4. Opportunity Analysis College Students According to St. Petersburg Times, students are being denied more and more loans Important Decisions Recent Graduates Currently making Important Decisions Likely to stay with chosen bank for many years Wells Fargo’s Current Marketing
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6. Customer Analysis Generation Y Easily Bored Tech-Savvy Brand-Sensitive Not as Responsive to Traditional Marketing
8. Campaign Objectives Increase foot traffic by distributing scratch cards to new and existing Wells Fargo customers during the six week period starting 01/10/10. Receive 24,760 extra visits from customers by distributing over 3 million scratch cards
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10. Car loans, home loans, student loans College Students 4-5 years away from biggest financial commitments Wells Fargo = Preferred Bank Recent College Graduates College Graduates have higher average income Beginning to make important financial decisions Value, safety, and financial incentives will be extremely appealing
11. Strategies Market Segmentation Further segment Current customers Bank Statements, mail, and online log-in screens Qualified Prospects Direct mail Street Team on campuses Implementation January 10, 2010, ending February 22, 2010 College seniors graduating Car and home loans Spring Break and Summer plans Funds
12. Consumer Attitudes Cognitive Affective Conative Cognitive:Wells Fargo Bank: need recognition and/or brand awareness Affective:Unique and exciting scratch ticket with financial incentives grand prizes = socially desirable products/luxury goods Conative: Consumer finds enough positive reasoning to act upon those attitudes and emotions and participate in the promotion
13. Product Positioning Strong and unique image Scratch card same image Creates exciting and mysterious way to appeal to these customers Competition Offering financial incentives as well Wells Fargo offers additional incentives (points, fee forgiveness, TVs, car etc.) Creates superior product position
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17. Prizes / Incentives Prizes 2010 Toyota Prius TV Las Vegas Trip Reward Points ATM Fee Waiver Overdraft Forgiveness
39. Public Relations Stakeholders: Employees Stockholders Front Range community/customers Proactive Prevention Strategies: Clear rules about invalid cards Conflict management training Inform all employees Training A company newsletter A PR release (within the company) Information in the break room
