Wells Fargo Consumer Banking Service †MyAssignmenthelp.com

Question: Discuss about the Wells Fargo Consumer Banking Service. Answer: 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. 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 companys 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 companys effort to help its customers attain their financial goals through innovative products and services offered. 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. 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 companys 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. 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 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 consumersbehavior 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. 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 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. 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. 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 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. 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 customersopinion 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. 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.