Marketing Strategy of Wells Fargo analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Wells Fargo marketing mix, help the brand succeed in the market. Let us start the Wells Fargo Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Wells Fargo marketing strategy can be explained as follows:
Wells Fargo provides a wide range of financial services and products for personal, small scale and large business. Wells Fargo provide banking, Insurance, loan and credit, Investing and Retirement, Wealth Management, Rewards and Benefit, Merchant Services, Payroll, and Industry expertise to government, auto industry etc. in their marketing mix product strategy. Community Banking deals with financial products and services for individuals and small scale business include auto and student loans, debit and credit cards, saving accounts and small loans.
Wholesale Banking provides solution to business by offering business banking, corporate banking, treasury management, insurance, and real estate services is also provided by Wells Fargo. Its presence in the financial sector is also strengthened by its presence on NYSE and S&P.
Wells Fargo Price/Pricing Strategy:
Below is the pricing strategy in Wells Fargo marketing strategy:
Wells Fargo focuses on their customer by using customer value based pricing in their marketing mix. The company offers services which are convenient, highly secure and flexible.
In addition to this company’s services are FDIC approved which benefit customer to succeed financially. Wells Fargo also offers some very competitive pricing for different products and services. Pricing strategy is the same in the United States as it is globally. The company has a strong financial position and its annual revenues are in the range of $70 billion.
Following is the distribution strategy in the Wells Fargo marketing mix:
Wells Fargo is a US based financial holding company which serves more than 70 million customers globally. Wells Fargo serves worldwide clients by offering products and services like retail services, treasury services, foreign exchange, commercial loans, wealth and retirement management and advisory services. The online access has made Wells Fargo to deliver smooth services to its customer around the world.
Wells Fargo has a significant international presence, with offices in London, Toronto, Dubai, Singapore etc, to a name a few.
Wells Fargo Promotion & Advertising Strategy:
The promotional and advertising strategy in the Wells Fargo marketing strategy is as follows:
Wells Fargo uses social media platforms like Facebook, Twitter, Websites. Other than these, the company uses Television ads, Billboards and print media to reach the potential customer. Recently, company has using integrated marketing campaigns featuring stories which resonates with customer by connecting at an emotional level. Wells Fargo invited social media fans by using hashtags #WhyIWork to share their motivational drive. Wells Fargo is building a customer experience through technology to make customer life easy with smooth processes.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Wells Fargo.
The main product of Wells Fargo is not a physical product but services it offers, so it’s a direct customer connection approach. All the services are offered through retail branches or online platforms i.e. official website and mobile application. The company takes immense precaution in safe guarding the customer's confidential information and making sure all transactions are safe from any fraud.
Timothy J. Sloan is the CEO and president of the company. Wells Fargo functions and deliver its product and services with a vision to satisfy customers financial needs and help them succeed financially. 200,000+ employees work for the company. It has over 70 million customers globally, who are extremely critical for the business.
Wells Fargo has a global presence across 35 countries. It has a wide network of 8700 retail branches and 13000 ATMs. Wells Fargo’s registered office is located at San Francisco, United States. The company’s website has all details about the service offerings given by the bank. The offices, ATM machines, cheque deposit boxes etc. are all a part of the physical evidence of Wells Fargo. This concludes the marketing mix of Wells Fargo.
About Wells Fargo:
Wells Fargo is one of a handful of U.S. companies dating to the mid-1800s that is still in the same business and operates under the same name. The headquarters building at 420 Montgomery Street in San Francisco stands on the same spot where Wells Fargo first opened for business in 1852. The company deals with consumer and commercial banking, insurance, investment, mortgages services. Henry Wells and William Fargo started the company in 1852. Wells Fargo works with a vision to satisfy its all the financial needs of its customers and help them to succeed financially. Wells Fargo provide retail, commercial and corporate banking services to individual and business. The company offers its personal and commercial financial service through online website and the mobile application.
Also, Wells Fargo have a strong presence through more than 8700 retail branches and nearly 13000 ATMs in United States. The bank has more than 30 offices in different countries other than in United States.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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