My group and I designed created an intergraded campaign for Wells Fargo. Our task was to developed a successful campaign that would drive more foot traffic in the Wells Fargo’s banks. My contributions for this campaign were the positioning strategy, target market, and objectives, as well as, other various task for the campaign.
50. Checking, Savings & CDs, Credit Cards, Loans & Lines of Credit, Business Rewards, Payroll, Merchant Card Processing, Retirement & Investments, International Business Service
51. Online: Business Online Banking, Business Bill Pay, Direct Pay, Foreign Exchange, and Online Invoicing
65. Service (16%)Bank of the West<br />Products Offered<br />Personal <br />Checking, Savings Accounts and CDs, Credit Cards, IRAs, Online Banking, Consumer Loans and Lines of Credit, Private Banking, Pacific Rim Banking, Auto Leases, Telephone Banking, Financial Calculators, Wealth Management and Trust, Insurance, Investment Services, Home equity loans, Military Loans, Auto Loans, Home Loans, Recreational Vehicle loans, Retirement planning, Education Savings Solutions, and Auto, Home, and Life Insurance. <br />Small Business<br />Checking, Savings and CDs, SBA lending, International Trade, Business Services, Loans and Lines of Credit, Business Online Banking, Business Insurance, Wealth Management and Trust, Cash Management, Equipment Financing, Debit and Credit Cards<br />Commercial <br />Lending, Cash Management, Capital Markets, International Trade, Equipment Financing<br />Advertising and Promotion<br />Get $100 to spend at local businesses when you open a checking account and pay bills online CITATION Ban 1033 (Bank of the West).<br />Open a small business checking account and use debit card for 5 transactions and you will get $100 into your account<br />Online Consumer Reviews CITATION Bet09 1033 (Better Business Bureau, 2009)<br />The Better Business Bureau.com reports that out of a total 63 consumer complaints, 54 were resolved, 8 were administratively closed, and 1 had no response. The top complains included:<br />Billing or collection issues (43%)<br />Customer service issues (22%)<br />Service issues (17%)<br />Overall rating of “B”<br />1st Bank<br />Products Offered<br />Personal<br />Accounts<br />Checking<br />Savings<br />CD/Time Accounts<br />Health Savings Account<br />IRA<br />Loans<br />Mortgage<br />Home Equity<br />Cash Reserve<br />Auto Loans<br />Credit Cards<br />Construction Loans<br />Loans to Purchase Real Estate in Retirement Account<br />Business<br />Accounts<br />Checking<br />Check Card<br />Savings<br />Credit Card<br />Services<br />1031 Exchanges<br />Cash Concentration<br />Desktop Teller<br />Internet Services<br />Lockbox Service<br />Merchant Services<br />Loans<br />Construction<br />Line of Credit<br />Mortgages<br />Letters of Credit<br />Single Payment Loans<br />Advertising and Promotion: Overall, in their advertising, 1st Bank seems to seek originality, fun, humor, and a distinctly “un-bank” style. The bright orange of 1st Bank’s logo and its casual language make it feel approachable and light-hearted.<br />Online Banking with Bunnies commercial<br />1st Bank ran a very successful commercial highlighting how pleasant their online banking experience was. This commercial focused on personality, humor, and seemed aimed at people approximately ages 18-40<br />Twins in coffee shop commercial<br />1st Bank ran a similar commercial with a very similar feel which highlights 1st Bank’s concern with protecting customers’ identities. This ad seemed targeted at a slightly different group though, trendy young professionals.<br />Online Consumer Reviews<br />As 1st Bank is somewhat smaller than the others, it does not have nearly as much presence on the BBB website or in JD Power reports. To gain insight on consumer perspective, several online review sites were utilized:<br />According to 2 reviews on citysearch.com, 1st Bank received a rating of 5 out of 5 stars. CITATION Cit 1033 (CitySearch)<br />According to 3 reviews on yelp.com, 1st Bank Denver received 4.5 out of 5 stars. CITATION Yel 1033 (Yelp)<br />According to 2 reviews on yelp.com, 1st Bank Wheat Ridge is rated 2 out of 5 stars. CITATION Yel1 1033 (Yelp)<br />According to 5 reviews on userinstinct.com, 1st Bank received 6 out of 6 stars. CITATION Use 1033 (UserInstict)<br />By calculating a weighted average of these scores, we can estimate an overall satisfaction rate of 97.69%<br />Chase<br />Products Offered<br />Personal Banking<br />Checking, credit cards, savings, CDs, debit cards, gift cards, <br />Business<br />Business banking, commercial banking, business credit cards<br />Personal Lending<br />Home equity loans, mortgage, auto loans, student loans<br />Advertising and Promotion<br />Advertising (data collected from YouTube commercial ads.)<br />Ads showing how fast it is to operate an ATM<br />Expressing the advantage of free reward point when using your debit card<br />Promote their fraud alert option with their credit cards<br />Ads appear to promote the family, being able to buy what you want (rewards), seem to also lean to younger demographics. <br />Promotions (data collected from http://www.facebook.com/group.php?gid=5164598730) <br />$100 for opening a Chase checking account<br />$125 referral coupon <br />$10 bonus for online bill pay<br />Reward points for debit cards<br />Travel points<br />Online Consumer Reviews<br />The Better Business Bureau reports that within the last 36 months that there were 783 recorded complaints with Chase Bank. <br /> All 783 were resolved<br />Overall, the Better Business Bureau gave Chase Bank a B grade.<br />US Bank<br />Products Offered<br />Personal Banking<br />Wealth Management<br />Investments & Personal Trust, Private Banking, Financial Planning & Insurance, and Find an Advisor<br />Credit Cards and Prepaid Cards<br />Credit Cards, Your Credit Card Account Online, Visa Gift Cards, and Visa Buxx<br />Loans<br />Equity, Auto, Boat, & RV Loans, Personal Line of Credit, and Student Loans <br />Mortgages<br />Mortgage Programs, Mortgage Calculators, Homebuyer, and Find a Loan Officer<br />Online Banking<br />Internet Banking, Internet Bill Pay, Mobile Banking, and Online Investing<br />Checking and Saving<br />Checking Account Options, Savings Accounts & CDs, and Check Cards with Rewards<br />Small Business<br />Business Services<br />Cash Management, Payment Solutions, International Banking, and Business Insurance<br />Employee Services<br />Payroll Services, Direct Deposit, Workplace Banking, Health, and Savings Account<br />Credit, Loans & Leasing<br />SBA Loans, Real Estate Loans, Credit Cards, and Equipment Leasing<br />Checking & Savings<br />Many Checking Account Options, Savings & Investing, Check Cards With Rewards, and Online Account Access<br />Commercial and Government<br />Corporate Payment Systems<br />Commercial Cards, PowerTrack, Voyager Fleet Systems, and Government Services<br />Trust & Investing<br />Asset Management, Corporate Trust Services , and Institutional Trust & Custody<br />Financing, Capital & Leasing<br />Traditional Lending, Specialty Lending, Structured Capital, Equipment Finance, and Commercial Real Estate<br />Industry Expertise<br />Government & Nonprofits Banking, Financial Institutions, and Mutual Funds & Partnership Services<br />Employee Services<br />Corporate Relocation, Direct Deposit, Workplace Banking, and Health Savings Accounts (HSA)<br />Deposit & Payment Solutions<br /> Checking Accounts, Treasury Management, International Banking, Payment Solutions, and ReliaCard® Visa®<br />Advertising and Promotion<br />Advertising<br />U.S Bank made more than $22.6 billion in loans and investments during 2007 to help support the creation of affordable housing, economic revitalization, and organizations providing critically-needed services to low- and moderate-income individuals and areas<br />U.S. Bank is also proud to co-sponsor an annual Community Service Initiative in partnership with The Financial Services Roundtable.<br />U.S Bank employees work together to support such causes as Special Olympics, Junior Achievement, and Habitat for Humanity.<br />$20.7 million in cash grants were given to qualified nonprofit organizations in 2008<br />U.S. Bank supports more than 150 sponsor relationships across our banking region annually and is one of the top 100 sponsoring companies in America<br />Support a wide variety of pro, minor league and collegiate sports, innovative arts and cultural venues and programs, as well as festivals and civic events<br />Promotions<br />Earn reward when you use your credit card<br />Cash Rewards<br />Travel Rewards<br />Merchandise Rewards<br />Retail Rewards<br />Establish credit<br />Earn rewards when you use your check card<br />Cash Reward<br />Travel Reward<br />Merchandise Rewards<br />Online Consumer Reviews<br />1.71 from Rate it All <br />From Lending Tree<br />Overall 4.3 out of 5<br />Fees and Cost 3.7 out of 5<br />Responsiveness 4 out of 5<br />Wells Fargo has a significant competitive advantage over the community banks along the Front Range in product line breadth and depth. The community banks are either unable or unwilling to participate in offering student checking accounts and student loans. However, Chase and Key Bank offer similar products. Although Wells Fargo does offer online banking options, Chase is the first among those listed to begin working with iPhone applications. <br />Auto Loans Student Loans Build Your Credit Loans Student Checking Free Checking Basic Savings Online Banking Mobile Banking Online Bill Pay iPhone Apps Wells FargoYes Yes Yes College Combo Yes Goal Savings Accounts Yes Yes Yes N/A Bank of Choice Yes N/A N/A N/A Choice Checking Yes Yes N/A Yes N/A Chase Yes Yes N/A College Checking Chase Checking Yes Yes Yes Yes Yes KeyBank Yes Yes N/A Student Checking Express Free Checking Key Saver Yes Yes Yes N/A FirstBank Yes N/A N/A N/A FREE Checking Regular Savings Yes Yes Yes N/A <br />J.D.Power Bank Study<br />2009 Retail Banking Study<br />J.D. Power.com<br />Overall Satisfaction: This score is based on how customers rate their overall experience with their current primary financial institution. <br />Convenience: This score is based on how customers rate the hours of branch operation, number of branches, and ease of access for their current primary financial institution.<br />Account Initiation/Product Offerings: This score is based on how customers rate the ease of opening an account, variety of banking services available, innovation of new services offered, ease of making changes to accounts, effectiveness of communication of products and services available, and competitiveness of interest rates (including checking, savings, money market, CDs, etc.) for their current primary financial institution.<br />Fees: This score is based on how customers rate fees assessed including account maintenance, overdraft, check order, and cashier’s check/money order fees for their current primary financial institution.<br />Account Statements: This score is based on how customers rate the ease of understanding, clarity, and information provided in account statements from their current primary financial institution.<br />Transactions: This score is based on how customers rate the various transaction methods used (as applicable) including in-person, ATM, online, automated phone, and phone transactions with a live representative for their current primary financial institution.<br />Appendix B: Expanded Budget<br />Tickets for Recent Grads Est. 5 years in college Est. 70% enrollment in target age 28 cents each 1st class postage 15 cents each production $200 design (spread out)Total$85,707.28Tickets for College Students 15 cents each production Est. 40 people needed to distribute 3 peak distribution hours daily $10 per hour pay Est. 4 days needed to complete $200 design (spread out)Total$34,828.12Tickets for Existing Customers 15 cents each production $7000 fixed cost statement inserts $200 design (spread out)Total$24,585.53Tickets for Everyone Else, Restaurants Triple number in target group Est. .5% response rate x3 to account for restaurants and uncertainty 15 cents each productionTotal$6,519.58Reward Points (Tiered) 33% Chance Divide est. tickets by 3 for target $5 each for 500 points 33% chance $3 each for 300 points 33% chance $1 each for 100 points 33% chanceTotal$24,760.18ATM Fee Waivers 33% Chance Average $2.22 ATM feeTotal$18,322.53Overdraft Forgiveness 33% Chance Est. $1 processing eachTotal$8,253.391 Grand Prize Toyota Prius$18,000.0042quot;
Panasonic TVs 30 TV Prizes Drawn $549.99 eachTotal$16,499.70Las Vegas Trip Airfare Hotel StayTotal$372.00Promotional Posters 80 cents each production 50 est. colleges/universities Est. 15 posters per institution $1000 professional designTotal$1,600.00Storefront Banners $200 each production At 25 Wells Fargo stores $100 designTotal$5,100.00Subtotal$244,548.33Remaining for Admin. Costs and Extra$5,451.67Total$250,000.00Total Visits Generated24,760Cost per Generated Visit$10.10Profit per Customer (According to Corporate Executive Board)$320.00 ROI per Customer$309.90 ROI Total$7,673,180.43 <br />