɄ
Scope: 10,716M (US Census, 2010)
Budget
The budget will be split evenly, for the most part, between broader initiatives that target both Young Adults
and Parents and more specific initiatives that only target one segment.
15
While the scope of Parents is nearly twice that of the Young Adult segment, student loans are typically a very
high-involvement that both segments agree to commit to before purchasing.
ƌɄ If a Young Adult become interested in Wells Fargo student loans but their parents aren’t, he/she may have
trouble finding a co-signer.
ƌɄFrom Wells Fargo’s website, regarding cosigning: “You must have an established and positive credit
history, an acceptable debt-to-income ratio, and a minimum income of $12,000 to qualify for a private student loan. Because of these eligibility requirements, most students will need a cosigner in order to qualify.”
ƌɄ If a Parent becomes interested in Wells Fargo student loans but their child isn’t interested (in the loan, or
even possibly in higher education in general), there isn’t much the Parent can do.
The goal is to create dialogue between family members about the possibility of student loans and how they
would be managed.
The goal is also to position Wells Fargo student loans as a family purchase/investment, not unlike a car or
house.
16
Media Trends
Top indexing statements among African American adults (Experian, 2010)
ƌɄ I enjoy reading ads in magazines (183)
ƌɄ Advertising helps me choose products for my children (143)
ƌɄ I find TV advertising interesting and quite often it gives me something to talk about (137)
ƌɄ Magazines are my main source of entertainment (137)
17
Primary Research
Method
The research was conducted using face-to-face interviews with ten respondents from the Midwest and East
Coast. Six belong to the “Aspiring Young Adult” segment, and 4 belong to the “Proud Parent” segment. The
research was conducted during the third week of October, 2011.
Analysis and Interpretation
Student Analysis
Upon analyzing the twelve questions we asked six college students, our group was able to gain further understanding of the media usage, perceptions of Wells Fargo, and dreams among African Americans. Although
each participant most definitely had unique answers, we were able to find several common themes to later
build upon for our media plan and creative strategy.
In terms of banking, half (3) of the students bank with Chase. Not one banks with Wells Fargo. As a result, it
is extremely important to understand why African American are not using Wells Fargo. Overall, roughly half
the students didn’t know much about Wells Fargo, but the ones who did knew that it has been around for many
years and represents quality.
Another commonality many of the students shared is their view in the importance of obtaining a college education. Most of the participants believed that earning their degree is the only way to be successful in American society. The students also wanted to be able to have a good enough job in order for their future families to
be financially well-off.
Parent Analysis
Analysis of the 15 questions posed to African American parents enlightened our understanding of the media
that affects their lives and their desire to provide for healthy, driven children.
Of the 4 parents surveyed, all frequented the Internet daily and 3 specifically mentioned radio as their companion on the drive to and from work. 2 of the 4 parents use TCF for banking, one having previously been with
Wells Fargo. This gave us our first primary insight into a patron’s decision to not use Wells Fargo, this parent
being unable to find a location near Champaign after leaving Chicago, and not appreciating the hefty ATM
fees.
Each parent responded differently in regards to their opinion of Wells Fargo, demonstrating a lack of consistent or perpetual advertising for this sample target. Where all surveyed parents agreed, however, was in the
importance of their children working hard to excel at a career that makes them happy. They see an education,
minimally resulting in a Bachelor’s Degree, as the first step toward such a future. All with parents with high
school diplomas as their highest level of education understand the changing times and job requirements, and
understand the value of work that leads to education (either by the student, the parent or both).
18
For questions posed and corresponding answers, please refer to the Appendix under
“Primary Research Responses”
Part III. Media Plan & Creative Strategy
Media Plan
Media Strategy
Objectives
ƌɄ To use a media mix of online and outdoor advertising to promote the Wells Fargo Scholarship competition
to reach the 18-24 age set and their parents .
ƌɄ Target Reach: Reach goal of 80%. We are assuming that we reach it.
ƌɄ Target Frequency: t 3, as it is the launch of a new relationship-building initiative that seeks to educate
consumers.
Emphasis/Budget
$10 million, with emphasis on TV and Radio
Budget: $10,000,000
TV: $3,084,321
Radio: $3,354,386
Scholarship: $2,000,000
Out-of-Home: $528,000
Print: $360,980
Workshops/Misc: $672,313
Scheduling/Media Mix
Television: $3084321
ƌɄ BET (network): 1 commercial/primetime for 45 business days running January 16 - March 1, $31,965/ :30
spot ($1,438,425)
ƌɄ Music Choice (cable): 2 commercial/primetime for 45 business days running January 16 - March 1, $17,380/
:30 spot ($1,564,200)
ƌɄ VH1 (cable): 2 commercials/morning per 12 Saturdays during the Top 20 Music Video Countdown, running January 16 - March 1, $3,404/:30 spot ($81,696)
19
Universe: All African Americans 18-24, 35-54. Total of 16,186M individuals.
I. BET Channel
Viewership for BET according to Fall 2010 MRI Respondents:
ƌɄ BET: 23,471,000 viewers, 547 index
ƌɄ 15,018,000 African Americans/23,471,000 = 63.99%
Impressions
ƌɄ 5579M impressions amongst Adults 18-24
ƌɄ 4138M impressions amongst Adults 35-44
ƌɄ 3999M impressions amongst Adults 45-54
ƌɄ Total Target Impressions: 13716M
Composition: 64% (MRI+, 2010)
Index: 547; BET viewers are 447% more likely than average person to be African American.
As composition is low:
ƌɄ 13716M impressions * .64 = 8,778.24M impressions among 18-24, 35-54 African American viewers
ƌɄ African American Ratings: (8,778,240/16,186,000*100) = 54
ƌɄ CPM: $31,965/8,778,240 *1000 = $3.64
ƌɄ CPP: $31,965/(8,778,240/16,186,000*100) = 31,965/54 = $591.94
II. Music Choice Channel
Viewership for Music Choice according to Fall 2010 MRI Respondents:
ƌɄ Music Choice: 10,302,000 viewers, 296 index
ƌɄ 3,564,000 African Americans/10,302,000 = 34.60%
Impressions
ƌɄ 3103M impressions amongst Adults 18-24
ƌɄ 1596M impressions amongst Adults 35-44
ƌɄ 1221M impressions amongst Adults 45-54
ƌɄ Total Target Impressions: 5920M
Composition: 34.6% (MRI+, 2010)
Index: 296; BET viewers are 196% more likely than average person to be African American.
As composition is low:
ƌɄ 5920M impressions * .346 = 2,048.32M impressions among 18-24, 35-54 African American viewers
ƌɄ
ƌɄ
African American Ratings:(2,048,320/16,186,000*100) = 13
CPM: $17,380/2,048,320 *1000 = $8.49
20
ƌɄ
CPP: $17,380/13 = $1336.92
III. VH1 Channel
ƌɄ Viewership for VH1 according to Fall 2010 MRI Respondents:
ƌɄ VH1: 30,154,000 viewers, 216 index
ƌɄ 7,612,000 African Americans / 30,154,000 = 25.24%
Impressions
ƌɄ 9753M impressions amongst Adults 18-24
ƌɄ 6047M impressions amongst Adults 35-44
ƌɄ 3766M impressions amongst Adults 45-54
ƌɄ Total Target Impressions: 19566M
Composition: 64% (MRI+, 2010)
Index: 216; BET viewers are 116% more likely than average person to be African American.
As composition is low:
ƌɄ 19566M impressions * .2524 = 4938.46M impressions among 18-24, 35-54 African American viewers
ƌɄ African American Ratings: (7,938,460/16,186,000*100) = 49
ƌɄ CPM: $3,404/4,938,460 *1000 = $0.69
ƌɄ CPP: $3,404/49 = $69.47
TRP Schedule: Assuming reach of 80% over length of schedule
BET
ƌɄ CPM: $3.64
ƌɄ ($1,438,425/$3.64)*M = ~395172M possible impressions over the schedule with budget
ƌɄ Assuming 80% reach:
ƌɄNet impressions: 395,172M
ƌɄTRPs: (395,172M/19,566M)*100 = 2020 over entire schedule
ƌɄTRPs/day: 2020/45 = ~45
ƌɄFrequency: 2020/80 = 25.25, over schedule
Music Choice
ƌɄ CPM: $8.49
ƌɄ ($1,564,200/$8.49)*M = ~184,240M possible impressions over the schedule with budget
ƌɄ Assuming 80% reach:
ƌɄTRPs: (184,240M/19566M)*100 = 942 over entire schedule
ƌɄTRPs/day: 942/45 = ~21
ƌɄFrequency: 4330/80 = 11.78, over schedule
21
VH1
ƌɄ CPM: $0.69
ƌɄ ($81,696/$0.69)*M = ~118400M possible impressions over the schedule with budget
ƌɄ Assuming 80% reach:
ƌɄTRPs: (118400M/19566M)*100 = 605 over entire schedule
ƌɄTRPs/day: 605/12 = ~50
ƌɄFrequency: 605/80 = 7.56, over schedule
TRPs over entire TV schedule:
ƌɄ (605+942+2020) = 3567
Total Rating Points:
ƌɄ (54+13+49) = 116
ƌɄ CPM: ($3,084,321/64,688,000)*1000 = $47.68
ƌɄ CPP: ($3,084,321/116) = $25,588.97
22
Radio: $3,354,386
ƌɄ
ƌɄ
For the top 4 cities on the list above, (NYC, Chicago, Philly, Detroit): Run a total of 4 radio ads every weekday, 2 during the morning drive(6AM-10AM), and 2 during the evening drive(3PM-7PM) . For the rest of the
cities: Run a total of 2 radio ads daily, divided between morning and evening drives.
ƌɄAired: January 16 - February 27, weekdays, 31 days total
ƌɄTotal ads per day: 14(Daytime)+14(Evening) = 28
ƌɄDaytime Unit Cost per :60 = $3922
ƌɄEvening Drive Unit Cost per :60 = $3807
ƌɄSchedule Cost: ($3922*14*31)+($3807*14*31) = $1,702,148 + $1,652,238
Universe: African Americans age 18-24, 35-54
ƌɄ16,186M total (US Census, 2010)
ƌɄTotal African American population of cities airing ads: 6,788M (US Census, 2010)
We will split advertising evenly between radio stations whose formats can be classified as “Urban Adult
Contemporary”(UAC) and “Urban Contemporary(UC).
TRP Schedule1
Total TRPs1: 159.8
Frequency: 159.8/80 = 2
CPM: $129.68
CPP: $20,990.27
1
Full Calculations can be found in Appendix under “Supplemental Calculations”
23
Print: $360,980
Ebony: 2 Black & White, Inside page ads
ƌɄ 47,290/ad x 2 Issues (January, February) = $94,580 (Ebony, 2011)
ƌɄ Mean age of 38.7; avg. HHI of $60,465; 38% male, 62% female, (Ebony, 2011)
ƌɄ African American Composition: 91.1% (MRI+, 2010)
Essence: 2 one-page color ads
ƌɄ 101,700/ad x 2 Issues(January, February) = $203,400 (Essence, 2011)
ƌɄ Mean age of 43; avg. HHI of $46,428; 24% Male, 76% Female
ƌɄ African American Composition: 91.7% (MRI+, 2010)
Black Enterprise: 1 one-page black and white ad
ƌɄ 31,500/ad x 1 Issue(January) $31,500 (Black Enterprise, 2011)
ƌɄ Median age of 40; avg. HHI of $102,000; 51% Male, 49% Female
ƌɄ African American Composition: 94.6% (MRI+, 2010)
Universe: All African Americans 18-24, 35-54. Total of 16,186M individuals (US Census, 2010).
TRP Schedule1
Assuming 80% Reach over schedule:
ƌɄ Total TRPs1: 155.2
ƌɄ Frequency: 155.2/80 = 1.9
ƌɄ CPM: $14.37
ƌɄ CPP: $2,325.59
Out-Of-Home: $528,000
Billboards will be used as a supplement to the Radio plan in the 10 cities with the highest number of African
Americans.
Placement will be determined with maximizing visibility toward African Americans aged 18-24 and 35-54 in
mind (ex. African American communities, neighborhoods, near high schools with high % of African American
students).
They will encourage submissions to the scholarship contest, and serve as a constant reminder to consumers
about the opportunity. The billboards will contain a link to a Facebook page where visitors can opt-in to receive more information about the scholarship contest as well as sign up for free videos, tips and promotions
regarding becoming financially independent and acquiring a higher education.
Average Poster (30-sheet) out-of-home CPM is $3.63 (OAAA, 2011).
1
Full Calculations can be found in Appendix under “Supplemental Calculations”
24
TRP Schedule1
Total TRPs1:: 280.4
Frequency: 280.4/80 = 3.5
CPM: $3.63
CPP: $1,883.18
Rationale
TV
ƌɄ Television has high reach and frequency, and the selected channels are well-known throughout the African
American community.
ƌɄ For BET, Music Choice and VH1, the indexes are high across the board as channels that are more likely to
be watched by African Americans.
ƌɄ As the 18-24 aged target is in school during the week, VH1’s Top 20 Countdown on Saturday mornings is a
prime selection to air our spots two times. The 18-24 aged group of our target is more likely to watch VH1
than the 35-54 aged group and this presents our spot twice to a target otherwise engaged throughout the
week.
ƌɄ We selected BET, Music Choice and VH1 according to MRI statistics stating that the audience is skewed
toward African Americans (547, 296 and 216 index, respectively). Of the three channels’ 63,918M audience,
26,194M African Americans tune in (roughly 41% African American).
ƌɄ BET has a strong, positive perception projected onto the African American community and Music Choice
and VH1 channels encourage inspire their viewers with celebrity success stories and motivating music.
ƌɄ According to Fall 2010 Media, African Americans are 17% more likely to be heavy viewers of prime time
television, and 84% more likely to be heavy viewers of day time television, when are spots are scheduled to
run.
Print
ƌɄ We chose Black Enterprise because it is a Black business magazine that focuses on entrepreneurship and
personal finance.
ƌɄ The resultant Average Household Income stratification of the three magazines we chose is intentional. It
helps Wells Fargo target a wider range of income levels.
ƌɄ We chose Ebony and Essence magazines knowing that their audience skewed female and older. We intend
to use print advertising to reach the parents (35-54) segment.
ƌɄ Why skew female?
ƌɄ52% of African American women are the primary handler of family finances. 42% who handle it jointly
with a man. Only 6% of African American men are primary handlers of their family finances. (Nielsen, 2011)
ƌɄIndex: (94/48)*100 = 196; African American women are 96% more likely than African American men to
have at least some hand in handling family finances.
1
Full Calculations can be found in Appendix under “Supplemental Calculations”
25
ƌɄAccording to the 2010 US Census and the 2011 Current Population Survey, there is an estimated
12,645M African American children living in the US.
ƌɄLives with 2 parents: 4,982M (39.7%)
ƌɄLives with mother (single parent): 6,297M (49.3%)
ƌɄLives with father (single parent): 440M (3.6%)
ƌɄLives with neither parent: 927M (7.4%)
ƌɄThis means that African American fathers in the U.S. only have custody of 43.3% of the children. African American mothers in the U.S. have custody of 89% of the children.
ƌɄIndex: (89/43.3)*100= 205.5; A female African American parent is 105.5% more likely to have custody of
a child than a male African American parent.
Out-of-Home
ƌɄ A total of 6,788M African Americans live in the 10 “top cities” (US Census, 2010).
ƌɄ A total of 22,070M individuals live in the 10 “top cities” (US Census, 2010)
ƌɄ African American Composition: (6,788M/22,070M) *100 = 30.8% of their total population.
ƌɄ (42,071M/308,746M) = 13.6% of total U.S. population is African American(US Census, 2010).
ƌɄ Index = (30.8/13.6)*100 = 226. Individuals living in the 10 “top cities” are 126% more likely than the average
person to be African American.
ƌɄ Can be placed in areas of high visibility to African Americans, such as around their communities and
places of congregation.
Radio
ƌɄ Radio will be very targeted, as it is one of the few mediums with such detailed demographic and consumption data about its consumers.
ƌɄ Radio reaches, on average, about 93.6% of African Americans above the age of 12 in a week (Arbitron, 2011).
ƌɄ We chose to time the ads during the morning and evening drives because we want the radio ads to ideally
reach both segments at the same time to encourage discussion between parent and child. We also did this
in the hopes that radio ad impressions will coincide with out-of-home impressions for a more memorable
message.
ƌɄ We chose Urban Adult Contemporary as one of our radio station formats because it reaches the most individuals within our 35-54 segment without heavily skewing male2(Arbitron, 2011).
ƌɄ We chose Urban Contemporary as one of our formats because it’s America’s #1 format with adults 18-24,
and #1 in Time Spent Listening among adults 12-24 (Arbitron, 2011).
2
Comparison Table can be found in Appendix under “Supplemental Graphs/Charts”
26
Scholarship
ƌɄ The percentage of African-Americans attending college or earning a degree has increased to 44% for men
and 53% for women (Nielsen, 2011)
ƌɄ Non-government student loans are a high-involvement product in a highly competitive market, so the goal
is to build preference and not awareness
ƌɄ Because the Midwest is 38% less likely than the average American to be a Wells Fargo customer, OOH advertising will be targeting the Midwest using an “offensive strategy” to direct more money to an area with
poor sales
ƌɄ African American women tend to adopt technology when it is social and relevant to improving their dayto-day lives (Nielsen, 2011).
ƌɄ African Americans tend to be brand loyal and look for deal opportunities with potential savings, higher
value, or quality products (Nielsen, 2011)
ƌɄ Of the four segments that make up 85% of the African American market, three groups - Strivers, Techfluentials, and and Bright Horizons - embrace education or technology (Nielsen, 2011)
ƌɄStrivers: an ambitious group of opinion leaders aged 20 - 40 who are rising in their communities and
the corporate world
ƌɄTechfluentials: world ambassadors aged 20 - 30 who are making the world a little smaller using technology, to positively impact others using Skype, social media, and more
ƌɄBright Horizons: a technology savvy segment that is focused on education and friends, gaming, mobile,
and social media
ƌɄ Out of 23.9 million African-American Internet users in July 2011... (Nielsen, 2011)
ƌɄ76% visited a social networking / blog site
ƌɄ37% visited a coupons / rewards site
ƌɄ31% visited a financial info / news site
ƌɄ Social Media is prevalent among the demographics, with African Americans re-tweeting more than any
other demographic (Manjoo, 2010)
ƌɄ 30% more likely to visit Twitter (Nielsen, 2011).
Non-Traditional Media
ƌɄ Scholarship Contest
ƌɄ Twitter
ƌɄ Facebook
27
Annual Calendar/Flowchart
See appendix for larger image.
Evaluation/Measurement Technique
We are measuring how we are doing based on the number of Facebook impressions, Facebook “Likes,” and
Twitter re-tweets. Also, we can gauge how large the competition will be based on the number of applicants
that apply into our pool. We will also keep and email listserve to send updates and information about the
competition. The number of people on our listserve also stands as an indication of how well the competition is
doing based on the number of people that sign up for more information to be emailed to him or her.
Rationale:
We are expanding our reach via Twitter and Facebook. Compared to other demographic groups, African
Americans are the ones who tweet and re-tweet the most, so using Twitter are a reach mechanism is fitting.
Additionally, students are much more likely to visit a Facebook page than a corporate page due to the high
number of 18-24 year olds that use Facebook for social media.
Creative Strategy
Wells Fargo’s Advertising Competition
Citibank
ƌɄ Has a presence on YouTube and popularly known for their “Identity Theft” ads
ƌɄ Tagline: “With the Citi Forward Card, I can make my interest rate go down even when embarrassing photos go up.”
ƌɄ Launched a new advertising campaign based around emotion and humor
ƌɄ New campaign positions brand as an executioner of positive human experiences
28
ƌɄ
ƌɄ
New campaign advertisements ask, “What’s your story?” and answers, “Citibank can help you write it.”
New campaign incorporates TV and radio commercials, magazine and newspaper print, billboards and
posters in major markets, and a variety of digital media
U.S. Bank
ƌɄ According to company website, their “new ad campaign” launched in fall 2008
ƌɄ New ad campaign focused on company’s strength and stability
ƌɄ Highlighting 145-year history and clientele with 458 of the Fortune 500
ƌɄ Multi-media advertising campaign targeted business owners, CEOs, executives
ƌɄ Logo for ad campaign: a red US Bank paper airplane in the shape of a shield flying through the sky with
the tagline, “Yes, the future looks brighter with US!”
ƌɄ Print: advertisements appeared in several national publications including The Wall Street Journal, Barron’s, Newsweek, and Golf World
ƌɄ Launched national TV ads during U.S. Tennis Open and programs such as Bloomberg, FOX News, CNN,
FOX Business, and CNN Headlines
ƌɄ Radio commercials featured with 634+ National Public Radio affiliates
ƌɄ Purchased 100+ targeted keywords on Google to maximize online presence
Bank of America
ƌɄ After debit card fees, Bank of America is attempting to “revamp” its image with a new advertising campaign launched on October 12, 2011
ƌɄ Received criticism on most services, from improper foreclosures to debit card fees
ƌɄ Campaign focuses on Bank of America’s impact on the local level
ƌɄ “Loan modifications” is used to describe the bank’s “charitable” donations, small business loans, and attempt to ease loan terms for underwater mortgage borrowers
ƌɄ Campaign is utilizing TV, print, and online ads through the end of 2011
ƌɄ Campaign addresses 12 larger markets, specifically Boston, Charlotte, Chicago, New York, Los Angeles,
and some smaller communities
ƌɄ Bank of America and other banks launched similar campaigns in 2009 after facing criticism for taking
government bailout dollars
Chase Bank
ƌɄ Chase Bank paid $1 million to sponsor The New York Times iPad application on April 6, 2010 – a move that
began when the iPad had 0 users (Business Insider)
ƌɄ Chase was one of the few companies to promote its mobile products and services during the 2010 Super
Bowl (Napean)
ƌɄ Utilizes YouTube to promote Ink from Chase, a mobile application and online solution designed for small
business owners (Chase)
29
ƌɄ
ƌɄ
ƌɄ
ƌɄ
ƌɄ
ƌɄ
Believes in utilizing social networking strategies because “It’s where your customers are” and creates a
competitive advantage (Chase)
July 1, 2010: Chase launched their first national advertising campaign to promote their ultimate rewards
program, a program that focuses on customer loyalty, rewards program flexibility and options
Campaign incorporated print, online, broadcasting, and cinema
Print included: Elle Décor, In Style, Martha Stewart Living, Glamor, and Wired
National Broadcast: Primetime Emmy Awards and 2010 MLB All-Star Game
The campaign also gave customers the chance to win an ultimate reward getaway
Wells Fargo’s Advertising and Creative Requirements
ƌɄ Red and gold logo always prominent - secondary: “Together we’ll go far”
ƌɄ Currently, they maintain a blog (http://blog.wellsfargo.com/wachovia/), Twitter (http://twitter.com/#!/
WellsFargo) and Facebook page (http://www.facebook.com/wellsfargo)
ƌɄ As of October this year, they opened branches in North Carolina, having begun advertising for the branch
three years ago (VA was added this past August)
ƌɄ The Wells Fargo Stagecoach is driven through cities for conversion events (as the state’s Wachovia banks
are converted to Wells Fargo banks)
ƌɄ They run the Wells Fargo Donation program for charities
ƌɄ A strong emphasis is placed on the help the bank offers when planning retirement / mortgages, etc
ƌɄ Bicycle / Taxi promotion in New York this year (http://www.youtube.com/watch?v=G1iQNVLv9bE)
Range of Possible Creative Concepts
ƌɄ March 1st: students (seniors in high school) essay application due
ƌɄ March 15: Wells Fargo announces top 5 applicants and Twitter re-tweet contest begins
ƌɄ April 1: Whichever applicant that gets his or her name re-tweeted the most by this date wins the $50,000
scholarship, with the second place receiving $35,000 and third place winner receiving $15,000
Creative Brief
Wells Fargo
Creative Brief:11/14/2011
Project Summary:
Immediate goals include advancing marketing and promotion of the company via Twitter, Facebook and the
Wells Fargo site to promote a tiered scholarship contest among the demographic. The primary goal is to reach
1 billion impressions via these networks. Long-term, Wells Fargo hopes to retain top-of-mind status for student
loans.
30
Target Audience:
The target audience for this media plan is African American students (ages 18-24) and the parents (ages 35-54)
of these students. There is a focus on graduating high school seniors and college freshman, but this focus
does not exclude other college grade levels. These individuals may have already heard of Wells Fargo, but are
looking for reasoning as to why Wells Fargo would be the best pick for student loans. Incentives are key for
this audience.
Perception / Tone / Guidelines:
1. Dynamic, simple, contemporary, exciting
2. Enticing, energetic, high visibility
3. Entertain Wells Fargo’s Facebook page to encourage the essay competition
4. Information should have a conversational tone to connect with students and parents
5. Easy to navigate and find information via web page and Facebook page
Communication Strategy:
Use different mediums of media such as TV, OOH, Radio, and Print to reach students and parents. Non traditional media including Facebook and Twitter will be used to further push out the message of the scholarship
contest and a postive buzz for Wells Fargo. This will be the second phase of the plan which will be the organic
generation of social discussion via the specified social networks. A twitter to discuss scholarship contest announcements, such as where to find the rules on the Wells Fargo website or Facebook page, will generate impressions across the demographic. The discussion will be spearheaded by community leaders through March
29, extended via Wells Fargo representatives in their own outlets.
Competitive Positioning:
Wells Fargo has numerous competitors who also offer student loans, particularly chain banks that are located
across the nation, as Wells Fargo is. In order to have Wells Fargo stand out against the competition, we will be
engaging in a new campaign that is a competition for students to engage in so that they will have the chance
of winning a scholarship for their college tuition.
Single-Minded Message:
Your community is your family. Let Wells Fargo help you show the world the person you’ve become because of
them. Together we’ll go farther.
Rationale:
ƌɄ Social Media is prevalent among the demographics, with African Americans re-tweeting more than any
other demographic (Manjoo, 2010)
ƌɄ Facebook would not cost any extra as it is already well-maintained and free
ƌɄ The 18-24 age demographic is much more likely to access the Wells Fargo’s Facebook page than Wells
Fargo’s brand website
31
Creative Executions:
ƌɄ Facebook mock-up
ƌɄ Twitter for community leaders
ƌɄ Sample Scholarship App
32
Appendix
Supplemental Graphs/Charts
Education Level Students Seek Student Loans
This graph shows the different times people are seeking student loans, in respect to their education.
Age of People Acquiring Student Loans
This graph shows the age that people acquired student loans in 2010. (MRI+ Mediamark)
33
34
Urban Adult Contemporary Comparison Table
Data taken from Black Radio Today 2011, Arbitron 2011.
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ƌɄ
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Print
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35
36
37
38
Primary Research Responses
Questions Posed
1. What kinds of media are you in contact with on a daily basis?
a. TV, internet, radio, newspaper, outdoor, magazine
2. How often are you in contact with his media, where do you see it / use it, and what time of day are you most
prone to being in contact with this media?
a. TV, internet, and radio multiple times a day during the morning, daytime, and evening. Newspaper, outdoor,
magazine once or maybe twice a day
3. What bank are you currently using / thinking about using for student loan reasons?
a. Earthmovers Credit Union, TCF Bank, and one parent is not using a bank.
4. What are your perceptions of Wells Fargo?
a. A traditional, well established, non convenient bank that doesn’t have any ATM’s,
5. If you know of Wells Fargo, could you describe it as a personality?
6. What is your highest level of education?
7. What do you want to be when you grow up?
8. What is your opinion on the importance of a higher level of education for your children and why?
9. What is the highest degree of education of your parent(s)?
10. How many children do you have? How many of them are / were in college at the same time?
11. Have you done anything to prepare for your child going to college? If so, when did you start saving?
12. What would you like to see your student excelling at in 15 years?
13. What do you see as the key advice you have given to your son/daughter for their future?
14. What are some things you’ve accomplished that you’re proud of?
15. Is there any movie that you feel captures how you feel about life?
39
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47
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