Analysis Of Wells Fargo

Decent Essays
When trying to determine which promotional strategy a company should use many factors need to be taken into consideration. The company must to decide who their target market is and what message they wish to deliver to the target market. Once this has been decided, the company should research their target market in order to determine which promotional strategy will work best to reach their target audience.
Wells Fargo uses several different promotional mixes. Just take a look around and one is likely to see some type of promotion for Wells Fargo. They use many avenues to ensure their marketing campaigns reach customers. Advertisements are placed in print, on TV, radio, online, billboards, and on apps (Bellon, 2017). When ones walks
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This push strategy came at a devastating cost. Many customers lost faith in the company. In 2015 the company was ranked as number 7 “the world’s 100 Most Respected Companies” (3: page 4). In 2016 the company had dropped to number 60 (32). Such a huge drop on the list confirms customers had lost faith in the company. In order to combat the negative press and the decline in consumer opinion the company’s public relations department released an announcement on March 1, 2017 apologizing for the corrupt sales practices and discussed the actions they have taken to correct the mistake and insure that it will not happen again (30). By releasing the article, “Highlights of Board and Company Actions in Response to Sales Practices”, the company hopes to restore customer’s faith in the company. However, only time will tell if they company will be able to regain the trust customer once had in the…show more content…
By offering incentives customers may purchase products they normally would not buy. According to Chris Boris n his article, “Wells Fargo Review: $25 Savings Bonus”, in 2016 Wells Fargo offered new customer a $25.00 bonus when they opened a “Way2Save Savings account” with at least $25.00 in it (Boris, 2016). If the incentive was properly promoted, then it most likely receive a large positive response and the communication process could be considered a success. However, if the promotion was not properly promoted and failed to reach the maximum target audience, then not many people may have not been aware of the offer and the communication process could be considered a
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