McBride Financial Services-Marketing Plan Essay
The first step in any marketing plan should be marketing research.
McBride Financial Services will be using a four step plan for gathering research for marketing. The goal of marketing research for McBride is to gather data from local chambers of commerce, visitors’ bureaus, and local realtors concerning the target market: professionals and retirees purchasing a primary or secondary home and families or individuals purchasing recreational properties.With suggestions from McBride the marketing plan will include television, radio, and newspaper advertisements; informational flyers, and the Internet. It is suggested that greater focus be placed on Internet marketing using customer testimonials and an exchange of Web links with other businesses in a relatable field.
Marketing Research There are four basic steps in the process of marketing research; defining the problem and research objectives, developing the research plan, implementing the research plan, and interpreting and reporting the findings (Armstrong & Kotler, 2005).McBride Financial Services’ problem is reaching the target market to become a profitable company within one year of operating with the objective of research being descriptive research, meaning that the research will describe the market potential for high-end, low-fee mortgages and refinancing within the target market (web& Armstrong & Kotler, 2005). McBride Financial Services’ target market is professionals and retirees purchasing a primary or secondary home and families or individuals purchasing recreational properties (web).The next step in marketing research is to develop the research plan.
The research plan for McBride Financial Services should incorporate data from chambers of commerce, visitors’ bureaus, and local realtors from the areas surrounding the company’s eight locations concerning the numbers of first time homebuyers, secondary homebuyers, retirees, and information concerning people seeking recreational properties in the areas. Marketing MediaMcBride Financial Services has expressed an interest in using local television advertisements, local newspaper advertisements, informational handouts at airports and major tourist attractions, local radio advertisements, and partnerships with local realtors (web). While local television, newspaper, and radio advertisements are a great way to reach those in the target market that are local, the majority of the secondary home or recreational property customers are not going to be local.Handing out informational flyers at airports and tourist attractions is a great way to target the secondary and recreational property customers; but realistically, how many vacationers are going to want to take time out of their vacation to apply for a mortgage or refinance a current mortgage.
The largest portion of McBride Financial Services’ marketing should take place online. Marketing Plan Currently McBride’s Web site offers state-of-the-art technology with the most efficient and effective processing of mortgage applications from inception to closing (web).McBride Financial Services offers an online, simplified mortgage application and promises that the application will be processed within one business day of submission. The focus of the marketing plan should be the low-fees and state-of-the-art features; such as the online application, the inclusion of home appraisals, and home inspections (web).
One suggestion for online marketing would be for McBride to add previous customer testimonials to their Web site; of course, the testimonials can also be used in the television, radio, and newspaper advertisements, as well as the informational flyers.The online testimonials could include a description of his or her experience with McBride, the customer’s first and last name, occupation, and city and state in which the person purchased the home financed by McBride (WB1). Another suggestion for online marketing would be to exchange Web links with companies in a relatable business; such as, realtors, building contractors, home interior designers, and home improvement centers (WB2). An exchange of Web links opens up McBride Financial to the world of viral marketing and exposes them to search engines, meaning a greater potential for someone on the Internet to find McBride Financial Services.
In the last decade, more homebuyers have found their new home online. In a study done by the National Association of Realtors (NAR) in 2008, 35% more people used the Internet to find a new home versus using a newspaper (WB3). In respect to the research done by NAR, it is suggested that McBride Financial Services should consider expanding their presence on the Internet elevating their exposure to the target market and expanding their marketing niche.With the largest portion of homebuyers using the Internet to search for homes, McBride Financial Services should place a greater emphasis on Internet marketing.
McBride’s Internet marketing should include customer testimonials and Web links to relatable businesses on the company’s Web site. With information gathered from local chambers of commerce, visitors’ bureaus, and local realtors McBride Financial Services will be well armed to reach their target market of higher-end customers looking for primary or secondary homes or recreational properties.Referencesa la Mode. (2009).
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