Branding Campaign
Targeting Gen Z
Company Background
Wells Fargo's full history, spans over more than 160 years of innovation. A diversified, community-based financial services company founded in 1852, Wells Fargo is the third largest bank in the United States, employing over 200 thousand people.
Business Challenge
Grow the lifetime value of Wells Fargo relationship with Gen Z to leverage their combined spending power of over $150 billion.
Business Goals
Expand the number of products used by Gen Z
Increase the % of wallet share Wells Fargo has with each Gen Z
Grow the lifetime value of each Gen Z relationship
The Kinetic Process
The
Warm up
The Situation
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Coming through the pandemic, the banking sector market landscape is rapidly changing. Financial institutions are seeking clarity and situational awareness to accelerate change, driving the need to take deliberate action.
Key Trends
Higher Purpose
Banks are reimagining payments offerings for newly-demanding customers. It's important they take strides to contribute to day-to-day business that stretches far beyond their profit maximization and represents the company’s raison d’etre. (Higher Purpose)
Digital World
Gen Z is digital natives. The internet, social media and mobile have always been a presence in their lives. Gen Z is a truly hypercognitive generation that is comfortable with assimilating information from online and offline sources.
Covid
Prior to the COVID-19 pandemic, college-aged Generation Zs were headed into a booming economy. According to the Bureau of Labor Statistics, the national unemployment rate immediately preceding the outbreak was at a historically low 3.5% in February of 2020
Existential Threat
Climate change is a “crisis multiplier” that has major implications on humanity and is the biggest threat to security that this world as ever faced.
Validate
Born between 1997 and 2012, Gen Z accounts for more than a quarter of the US population. The older members of this generation are entering banking age.
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They are empowered, connected, empathetic self-starters that want to stand out and make a difference in the world. Moving forward it's imperative that financial institutions get to know Gen Z better than they do now.
What Gen Z cares about
The environment
Civic Engagement
Racial Equity
Higher Education
Economic Security
Mental Health
Primary Research
Surveys
100 people surveyed
Ages 18-29
49% Men / 51% Women
68%
Of respondents said they look for trust and reliability in a bank.
21%
Of respondents said they bank with Wells Fargo.
80%
Of respondents ranked innovation as the highest factor they look for in a bank closely followed by values.
Interviews
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I've seen this with a lot of people my age, we're very aware of social problems and that transitions into the workforce so brands need to make a change and fall in line. Banks control the world, but I think they should be geared more towards helping you instead of controlling you.
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Sam P. , 16, Miami
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When I think of innovation I think about something I've seen, heard, or experienced that make me go woah. Even if it doesn't work for me, I know it will change someones life. Innovation is constantly evolving.
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Marvin F. , 23, New York
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I know my son wants something authentic, this is a generation that isn’t afraid to hold brands to account. It’s not good enough to simply echo the topics or tone of voice that Gen Zs use themselves. You’ve got to live by their values and do the work.
Myra N. , 40, Philadelphia
It’s not good enough to simply echo the topics or tone of voice that Gen Zs use themselves. You’ve got to "live by their values" and "do the work. "
Brand Truth
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"Innovators that meet the moment"
Opportunity
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Gen Z is empowered, connected, self-starters that want to stand out and make a difference. Banks can benefit by actively engaging in the creation of meaning surrounding them.
Campaign Insight
Banks can truly alter the future.
Campaign Message
Wells Fargo (the brand) can change the world.
Stretch
WE DARE YOU
REVIEW
Measurements of Success
BRAND VALUE
PRODUCT USAGE
WALLET SHARE
Campaign helped shift perceptions from a transactional bank to a innovative brand
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Based on the fact that our content was more engaging on social media we saw an increase in website traffic and Wells Fargo social media channels
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Our proposal will deliver a 30 % increase in wallet share by capturing Gen Z combined buying power of over $150 billion