This document outlines a promotion campaign for Wells Fargo Bank to target college students and recent graduates. The campaign's objectives are to increase foot traffic by distributing scratch cards for a chance to win prizes and to receive over 24,000 additional customer visits. The strategies target college seniors graduating soon, those taking out loans for cars or homes, and current customers. Tactics include direct mail, scratch tickets inserted in bills, a street team on campuses, and digital marketing. Prizes include a Toyota Prius, TVs, gift cards, and financial incentives like fee waivers. Tracking and measurements of media sources will evaluate the promotion's success.
7. 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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9. Customer Analysis Generation Y Easily Bored Tech-Savvy Brand-Sensitive Not as Responsive to Traditional Marketing
11. 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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13. Car loans, home loans, student loans Recent College Graduates College Graduates have higher average income Beginning to make important financial decisions Value, safety, and financial incentives will be extremely appealing College Students 4-5 years away from biggest financial commitments Wells Fargo = Preferred Bank
14. Strategies Implementation January 10, 2010, ending February 22, 2010 College seniors graduating Car and home loans Spring Break and Summer plans Funds Market Segmentation Further segment Current customers Bank Statements, mail, and online log-in screens Qualified Prospects Direct mail Street Team on campuses
15. 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
16. 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, TV’s, car etc.) Creates superior product position
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20. Prizes / Incentives Prizes 2010 Toyota Prius TV Las Vegas Trip Reward Points ATM Fee Waiver Overdraft Forgiveness
38. 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