Bank Study

Commerce Bank | Wachovia | Bank of America | Chase | Wells Fargo | Citibank | Washington Mutual (WaMu) | SunTrust | BB&T | Conclusion

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Wells Fargo

Much like Chase, Wells Fargo has decided to dilute its equity markers by making their tag line trite and a bit tongue in cheek. “The Next Stage” is supposed to remind us that we are moving ahead and is also intended to reinforce the brand equity marker of the Wells Fargo Stage Coach. Warning: Cleverness only pleases advertising agencies and marketing executives.  Cleverness simply raises barriers to prospects by SHOUTING “this was made by an advertising agency" and reminding them not to take it too seriously as it is just an advertising line.

In our market research, Wells Fargo returned no significant brand equity, in that it was not associated with any important precepts and excited no-switching triggers. However, they did return strong signal equity in that their customers and their competitor’s customers alike recalled the stagecoach. No real value was associated with it, but it was recalled. To almost everyone, Wells Fargo was simply a bank.  And unfortunately their brand does nothing more than reinforce that claim.

Wells Fargo talks about aspirational dreams and the “someday” wishes of all of us, but they pay them off with what we get from them today. 

What is it that we get (you’ll never guess…?)— Free checking, great rates, convenient locations and credit cards. “Get started on your someday today.”

Grade- C

Commerce Bank | Wachovia | Bank of America | Chase | Wells Fargo | Citibank | Washington Mutual (WaMu) | SunTrust | BB&T | Conclusion

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