Making individual customers the secondary target market. The reason Wells Fargo’s primary target market is the business customer is because they will increase the company return on investment quicker. This is due to the fact that many business have cash flows that are larger than the average individual customer.
When a company has such a large target market they often use a differentiated target market approach, which exactly what Wells Fargo has done. By using a differentiated target market approach, they can not only make themselves stand out from their competitors, but they can create marketing campaigns that target each of the market segments they are trying to …show more content…
They know that in the business world money matters and what matters even more is how fast one gets their money. That is why Wells Fargo is offering is the “FastFlex Small Business Loan” (18). This loan allow business to not only apply for a loan online, but the program will speed up the time it takes to get approved for a loan (18). This will help business to receive their funding quicker (18). Businesses will benefit from this services because by getting funding faster, they are able to purchase the items they needs such as inventory or equipment, faster. Wells Fargo recent partnered with MasterCard on a program called Mastercard Send, which accelerate the speed in which “Wells Fargo Treasury Management and Wells Fargo Merchant Service customers” are able to transfer funds (12). Mastercard Send will allow for real time payments (12). Payments that were once made by checks, such as insurance settlements, will now be made through electronic funds transfers (known as EFT) (12). Wells Fargo now offers tools in their “business credit center” which will allow business owners to gain a better understanding on how to manage their credit (19). Within the “credit center” business owners will have access to videos that will help them better manage their credit and an array of financing options (19). By better understanding how to manage their credit business owners will be able