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Wells Fargo Ad Campaign

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This is an advertising campaign for Wells Fargo I completed in my undergraduate classes.

This is an advertising campaign for Wells Fargo I completed in my undergraduate classes.

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    Wells Fargo Ad Campaign Wells Fargo Ad Campaign Presentation Transcript

    • University of Northern Colorado IDC: Innovative Dream Creations Monfort College of Business X Zach Morgan X Marcie Johnson X Deb Gibbons X Sydney Vander Velde X Lennon Barnica November 18, 2009
    • MAR KE TI NG AND ADVE RTI SI NG FI R M Innovative Dream Creations Innovative Dream Creations takes your company’s product to the next level with our innovative and unique campaigns. The mission of this advertising campaign is to increase foot traffic into all Wells Fargo banks along the Front Range of Colorado. We will entice existing and new customers to visit a Wells Fargo location and earn a FREE $50 gift card of your choice while receiving friendly, personalized financial guidance. © Innovative Dream Creations 2438 Market Street • Suite 100 Denver, CO 80205 Phone 303.957.0167 • Fax 303.957.0168
    • WHERE YOUR DREAMS MEET REALITY AND O UR CREATIVITY GENERATES YOUR DO LLARS © nnov Creatio 2438 Market Street • Suite 100 Denver, CO 80205 Phone 303.957.0167 • Fax 303.957.0168
    • Table of Contents
    • 1.0 Executive Summary Wells Fargo is the proven leader in the banking industry, successfully withstanding financial turmoil and uncertainty over the years. It holds a secure place in the customer’s perception as the bank of security and trust. Developments in recent years have dramatically changed the industry landscape. With the explosion of the Internet, new security threats, expanding markets, and a generation of consumers vastly different from any Wells Fargo has serviced in the past, the challenge to maintain a competitive edge is daunting. By enlisting the burgeoning generation of new banking customers into its family, Wells Fargo will once again weather the storm and sail through intact. From our extensive research we found Wells Fargo’s major competitors along the Front Range include Bank of Choice, Bank of the West, Key Bank, Chase and U.S. Bank. These banks all offer their customers extremely similar incentives. Free checking accounts with $50 or $100 offers attached were the most common promotion. These Front Range competitors try to express a local feel for their customers. Our competitive analysis reveals these financial institutions, including Wells Fargo, offer a rather homogeneous group of products (see page 3).
    • 1.0 Executive Summary The target market analysis provided us with a key insight- that our target market wants financial guidance. The majority of our card from a selection for four businesses whose products fits their lifestyle. Earning a gift card is as simple as one, two, three “swipes”. target market is at crossroads. They are just beginning their adult The $250,000 budget has been broken-down into six main lives and encountering new financial events (entering or graduating college, buying a first home, getting married, and having children). expenditures: card scanners, Vault Loyalty cards, gift cards, print- ads, radio ads, and social media ads (please refer to pages 20-21 for Wells Fargo’s current “Someday” campaign is very informative and helps this target market find financial guidance, however it lacks a a more detailed budget breakdown). call to action. 1 The demographics targeted in this campaign present Wells Based on our market research, Innovative Dream Creations Fargo with a great opportunity to create loyal, life-long customers. Therefore, the implementation of this strategy will bring Wells has created a promotional campaign that will drive customers into Wells Fargo banks. The promotional strategy will bolster the image Fargo up to speed with the swiftly changing markets, keeping their competitive edge sharp. of trust and security in the target market’s perception by forging a strong relationship between the consumer and Wells Fargo. Our strategy consists of a loyalty card program. An opportunity analysis indicates the banking industry has the need for a loyalty card. Research states that, “86 percent of American shoppers use some form of store card or discount card” (Bosworth, 2005). The campaign will encourage the target market to sign up for a FREE Vault Loyalty card while simultaneously receiving personal financial mentoring. The card provides incentives to increase foot traffic into physical Wells Fargo locations. In this campaign, Wells Fargo will focus on encouraging interaction between consumers and bankers by offering customers the Vault Loyalty card that will allow them to “secure” a $50 gift
    • 2.0 Promotion Opportunity Analysis 2.01 Competitive Analysis Representing trust and reliability, the Wells Fargo six-horse 2 stagecoach has been a banking industry icon since 1852. Today, however, many associate the stagecoach with outdated technology and feel that Wells Fargo has not kept pace with the changing times. To compete with contemporary banks while driving foot traffic into Front Range locations, Wells Fargo must establish a more interactive, updated approach that appeals to consumers in the 18 to 34 age group. Major Competitors Wells Fargo’s major competitors along the Front Range include: Bank of Choice, Bank of the West, Key Bank, Chase and U.S. Bank. KeyBank
    • online bill pay. Products offered by Competitors These competitors offer a diverse range of products including free checking, premium checking, savings accounts, CDs, loans, insurance, investing options, debit and credit cards, and 2.0 Promotion Opportunity Analysis Source: accumulation of competing Bank’s websites (Banks listed above) please see reference pages for greater detail 3
    • 2.0 Promotion Opportunity Analysis What Wells Fargo’s competitors say about themselves With slogans that emphasis community and “you” the customer, Wells Fargo’s competitors market themselves as banks that focus on customer service and put the customers first. Bank of Choice is a Colorado-based community bank. It 4 positions itself as a bank that provides a unique style of customer- driven relationship banking. The message Bank of Choice sends to customers is, “Regardless of the location you’re visiting, you’ll always receive the same one-on-one attention you get from your
    • favorite teller at your hometown Bank of Choice.” This message, coupled with the tagline: “The choice “you” can bank on,” instills in customers a feeling of importance. Bank of the West claims a passion for customers and customer service evidenced by its high degree of personalized attention. It promotes involvement with the community and emphasizes the “local” factor, security, and service. Its tagline: 2.0 Promotion Opportunity Analysis “Local bank. Local values,” lets customers know it values the community and those in the community. Like Bank of the West, Key Bank wants customers to know it is community-oriented. Key Bank’s website details community programs like “Neighbors Make The Difference®.” This is a program Key Bank employees started as a way to contribute and give back to the community. Key Bank’s tagline, “Key is Community. Advertising and Promotions Community is Key” is a clever way to promote itself and highlight its Wells Fargo’s competitors entice customers to open community involvement. 5 checking accounts with a variety of promotions. U.S. Bank, like Bank of Choice, wants to convey the idea that Bank of Choice is currently advertising Choice Rewards customers are of the utmost importance. This is evidenced by its Checking, which entitles customers to earn a bonus rate of 3.05% high usage of the word “you” throughout its website pages. One of APY on checking accounts that carry a balance between $0 and the main places the word “you” appears is on the page that details $35,000 with an additional .49% APY to be paid on balances over U.S. Bank’s checking account options. In describing its checking $35,000. In order to qualify for the bonus rate Bank of Choice accounts, U.S. Bank writes, “Our checking accounts support you no requires three additional steps, which, if not met, reduces the matter where you are or what you need”. bonus rate from 3.05% to .49% on the entire balance.
    • Bank of the West currently offers new customers $100 for On a more positive note, customer reviews found on opening a checking account and either setting up direct deposit of www.epinions.com and www.mybanktracker.com gave high ratings at least $250 or paying 10 bills online. The promotion slogan is: to Bank of the West for its small bank environment; Key Bank for its “The kind of bank that says please, thank you, and here’s $100”. many locations, and U.S. Bank for its in-store branches because they are open seven days a week. Key Bank is currently running its “Rake It In” promotion. This promotion offers new (implied but not stated) customers up to $225 for banking with Key. Customers 2.0 Promotion Opportunity Analysis must open a qualifying checking account and enroll in Key Bank Rewards by November 20, 2009. In addition, customers must make one debit card transaction and a combination of two direct deposits and/or automated payments each of $100 or more by January 22, 2010. U.S. Bank is not currently offering an incentive to potential customers. 2.2 Opportunity Analysis What Consumer Say About the Competition 6 Customer service is one the main attributes customers use With today’s advanced technology and the ability to when rating banks and bank services. This attribute is followed perform most banking tasks online—depositing money, closely by high and/or additional fees, which customers felt were withdrawing money, paying bills, etc.—banks have limited not disclosed at the time the service was initiated. With the opportunity to interact with their customers. While online banking exception of Bank of Choice, for which no opinions were found, customers are not necessarily being ignored, they do represent an customer perception of Bank of the West, Key Bank, and U.S. Bank opportunity for Wells Fargo to reach out and create a face-to-face indicate these two areas are of major concern to customers and are relationship. areas in which all three banks need improvement. (See Tables 1 For example, statistics show that: and 2 for details.)
    •  42% of those between 18-29 use online banking Wells Fargo is currently marketing to the younger  47% of those between 30-49 use online banking demographic with its “Make the Most of Your Someday” television  42% of those between 50-64 use online banking advertisements. One focuses on opening a free checking account  27% of those 65 and older use online banking (Hellwig, with Wells Fargo as it provides tools that make managing money 2009) easier. The second focuses on home mortgages, mainly first time These online banking customers represent a large portion of the target market that could benefit from a visit to a physical home buyers, with the idea that Wells Fargo can help you quickly move up to owning your own home. All you have to do is “seize the banking location. Market Saturation 2.0 Promotion Opportunity Analysis day” and visit a Wells Fargo bank. In the article, “A Bank for Every Block,” Eric Dash writes that Opportunities Not Being Pursued a decade ago most big banks were shedding their branches and Many businesses use loyalty or rewards cards to increase steering customers away from visiting banks in person; encouraging awareness and promote brand loyalty among customers. An article them instead to use ATMs, telephone, and online banking services at consumeraffairs.com sites a poll conducted by Boston (Dash, 2006). This change in the way customers utilized banking University's College of Communication, which indicates “86 percent services resulted in a decrease in a bank’s ability to sell additional of American shoppers use some form of store card or discount card products and services to its existing customers and gave potential (Bosworth, 2005). new customers the feeling most banks were cold and impersonal. 7 This is not something banks currently employ and provides Today, most banks are having a change of heart, “viewing their an opportunity for Wells Fargo to capitalize on an idea most branches as gold mines, not costs” (Dash, 2006). This change of consumers use in other ways. You don’t have to spend money to heart has increased the building of branch banks, often times being make money. Additionally, having a loyalty card in a customer’s built within a block of a competitor. The market is saturated but wallet or on their key ring means the Wells Fargo name is being Bank of America’s CEO Kenneth Lewis believes some saturation is repeated in the customer’s mind every time they open their wallet typical in banking (Dash, 2006). or look at their key ring. A bank loyalty card is unique in the banking industry and is therefore a novelty item which could stimulate Marketing Approaches conversation between the holder and a friend or family member that happens to see the card.
    • A Loyalty Card would be an excellent marketing tool for strategy, Wells Fargo can seize this opportunity and create legions Wells Fargo to reward current customers and attracting new ones, of lifelong loyal bankers. in addition, having a customer carry a Loyalty Card would How to Reach these Segments strengthen brand recognition. These segments still watch television and listen to the radio, 2.3 Target Market Analysis and many subscribe to cable or own a satellite dish. Most own Demographics and Psychographics of Target Market 2.0 Promotion Opportunity Analysis computers and consider themselves to be technologically savvy. The “College Town” and “Dorms to Diplomas” segments are very The 18-34 demographic represents a large potential market active in social networking. for Wells Fargo. After examining all the segments we decided to exclude those who lack a disposable income, are not attending college or are college graduates, because they provide no true inventive for Wells Fargo to gain them as customers. What Needs Are Not Being Met Benefits this Market Desires 8 Many of those in the targeted segment are entering This market segment is just beginning their adult lives. They transitional periods in their lives. Some are getting married and find themselves at major crossroads with no one to make the starting families, some are buying their first homes, and others are decisions but themselves. Not only is this stage in life new territory entering college or getting ready to graduate. These situations are but it is also very intimidating. These individuals, steeped in anxiety, stressful and may initiate a need for financial services. The biggest represent a prime market for a bank willing to lend a guiding hand. hurdle banking customers must overcome is the lack of information The opportunity in this market is vast and as yet not fully and/or knowledge when it comes to making financial decisions. tapped. These consumers need guidance—they are not yet These customers need guidance. Customers in our target accustomed to managing their own finances. They crave knowledge market are looking for a connection to someone in the banking but also respect. Most of all, they feel underserved and industry who can walk them through the steps of preparing for misunderstood by the financial industry that seems to favor older financial security. The target market wants information that demographics. Through a well-planned and executed marketing pertains to them, not their parents (Dolan, 2009). Banking
    • customers in the 18 to 34 age group are looking for direction as they Customer Perceptions of Wells Fargo Compared to its Competitors move through these transitional stages of their lives. Current customer perception of Wells Fargo is relatively low due to: • Poor Customer Service 2.4 Customer Analysis • High Fees Wells Fargo’s Current Customers 2.0 Promotion Opportunity Analysis • General lack of personal service (Hoerner, 2009). As one customer explained, “My experience with Wells From free checking to basic savings to retirement accounts, Fargo has been mixed. I have never had any trouble when calling Wells Fargo offers a range of products and services that easily fit the toll- free customer service line. The people are knowledgeable any situation and budget. Like its products and services, Wells and ready to please. Where I have had trouble, however, is with Fargo’s customers are diverse in age, income, and social class. the small bank branches. What I have noticed is that the tellers and Wells Fargo services customers from all walks of life from the other employees seem to be very unskilled. They often have to stop youngest members of Generation Y, to the working class, middle what they are doing and ask another co- worker for help. This class, upper class, and everyone in between. means one of three things: Why Customers Bank at Wells Fargo 1. Wells Fargo has a high turnover rate. There are several reasons customers choose to bank with Wells 9 2. They don’t place enough emphasis on training. Fargo: 3. They are hiring the wrong people for the job. 1. They believe it is stable and reliable, having been in business since 1852. It could also be a combination of the above, but whatever the 2. It is a national bank that offers a variety of products and reason, Wells Fargo needs to clean up its act in this area. It is services, making it a one-stop destination for financial frustrating to ask a simple question to a teller and get a blank stare services. 3. Some bank with Wells Fargo because their parents and in return.” (It was the best of banks, it was the worst of banks) grandparents did so it has become a “family” bank. (Hoerner, 2009) 4. And of course, some choose it for convenience based on location, hours, or online services. Product Quality, Price, Distribution, Image, and Advertising/Promotion 2.5 Positioning Analysis Banks, with very few exceptions, are members of the Federal Deposit Insurance Corporation, which insures all types of
    • deposits, including: Checking Accounts, NOW accounts, Savings o Segment 38: Industrious Urban Fringe Accounts, Money Market Savings Accounts, CD’s, Deposit products o Segment 41: Crossroads held in IRA’s, and a variety of other products. Some quality-added o Segment 47: Las Casas 2.0 Promotion Opportunity Analysis features are overdraft production and direct deposit (Hoerner, o o Segment 48: Segment 55: Great Expectations College Towns 2009). Wells Fargo prides itself on being a one stop destination for o Segment 63: Dorms to Diplomas all your financial needs. Wells Fargo is the largest financial institution headquartered in the western U.S. Wells Fargo has tried to uphold These segments possess similar characteristics and have the its reliability and stability over the past year, however customer potential to become long-term Wells Fargo customers. perception of banking systems in general has deteriorate since the financial crisis. Wells Fargo is a traditional bank that is trying to These groups represent: promote online banking in a technology changing world. (Wells 10  18-34 years olds Fargo Home, 2009) (Hoerner, 2009).  At the beginning of their financially independent lives  Coming into disposable income 2.06 Market Segmentation Strategy  Many focus on family and home The target market for this campaign consists of consumers  Spend considerably on children and home between the ages of 18 and 34. This market has been subdivided  Enjoy watching TV, renting DVDs, and playing electronic based on the Tapestry Segmentation System (Tapestry games Segmentation, 2009), which divides consumers into 65 segments.  Computer savvy  Frequent internet users Of these 65 segments, this campaign will focus on nine segments  Listen to a variety of music that represent consumers living in cities along the Front Range.  Drive SUVs or Minivans Below are the target markets we have selected to focus our  Eat at Red Robin, Chili’s, Olive Garden, Chuck E. Cheese, promotional campaign towards: and Chick-fil-A o Segment 12: Up and Coming Families As mentioned earlier, almost half of those between the ages o Segment 19: Milk and Cookies of 18 and 34 use online banking. By advertising the Vault Loyalty o Segment 22: Metropolitans Rewards card on the its website, Wells Fargo can take advantage of
    • an opportunity to entice consumers to visit a Wells Fargo bank to receive a Vault Loyalty Rewards card. 11
    • 3.0 Strategies Strategies experiencing. Plus the Vault Loyalty Card is one more product in the The target market for this project is young, beginning their consumer’s wallet, tightening the bonds of loyalty. financially independent lives, and have not established strong Through traditional media channels as well as some banking relationships. To drive this market segment into Wells alternative marketing methods, this promotional strategy will Fargo Front Range locations, we suggest the implementation of a bolster the image of trust and security in the target market’s promotional campaign. perception by forging a strong relationship between the consumer The campaign will center on a members-only loyalty card and Wells Fargo. for customers. This card provides incentives to drive foot traffic into physical Wells Fargo locations. Message Theme: The promotion will focus on encouraging interactivity No matter where you are in life, visit a Wells Fargo Bank today between consumers and bankers. By offering a Vault Loyalty and sign up for your free Vault Loyalty card and earn free points Rewards card customers secure a $50 gift card to one of four toward a gift card of your choice. Don’t spend money to make businesses whose products fit their lifestyle. Earning a gift card is as money. Instead, secure your live with a swipe with a Vault Loyalty simple as three swipes of their Vault Loyalty Rewards card, easy as Card. one, two, three. Another big advantage of the Vault Loyalty Rewards card is that it gives customers something tangible in return Takeaway for their patronage and helps create brand awareness. Points programs are nothing new in the banking industry. What sets the Benefits to the Customer therefore, the customer need not spend money to make money. 4.0 Campaign Objectives Vault Loyalty Card apart is it is not attached to a credit or debit card; - Opportunity to earn a gift card - Close relationship with a personal banker Finally, because the majority of consumers in these Benefits to Wells Fargo - Increased foot traffic segments watch television and listen to the radio, many will have - Incentive for prospects to visit banks heard or seen Wells Fargo’s “Make the Most of Your Someday” - Existing customers will want new services/products advertisements. The Vault Loyalty Rewards card builds on this idea - Solidify relationships with customers by focusing on individual lifestyle stages customers are - Added incentive for customer loyalty Campaign Objectives 12
    • The objective of this campaign is to increase foot traffic into a Wells Fargo bank located along the Colorado Front Range over a six week period. The goal is to get customers in the door to meet with Wells Fargo bankers in order to facilitate conversations and initiate 13 relationships. This objective will be accomplished by gift card giveaways for customers who go to Wells Fargo banks and sign up for the free Vault Loyalty Card. Campaign success will be measured by the number of Vault Loyalty cards distributed and gift cards earned within the six week run of the campaign.
    • • Who will this medium reach? (new vs. existing customers) Wells Fargo Online Banking Website 5.0 Tactics • Advertise directly on the Wells Fargo website with the use of an innovative, new age word cloud. • A word cloud is going to attract attention and help explain in simple terms the ideas behind our promotion. Our target market will gravitate to the modern look of the word cloud and will create buzz for the promotion. Tactics • Effective contact point for current customers of Wells Fargo 5.01 Media Plan as well as perspective customers. All customers have access to the Wells Fargo website and with our tech savvy target The promotional advertisement for the Vault promotion market it will be a strong advertising medium to use. will, as we discussed earlier, use a conative strategic approach and 14 will encourage Wells Fargo customers to visit a Wells Fargo and sign up for the new loyalty program where they can work towards Word Cloud Example: earning free gift cards. In order to advertise the Vault Campaign the team has broken the media plan down into five distinct categories. All of the following categories meet our three criteria: • How this medium will be implemented? • Why is medium viable for our target market?
    • their choice of the following retailers: Bed Bath and Beyond, Home Depot, i-tunes gift card, or Best Buy. • Printed ads will provide our customers exposure to the Vault promotion and provide explanatory guidance on how the loyalty program works. Guidance and direction is what this young and somewhat inexperienced group desires and that is what these ads will provide. • The printed medium will be directed towards existing Wells Fargo customers who are coming into the stores. Radio Spot Advertisements along the Front Range 5.0 Tactics • We will purchase 30 second advertisements on the Mix 100.3 FM radio station. These advertisements will begin five days prior to the start of the promotion running five times each day. (please see budget breakdown for detailed schedule of radio advertisement plan) • Through this media we believe having more advertisements early during the life of the promotion is the best way to In-store Print Promotions reach the prospects because this promotion requires 15 • Vault campaign posters will be produced to help advertise customers to come into the store multiple times over the six the loyalty program offers and rewards. The ads will consist week period. If the ads are heard prior to the start of the of simple explanations for how the customers can sign up promotion and “drilled” into the hopeful customer’s head, for a FREE membership card and earn FREE gift cards from
    • the better the chance they will come in to the Wells Fargo • It will create large exposure and allow us to segment and store. pin point our target market because of the tools offered by the social networking sites. • These advertisements are used mainly to reach new customers. However, the radio ads will also provide strong • Social media will be focused on new customers however advertisements for our current customers. any overlay exposure can and hopefully will be seen by existing Wells Fargo customers. Radio Ad Example: Intro: Sound of a Vault door closing Lisa: Hey where you headed? Ryan: I am going to use my $50 gift card for Best Buy that I just received from Wells Fargo! Lisa: How did you get that? Ryan: I went to Wells Fargo and it was easy as 1 2 3 and they sent 5.0 Tactics me a gift card of my choice and it didn’t even cost me anything. Lisa: Wow…guess I know where I am headed! Wells Fargo Banker: Come in today and get your free Vault Card at any Wells Fargo location. Secure your life with a swipe. Email Advertisements Social Media Advertisements 16 • The Vault promotions will incorporate an email • We want to use Facebook as a contact medium. We will advertisement campaign. The email will emphasize the create both advertisements for Facebook as well as creating promotion by encouraging customers to go to the banks a Facebook events page for the Vault campaign to help and signing up for FREE membership for the Vault card and establish brand awareness. be on their way to earning a FREE gift card.
    • • This will be a very effective medium for our target market image and also provide our target market with options that fit their and it will serve as a way to easily and conductively explain lifestyle needs. the Vault promotional campaign. • Best Buy • This medium of advertisement will be targeted at the • Bed Bath & Beyond existing Wells Fargo customers. • Apple iTunes • Home Depot Logistics If you come into a Wells Fargo store during the 6 week promotion and sign up for the vault card you will get your first 5.0 Tactics swipe FREE just for signing up. To receive your remaining 2 swipes is simple. You MUST meet with a Wells Fargo banker once during the 6 weeks and will receive 1 swipe for this. Now you are only one swipe away from getting your $50 gift card. You may earn this last swipe by coming into the bank and doing a teller transaction or by referring a friend. After three swipes you now get a FREE $50 gift card of your choice! 5.02 Trade promotions We have chosen the following retailers to allow our 17 Rules and Regulations: customers to choose from when they receive the credit for a FREE • The friend a customer refers must sign up for some $50 gift card on the basis that these organizations have strong product, most likely a free checking account (the brand positioning in the minds of our banking customers. These friend then may also sign up for a FREE Vault card) reputable organizations will reflect positively on Wells Fargo’s • All three swipes must occur at separate visits to the bank (limit one per day)
    • 5.0 Tactics • Gift card choices include Bed Bath and Beyond, Gift Cards Home Depot, iTunes, Best Buy We are offering four options for the FREE $50 gift cards and those include: • Bed Bath and Beyond 5.03 Consumer Promotions • Home Depot Customers want convenience. These segments value family, home, and electronics and gift card options offer an • Best Buy easy way to show Wells Fargo has the right combination to support their values. • iTunes The gift cards for the promotion were chosen based on their Vault Loyalty card is available to new and existing relevance to our target market (both new and existing customers). customers. Visit a Wells Fargo Bank five times in the next six Our target market consists of first-time home buyers with family weeks and receive a free $25 gift card of your choice. driven goals as well as being technologically savvy and interested in Choose from iTunes, Best Buy, Home Depot, or Bed Bath & electronics and music. For this reason we have selected gift card Beyond! options that provide our customers with choices for what they want and what is important for their life styles. Takeaway Effective media outlets for our target market include radio ads, in-store print ads, social media networks, emails, and the Wells Fargo website. Creative advertisements about the innovative loyalty card will create buzz and help generate action to get customers into the Wells Fargo banks.
    • 18
    • 6.0 Evaluation Evaluation The ways to determine the success of the Vault campaign will be to record how many individuals sign up for the Vault Loyalty card, trace how many individuals follow through and complete the swipe requirements to receive their free gift card, and the number of new referrals from a Vault step. 19
    • Amount Price Total Expenses $ 30,000.00 Print Ads 150 $ 65.00 $ 9,750.00 Card Readers 4,615 $ 1.75 $ 8,076.25 Vault Cards 124 $ 194.00 $ 24,056.00 Radio Ads $ 5,000.00 Social Media Ads 3,461.54 $ 50.00 $173,077.00 Gift Cards 7.0 Budget $249,959.25 Total 20 Budget
    • 7.0 Budget Estimated Customers Customers Walk through the Front Range WF Banks 200,000 Number of Weeks in a Year 52 Number of Customers WF Banks along the Front Range have walk through the doors every week 3,846 Number of Weeks of the Campaign will be run 6 Number of Customers who will walk through the WF Banks on the Front Range during our Campaign 23,076.92 Estimating that 1 in 5 customers are going to sign up for the Vault Program * 20% Number of customers we are anticipating on Signing up for the Vault Card in the 6 weeks 4,615
    • 8.0 Execution *an internal estimate based on the ~22% of new checking accounts signed up for every year Radio Breakdown 21 5 days * 5 Prior Week 25 ads * $194 ads per day $ 4,850.00 7 days * 5 1st Week 35 ads * $194 ads per day $ 6,790.00 7 days * 5 2nd Week 35 ads * $194 ads per day $ 6,790.00 7 days *5 ads the 1st 3 days. 4 3rd Week ads the 29 ads * $194 next 2 and 3 ads the last 2 days $ 5,626.00 $24,056.00
    • 8.0 Execution 22
    • 8.0 Execution 23
    • 9.0 References About Us. (2009). Retrieved November 2, 2009, from Bank of Choice: 24 http://www.bankofchoiceonline.com/home/about About Us. (2009). Retrieved Novebmer 2, 2009, from Bank of the West: https://www.bankofthewest.com/about-us.html Bosworth, M. (2005, 7 11). Loyalty Cards: Reward or Threat? Retrieved November 12, 2009, from Consumeraffairs.com: http://www.consumeraffairs.com/news04/2005/loyalty_cards.html Checking Account Options. (2009). Retrieved November 2, 2009, from US Bank: http://www.usbank.com/cgi_w/cfm/personal/products_and_servic es/checking/check_acct_compare.cfm Dash, E. (2006, 8 9). A Bank for Every Block. Retrieved November 12, 2009, from New York Times, Business: http://www.nytimes.com/2006/08/09/business/09banks.html? pagewanted=all Dolan, T. (2009). Target Market. Greeley. Hellwig, L. (2009). Opportunity Analysis. Greeley.
    • Hoerner, T. (2009). Team Eight Positioning Analysis. Greeley. Key in the Community. (2009). Retrieved November 2, 2209, from Key Bank: https://www.key.com/html/community-is-key.html 25 MiniMag. (2009) Retrieved November 3, 2009, from Barcodes Inc.: http://www.barcodesinc.com/idtech/minimag.htm Radio Ad Costs in Colorado. (2009). Retrieved November 3, 2009, from gaebler.com: http://www.gaebler.com/Radio-Advertising-in-Colorado Tapestry Segmentation. (2009). Retrieved November 3, 2009, from ESRI: http://www.esri.com/library/fliers/pdfs/tapestry_segmentation.pdf