Page 26 - Going for Growth: Targeting Today's Diverse Consumers

GOING FOR GROWTH: TARGETING TODAY’S DIVERSE CONSUMER 25

B. If the business challenge is the same across segments, is the consumer insight also
the same across segments? Or does the consumer insight differ?

It is not uncommon to have a business challenge that appears consistent across all
segments. Some may be tempted to stop at that, using this knowledge to justify developing
a single creative strategy for all segments involved. This, however, wouldn’t be the most
benefi cial decision for most brands. Business challenges may not vary dramatically
segment to segment, but related consumer insights can often refl ect a wide spectrum of
differences, ranging from highly nuanced to sharply distinct. By taking the time to uncover
unique insights for high-potential segments, marketers can deepen brand-consumer
engagement and generate increased revenue.

Wells Fargo takes consumer
insights seriously, always ready to
explore innovative opportunities
that connect on a cultural level.
One such example is marketing
done for a suite of mobile product
tools used to increase brand
consideration among checking
account prospects. The business
challenge was consistent across
Wells Fargo TV Commercial segments. Had the brand stopped
“HABLAS ESPAÑOL” there, it would have missed
an important opportunity to
leverage key consumer insights of value to Hispanic customers. Analysis revealed that
a signifi cant percentage of Hispanic consumers preferred to bank in Spanish. More than
mere translation, these consumers valued culturally relevant in-language options that
addressed their fi nancial management needs. The solution? Wells Fargo developed
a Spanish mobile app and featured related messaging in targeted Spanish-language
advertising. This led to a differentiated advertising campaign that was segment-specifi c
and leveraged cultural customization. Wells Fargo succeeded in increasing consideration,
brand scores, and new checking accounts.

C. If a consumer insight is shared across all segments, will the General Market creative
be relevant and resonant across segments?

Depending upon the category, research may show that all consumers can be united under
the umbrella of universal truths. While this would seem to suggest that a shared approach
is warranted, it is best that marketers not jump to that conclusion before weighing related