Wells Fargo Consumer Banking Service: Marketing Communications Report

This report examines Wells Fargo's consumer banking service marketing strategies, focusing on an integrated marketing communications (IMC) campaign titled "Building better every day" targeting millennials in the US market. The report details the IMC approach, objectives, and promotion mix, including personal selling, social media, websites, and advertising, emphasizing digital and mobile marketing channels. It also covers media strategy, including digital and traditional outlets, and the use of social media for customer engagement. Part 2 of the report delves into B2B marketing, segmenting B2B markets, marketing information systems (MIS) using internet, industry experts, and customer data. Furthermore, the report analyzes marketing metrics, including Return on Marketing Investment (ROMI) and performance metrics such as customer service, social media, and advertising, to measure the success of Wells Fargo's strategic marketing efforts.

Running head: WELLS FARGO COMSUMER BANKING SERVICE 1
Wells Fargo Consumer Banking Service
Name
Institutional Affiliation
Date

WELLS FARGO COMSUMER BANKING SERVICE2
Wells Fargo Consumer Banking Service
Wells Fargo is a multinational community-based company offering diversified financial
services. As the largest bank in the world by market capitalization, Wells Fargo needs to shift
focus on emerging market trends. Part 1 of this discussion seeks toexplain the Integrated
Marketing Communications and the Changing Media Landscape while part 2 covers Special
Topics in Marketing.
Part 1
1. Integrated Marketing Communications
With new opportunities, tools and insights emerging in the 21st century, marketing
strategies are also changing by becoming more integrated( Smith & Taylor, 2004). Integrated
marketing communications (IMC) is simply making all communication consistent with one core
strategy and message (Fair & Style, 2001). This strategyis based around a ‘Big Idea,' which is a
recurring idea that identifies with your product. In the case of Wells Fargo, an IMC campaign
dubbed, “ Building better every day” will aim to cement the company’s position in the market.
The campaign is mostly directed towards millennials in the USA through digital and mobile
marketing channels. The strategy is expected to reflect the company’s effort to help its customers
attain their financial goals through innovative products and services offered.
2. Marketing Communications Objectives
 Reach out to as many target consumers as possible through easily accessibleproducts and
offers.
 Encourage consumers to subscribe to our various digital and mobile product channels.
 Maintain the new and existing customers and earn their trust.

WELLS FARGO COMSUMER BANKING SERVICE3
3. Promotion Mix
Through the social media, one person can relay information about a product and company
to hundreds of other people. This recent development brings a new approach to constructing a
production mix. Companies should, therefore, find the perfect mix of both traditional and digital
tools (Mangold & Faulds, 2009).Before selling a product, it is prudent that you first find out
what the customer needs.
To reach out to as many target clients as possible, Wells Fargo will employ a promotion
mix consisting of personal selling, social media, websites, and advertisements. Personal selling
will mostly be through representatives in the various Wells Fargo branches. The company
through the hashtag #WeAreBetterTogether will invite its social media fans to share the
company’s drive. Wells Fargo aims to attract customers through various public relations and
publicity strategies coupled with rigorous advertising in both traditional media and modern
digital media outlets. Furthermore, a promotion mix that portrays trust,commitment and care will
be employed so as to maintain the new base of millennial customers as well as the already
existing customer base. This will include advertisements reinforcing their brand image and
slogan. Through technology, Wells Fargo is committed to providingeasy processes and smooth
customer experiences.
4. Media Strategy
Wells Fargo will set up a media strategy mainly composed of digital media outlets and
conventional print media and television outlets to tap into the banking services market.The
company will launch television ads tailored to be diversified in terms language while also
portrayingsecurity, innovation and community support themes. The commercials will mainlyrun

WELLS FARGO COMSUMER BANKING SERVICE4
on high profile programs such as CBS Evening News, ABC World News, and Sunday morning
talk shows in order to reach its target market ofeducated urban workers and millennials.
Social media has evolved into a means through which users seek news, share their
dreams, ask for service and make shopping decisions while interacting with a network of peers.
Companies can, therefore, monitor a consumer’sbehavior towards their products. It is for this
reason that Wells Fargo aims to use social networking to link with customers and portray a
friendly digital face. Through a virtual world named the ‘Stagecoach Island,' the banker can
educate teenagers onfinancial matters in an interactive manner through games and other social
activities ( Hemp, 2006). I addition to this initiative, Wells Fargo will enhance their trust
campaign through a website dedicated to real life grassroots stories of how the company has
helped change the lives of people. Wells Fargo will also employ a social media strategy
concentrating on visual advertisements and messagessuch as twitter feeds focused on providing
financial tips and customer service.
Part 2
1. B2B Marketing
The stakes and expectations of corporates from marketing are increasing. Firms are
therefore using competitive avenues like social media to position themselves and build
relationships with stakeholders ( Brennan & Croft, 2012). In terms of Business-to-Business
offerings, the company will offer facilitative services to other businessessuch as banking,
insurance, and investment advice. Wells Fargo will reach out to these companies by building
relationships through rigorous marketing strategies. Wells Fargo aims to market its services to
producers. This is because producers usually require huge amounts of initial capital and a stable

WELLS FARGO COMSUMER BANKING SERVICE5
cash flow to function efficiently. The bank may also target institutions such as learning
institutions, hospitals, non-profitorganizations, and clubs. These institutions require financial
services such as insurance and fund management.
2. Segmenting B2B Markets
Behavioural and need-based segments are fewer in B2B markets as compared to B2C
markets. B2B segments include a price-focused, brand-focused, service-focused and partnership-
focused segments. Wells Fargo falls under the partnership-focused segment due to the strategic
importance of its facilitating service offering. Being a financial services provider, Wells Fargo
must build trust with other businesses and prove to be a reliable partner.
3. Marketing Information Systems
Marketing Information Systems (MIS)are means through which information needed for
decision making is managed. The view of businesses in regard to MIS is rapidly changing due to
changes in consumer behavior and Internet-enabled competition ( Harmon, 2003). Wells Fargo
will use information from the internet/search engines, industry experts, and customers.
With a keen interest in emerging digital trends exhibitedbymillennials, information from
websites and social media is crucial for strategic decision making. The company can monitor the
comments and opinion of people on social networks like facebook and twitter. Information on
competitors or blog post analyzing the company can also be obtained from the internet. The
second MIS information source is from industry publications and expert opinion. This method
provides critically examined information from individuals with extensive knowledge and
experience in the banking services industry. Furthermore, industry experts have ground
knowledge of current trends and the reason behind them. It is therefore important to form

WELLS FARGO COMSUMER BANKING SERVICE6
connections with such individuals. Industry-related publications include The Economist, Forbes,
BusinessWeekly, The Wall Street Journal among others. The final and probably the most
important source of information that Wells Fargo will utilize is from its customer base. Any good
product should be customer focused. Their behavior is crucial for strategic decision making.
4. Marketing Metrics
In order to monitor the strategic marketing efforts, Wells Fargo will employ Return on
Marketing Investment (ROMI) as a financial metric. This financial measure compares marketing
expenditures to the returns gained from these expenditures. The company will use this method in
order to determine whether the marketing efforts have financial impacts. Wells Fargo expects a
ROMI of 10% from its marketing strategies.
The strategic marketing plan can be alternatively be measured using performance metrics.
Wells Fargo will use customer service, social media, and advertising performance metrics.
Customer service performance will be used to determine the customers’opinion and product
satisfaction. The company will use social media performance measures such as the number of
followers and web traffic to determine the market enthusiasm for its products. The final
performance metric will be advertising whereby Wells Fargo will be able to measure the impact
of advertisements on their customer base such as the resulting number of new accounts opened.
Conclusion
In conclusion, Wells Fargo through its “ Building better every day” IMC campaign, aims
to attract millennials in the US markey by promising them innovative and reliable financial
services. To achieve this, the company has employed digital and mobile marketing strategies.

WELLS FARGO COMSUMER BANKING SERVICE7
References
Brennan, R., & Croft, R. (2012). Social media use in B2B marketing and branding. Journal of
Customer Behaviour, 11(2), 101-115.
Fair, V., & Style, I. (2001). Integrated marketing communications.
Harmon, R. (2003). Marketing information systems. Encyclopedia of information systems, 3(1),
137-151.
Hemp, P. (2006). Avatar-based marketing. Harvard business review, 84(6), 48-57.
Mangold, W. G., & Faulds, D. J. (2009). Social media: The new hybrid element of the promotion
mix. Business horizons, 52(4), 357-365.
Smith, P. R., & Taylor, J. (2004). Marketing communications: an integrated approach. Kogan
Page Publishers.