Michael Lacorazza, EVP/head of integrated marketing for the financial services provider, discussed this subject at the Association of National Advertisers’ (ANA) Masters of B2B Marketing Conference
The company’s consumer-focused marketing operations, he explained, can draw on significant budgets and an impressive tech stack in driving progress.
Among the resources available to Wells Fargo’s consumer marketers are “data management platforms, programmatic buying, multi-touch attribution, marketing mix modeling: our retail approach is really sophisticated”, Lacorazza said. (For more, read WARC’s in-depth report: Wells Fargo’s business-to-business marketing formula: small budgets, big ambitions.)
“On the B2B side, we are much more nascent ... but we have outsized ambitions,” he continued. “There are other ways to be successful that don’t involve all of those amazing pieces of technology.”
A case in point: when Wells Fargo wanted to ramp up the status of its wholesale banking services in the Boston market, it created an agile marketing team freed from any unnecessary layers of review and approval.
“We just let the team roll, told them to make decisions in the moment, go fast, [and] make it happen,” Lacorazza said. “Moving faster to market is not reliant on having your data architecture designed.”
Similarly, Lacorazza’s team put a novel twist on testimonials – a staple of B2B marketing – to show how it had various assisted tech startups, a “story that we haven't told very well or very frequently”.
This content series looked at smaller enterprises that have experienced significant “moments of truth” – that is, insights or events that helped propel them to the next level on their journey – and delivered powerful results.
In such ways, Wells Fargo’s B2B marketing yields “an outsize return in terms of importance to the company” with its wholesale businesses quietly contributing a third of the organisation’s revenue and half its net income.
Sourced from WARC