Wells Fargo is the 3rd largest bank in the U.S. and consistently among the world’s most stable and profitable financial institutions. The Practice Finance business unit is one of the nation’s top lenders to clinical practices owned by physicians, dentists, veterinarians and opticians.
“We have worked with AspireUp for several years and have made significant advances in our market strategy. The team at AspireUp are overall top marketers. They have a real expertise in both financial services as well as a strong knowledge base in healthcare.”
Wells Fargo Practice Finance
- Wells Fargo Practice Finance is a leading specialty finance company that focuses on healthcare. It has grown successfully through acquisition, most notably with the purchases of both Wachovia and Matsco.
- While historically successful in its market space, the company faced a two-fold challenge: 1) it needed to strengthen its brand in order to increase penetration in a consolidating healthcare provider market, 2) with the acquisition of Matsco by Wells Fargo, the new company needed a branding strategy that would help it win amidst intensifying competition in banking.
- Increased profit pressures in banking sector made it especially critical to focus marketing spending on strategies that would be efficient and generate results.
- Multiple waves of research were conducted, including internal research and data analysis, secondary research, and primary research—both qualitative and quantitative—with bank customers and prospects. As always, our goal is to deeply understand customer needs, the client’s strengths, source of competitive advantage, and market dynamics.
- Based on the research and strategy work, AspireUp developed a complete brand strategy which included four key components:
- New brand positioning strategy that gives Wells Fargo clear opportunity to grow and differentiate itself in a competitive market
- Hierarchy of research-tested brand benefits and key messages
- Brand architecture and naming approach
- Implementation plan focused on new marketing communications, new product offerings, and a customer experience that reflect the brand strategy.
- After completing the brand strategy work, AspireUp also facilitated the development of a new 3-year strategic plan for the business unit.
- In the three years following the rebranding, Wells Fargo Practice Finance experienced organic growth that far outpaced historic growth rates. Wells Fargo also acquired General Electric’s healthcare practice financing business and is now moving into new market segments, further increasing its market leadership position.
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