McBride Financial Services Marketing Plan Headquartered in Boise, Idaho, McBride Financial Services is a start-up regional mortgage lender who provides low cost mortgage services using state-of-the-art technology in Idaho, Montana, Wyoming, North Dakota, and South Dakota. The firm specializes in conventional, FHA, and VA loans for home purchasing and refinancing. McBride’s business philosophy is to process customer’s mortgage applications efficiently and effectively from inception to closing. McBride has decided to redesign its current marketing plan.
Market Research Marketing research is a fundamental of the new McBride marketing plan. First, potential buyers must be identified. This will be done by researching up-to-date descriptive information about buyers, such as income and demographics of desired neighborhoods. Once the buyers are identified, their needs and wants must be identified, thus those needs may be satisfied by the company. The market research process will allow us to determine McBride’s target markets, where it can then be decided as to the best approach to reach those markets.
Target Markets A well-defined target market is the key. McBride’s target market is people purchasing their first and second homes, and people who need a low cost mortgage. This market can be broken down into sub-markets such as: professionals purchasing a primary or secondary residence, newlyweds purchasing their first residence, retirees purchasing a primary or secondary residence, and families and/or individuals purchasing recreational properties. Different types of media will be used to target the different areas. Media
The new marketing plan will establish an integrated marketing plan to include various types of media to market to different target markets. Retirees are less likely to view internet marketing so television, radio, newspaper and magazine advertisements, in addition to direct mailers will be used to target this group. McBride’s new marketing plan will also target professionals by utilizing a variety of types of internet media: Web Advertising – A new website will showcase available properties and allow users to easily compare properties. The website will utilize video and virtual tours on listings to increase customer experience.
It will also allow users to contact the agents, offer a mobile application for various platforms, and link to various social networking sites. Ad Tracking – Ad tracking will be used to monitor internet advertising performance. Video – Commercials created will be used for both showing a listing on the company website and advertising on external websites related to real estate. Virtual Tours – Virtual tours (composed of a sequence of video images) and interactive floor plans will be implemented to give the user a more “real” feel for the property.
Consumers are 74 percent more likely to view a listing that has a virtual tour than a listing that does not have a virtual tour. (Liodice, 2011) Mobile Phone Application – A mobile phone application will allow clients to view virtual tours and property listings, compare properties, and contact an agent. Social Networking – Social networking pages will be created to show listings, personalize a customer relationship, and to gain customer feedback. Online Security and Legal Issues – Online security and legal issues are online marketing considerations that must be addressed.
Implementing online security practices related to the integrated online marketing system will establish confidence of the end user (the customer). Conclusion McBride Financial Services has a marketable service but needs to fine tune their marketing strategies to reach carefully targeted audiences. While still reaching their other target markets with media such as television and radio, McBride will focus on internet marketing and offering an efficient way for customers to view properties.
A new marketing plan will enable McBride to ensure good customer relationships and create an overall positive experience for their customers. References Apollo Group, Inc. (2005). McBride Financial Services. Retrieved July 4, 2011, from McBride Financial Services: https://ecampus. phoenix. edu/secure/aapd/cist/vop/Business/McBride/Internet/McBridePort. htm Liodice, E. V. (2011, February 16). How Videos Increase the Perceived Value of Homes and Sales Price. Retrieved July 4, 2011, from iAmerica Marketing Real Estate: http://www. iamericamarketing. com/2011/02/marketing-online-print-social-business/virtual-tours-sell-homes/