Segmentation, Targeting, Positioning

As a team it isn’t always the easiest thing to come together and agree on a specific target. But when we sat down and discussed the idea of STP (segmentation, targeting, positioning) we were all able to come to one conclusion that makes Wells Fargo, Wells Fargo. Within Wells Fargo our customers needs and wants are generally separated by income, which we chose as our segmentation base. Within this segmentation base we are able to differentiate between customers whether it involves personal or business banking. The segments that we came up consisted of: low income college students, families below the poverty level, families at the median income level, persons with high income, small business owners, corporations, and stockholders. After looking at our different customer segments the answer was clear on whom we should target, college students. College students meet each of the targeting criteria the best, which consists of them being: measurable, accessible, differentiable, substantial, and actionable. How they fit into each of these categories will be discussed next week along with positioning.