WELLS FARGO CONSUMER BANKING SERVICE 5
The company’s management orientation is that of marketing orientedstrategy which targets the benefits that customers accrue from thebank’s services (American Banker, Inc, 2013). Huge amounts of moneyare dedicated to marketing by the bank which is an indication of howthe bank values marketing. This is due to the numerous adverts ntelevision, which must be costly to the company. The bank’smarketing orientation advertises its innovative products and how thecustomers benefit from such products. For instance, the bankadvertised on how easy it is to manage personal finances with the newE-banking by Wells (American Banker, Inc, 2013). The bank also usessocial media as a marketing platform and also as a way of interactingwith the customers. The bank has a Twitter handle and a Facebook pagewhere it interacts with the customers. The financial institution alsofocuses on a comprehensive marketing approach by bringing all theadvertising agencies together. The bank ensures that it uses theright media such as television, Facebook and Twitter so as to reachas many people as possible. Knowing the audience and targeting themupfront is a strategy that the bank applies (American Banker, Inc,2013). It has a marketing orientation that targets the entirepopulation without discrimination on basis of color or race. Thevision of the company highlights its focus on the clients “Wewant to satisfy all our customers’ financial needs and help themsucceed financially.”
Wells Fargo has ensured that it has a value offering that iscompetitive and that ensures that clients are satisfied. Wells pridesitself in the satisfaction and the efficient services that itsclients are offered. The bank has transformed to the digital erawhere customers interact more with the ATMs and their mobile phonesthan with employees at branches. A Service such as E-banking haveenabled clients to access banking services anywhere across the worldwithout having to visit a branch (American Banker, Inc, 2013). ATMsenable clients to access some services 24/7 which is extremelyefficient. These are the tangible benefits that the bank offers itsretail bank customers. The satisfaction that the clients getconstitutes the intangible value that they get (American Banker, Inc,2013). These services are offered at relatively low prices comparedto other banks.
The services that the bank offers are easily accessible. Consideringthat the client can indeed access banking services through the mobilephone or through the internet is proof enough that the services andthe products offered by the bank are easily accessible.
One of the greatest strength that the Wells Fargo consumer bankingservice has is the good brand image for the company. Wells is wellknown and its image has a positive reputation. This implies that anymarketing strategy will go down well with numerous clients. Thisstrength will definitely be a boast to the bank’s marketingstrategy (American Banker, Inc, 2013). Controlling a third of USbanking services is a proof that the company has a good brand. Lowcustomer care is one of the weaknesses of the bank. This cannegatively affect the marketing plan since the bank prides itself incustomer service and satisfaction. The bank has the opportunity toexpand into other countries. This will increase customer base, aswell as income to fund various activities in the bank. This willaffect the marketing strategy in that there will need to be anexpansion of the plan additional funds to target wider range ofaudience. The main threat remains to be competition from othercompetitors such as JPMorgan and Bank of America. The bank musttherefore enhance its marketing and introduce marketing strategies tocounter the competition.
Strategic Marketing Objectives
Marketing objectives are mainly the accomplishments that a firmwants to attain through the marketing activities. The objectives mustbe measurable, achievable and must be attained within a certain timeframe. Strategic marketing objectives include, but are not limited tocreating customer awareness, marketing new products and services andtargeting new customers. When a firm introduces new products orservices, it is always prudent to create customer awareness.Customers have a right to know the benefits of new products andservices once they are introduced. For instance, when Wells Fargointroduced the Wells E-banking, it was prudent to market the newservice as this was aimed at decongesting the branches (EssvaleCorporation Limited, 2014). Marketing is also aimed or has theobjective of winning new clients. Through advertising the variousproducts and services, firms are able to attract new customers.
Essvale Corporation Limited. (2014). Business knowledge forIT in global retail banking: The complete handbook forIT professionals. London: Essvale Corporation.
American Banker, Inc. (2013). Journal of retail bankingservices: JRBS. New York, NY: American Banker Inc.