WELLS FARGO The Marketing Knights BACKGROUND Wells Fargo

WELLS FARGO The Marketing Knights

BACKGROUND Wells Fargo is a banking company that was established 164 years ago in New York, New York Fourth largest bank with over 1. 7 trillion dollars in assets One of the big four banks in the United States Interviewee: Danyael Campos Work program manager at Wells Fargo

COMPETITION Wells Fargo is one of the big four banks: JP Morgan Chase Bank of America Citi Bank Wells Fargo owns 5 -8% of the market share The concentration of the market is low Highly segmented market High barriers to entry

CUSTOMER SEGMENTS & VALUE PROPOSITIONS Businesses Students Local business owners Small businesses or large retailers Students at local colleges and universities Offer products/services of business customers to other business customers Free financial education Scholarship website Financial education and financial aid resources Smart about credit and student loans

SALES PROCESS Understand the customer and what they need What are they focusing on and what can Wells Fargo do to help with that initiative? Map out a plan – Goals to accomplish and times to meet Follow up on the plan

SALES FORCE STRUCTURE Wells Fargo at Work Oversees a designated area containing an average of 50 businesses Geographic specialization 3 offices in Central Florida 14 offices throughout the state State manager Program Manager

RECRUITING/TRAINING/SUPERVISION A store manager, district manager, and recruiting team ensure every store is staffed appropriately. The training process involves 5 steps. Training is then given at an event in 4 steps. New hires go through a 2 month training program They receive coaching for another 2 months After this, they still receive coaching.

MOTIVATION The culture is built on caring. Managers acknowledge everything that happens to the sales force. There is a reward system that is team based. When a team member helps a customer Snacks, t-shirts, gear, etc A new hire will be easier to motivate. Important to know what motivates each person

MOTIVATION/SALES TERRITORY Each role in the company has different goals/quotas. Mr. Campos had an increase in his quota over time. 14 areas and an area president for each Areas can work together to achieve the best outcome.

COMPENSATION/PERFORMANCE Base salary plus bonus incentive based on performance Do not need to reach goal to receive a bonus Compensation can be non-monetary An outside company evaluates the store and employees. Salespeople can rate their managers and store. Connection conversation each quarter Managers can help team members reach their goals.

CRITICAL CHALLENGES

ASSESSMENT & SUGGESTIONS Formal training for associates Mentorship More structured hierarchy