Mcbride Financial Services Marketing Plan Essay Example for Free

Mcbride Financial Services Marketing Plan Essay The firm will specialize in conventional, FHA, and VA loans for home purchasing and refinancing. The company intends to expand its operations into Wyoming, Montana, North Dakota and South Dakota. † (McBride Financial Services website, 2003) According to their intranet site, McBride’s target market is: 1. Professionals purchasing either a primary or secondary residence. 2. Retirees purchasing a primary or secondary residence. 3. Families and/or individuals purchasing recreational properties. This document will review McBride Financial Services’ existing marketing approach and offer suggestions for focusing market research and what types of media to use. Additionally a review will be made of McBride’s target market and how the existing strategy relates to the marketing principles of the 4Ps and SIVA. Target Market McBride’s target market is professionals and retirees purchasing a primary of secondary residence as well as individuals or families looking to purchase recreational properties. They service the following states: Idaho, Wyoming, Montana and North and South Dakota. In addition, McBride is focusing on using state of the art technology in order to be able to offer their low cost mortgage services which means that the target market must also be willing and able to conduct are large portion of the mortgage application transaction using electronic means, i. e. Internet and email. Media types McBride’s current marketing plan, as listed on their intranet site, includes the use of the following media types: localized TV ads, newspapers, radio and realtors in addition to informational handouts available at airports and major tourist attractions. McBride’s annual advertising budget is $80,000. Given that McBride utilizes technology to reduce the cost of the mortgage application process, it is surprising that the existing marketing plan does not include an online advertising strategy. 4Ps The 4Ps are product, price, promotion and place. McBride’s product is low cost conventional, FHA and VA mortgages. The price for a credit report, the mortgage application, an inspection and appraisal is fixed at $1,500. Promotions are created through the above mentioned media types of TV, radio, newspapers and realtors and through informational handouts at the airports and at tourist attractions. The placement for the application process is via McBride’s website. Marketing Strategy The SIVA marketing methodology is defined as solution, information, value and access. According to Dev and Schultz (2005) this approach to marketing starts with understanding the market and the customers based on true and deep customer insights and then identify and clarify what customer’s value. Market research needs to be focused on identifying customer’s core wants and needs from a mortgage lender so that targeted value propositions can be created. McBride needs to adjust or change their services to align with the marketing research results. Additionally, McBride needs to focus on gaining insight from existing customers as to how to improve their services as well as potentially tapping that customer base for referral, perhaps by creating an incentive for existing customer’s to bring in new clients. Put another way, the market research should investigate McBride’s target market of professionals, retirees, individuals and families to create a solution (S) based on what those customer’s value. That solution can in turn be used to create multiple targeted value propositions (I) highlighting how McBride’s services address the needs and wants of their customers. McBride then delivers on the value proposition as determined by customer needs and wants gained in the research (V). The value is measured through both market research on potential customers and through feedback loops from existing customer’s so that solutions can continually evolve to better meet the needs of the target markets.