Work

Wachovia PR

July 22, 2009 MullenLowe

Background
Wachovia Securities Corporate and Investment Banking business was born of the merger of First Union and Wachovia. As part of an overall financial institution including a retail bank, wealth management, and a national brokerage, the corporate and investment banking group has become an emerging leader in the integration of the two sides of corporate finance – Corporate Banking (borrowing capital) and Investment Banking (raising capital through the issuance of securities).

Listed among the top 10 in industry league tables, Wachovia provides a broad array of financial services, corporate consulting, and capital to companies primarily in the FORTUNE 1000.

Opportunity

Even though the bank was the nation’s fourth largest financial institution and the third largest retail brokerage (distribution), the Wachovia name was a new one to many in the corporate financial markets. Furthermore, the competitive set tended to be well-entrenched, well-established brands with much bigger marketing budgets.

In addition, the key decision makers in the space, the C-Suite, tend to be very difficult to reach with many demands on their time and attention. They are surrounded by “gatekeepers” and other filters whose job it is to shield these top executives from virtually all sales and marketing materials and approaches.

Strategic Solution
One of the key insights we gleaned from our C-Suite research was that this is a group that tends to read a lot. So we built an integrated program around this passion and carried it into TV, Print, and relationship marketing. From a media stand point, we focused our TV dollars heavily on“Sports Sundays” (PGA Golf, the Golf Channel, Wimbledon, The British Open, etc.) and “Business Mondays” (MSNBC, Fox News, CNN, Bloomberg, Wall Strett Journal, etc.). The direct mail program was timed to coincide with the TV and print flights. Each successivemailing and media flight were carefully timed to coincide.