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Marketing Plan for the McBride Financial Services Report

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Updated: Oct 1st, 2021

Introduction

McBride Financial Services is a financial service firm engaged in providing mortgage services at a lower rate to its customers by using state-of-the-art technology. Its service areas include Idaho, Montana, Wyoming, North Dakota, and South Dakota. Their major services are providing a report on credit, home inspection, personal and business loans, insurance, refinancing, and real estate investments. The McBride firm’s mission is to become a prominent firm in the financial service industry with market leadership. (McBride Financial Services, 2008).

Marketing Objectives

  1. To increase the market deliverables with market share increasing.
  2. To employ software technology for increasing the quality of services.

McBride’s target market is to increase the deliverables by 25 % during the financial year by way of opening more branches and employing efficient staff personnel. In order to increase the market share, they plan to conduct a portion of their marketing on the Web.

Target Market

The Services of McBride Financial Services is made available for all types of business firms, including small, medium, and large-sized firms. Financial services for individual customers are also available at an adequate cost. The market segmentation is followed on this basis.

Market Research

The research methodology adopted for the analysis of the financial service market is the questionnaire method. This method is selected for the reason that it is the best way to collect all relevant data relating to different aspects of the subject for formulating policies. To collect the customer opinion, motives, and intentions at the minimum cost and time requirements, questionnaires are more adoptable. It is helpful for collecting detailed information on the market trends.

The questionnaire is prepared by including subjects of customer interest in various services rendered by the firm. The marketability of internet-based services is also included in the questionnaire.

For delivering the questionnaires to different customer segments, the company adopted both electronic and printed media. Thus it ensures the collection of a wide range of customers’ opinions and trends.

Market trends

From the research, it derived that the customers are caring about the method of servicing by the firms. In the selection of service firms for their service requirements, customers prefer the mode of service transaction along with its quality. They trust firms on the basis of reliable service with full-time support. Online services have occupied a major consumer market in the financial service industry. Most of the services of financial service firms are now made available online. There is wide acceptability of Web based financial services among the different customer groups. A major portion of the business in the industry is carried on via the internet. Most of the large organizations in the industry are focusing on enlarging their business by implementing software technologies. By way of following technology-based servicing, the cost and time requirement can be reduced at the lowest level.

The online service also provides a new way to communicate with existing clients. Thus customers can choose their choice for the transaction, and this will increase customer satisfaction. The online service is helpful for attracting new customers. It also makes possible self-service in dealing with complex products also. Personalized services to key clients at reduced transaction time can be met through the required quality through the software technology.

From the market research, it also derived that the access of internet in the service area of the McBride Firm is increasing steadily. This also is a positive factor for the adoption of Web based marketing to the McBride Firm. Through website-based service, complex financial products can be easily marketed. The introduction of new services can be easily made by way of the internet. (Emerging technologies and market trends in the financial service industry).

Along with the advantages in technology-based marketing, there involve higher risks regarding the security and privacy of the transactions over the internet. Fraud issues are reported more on internet-based services, and this will have an impact on customer acceptance of the online services. Thus the growth of online financial services may be reduced. By way of installing improved software technology capable of ensuring security and privacy to the transactions, McBride can attain customer acceptance to their online services. McBride can also adopt insurance coverage to its online customers for their identity theft. (The U.S. financial services internet security, privacy, and fraud report).

Marketing strategy

To meet the needs of customers at the minimum cost and time, online services are the best way, and it is helpful for increasing the competency of the firm in dealing with its clients. The goodwill created through quality service to the existing customers online will be helpful for attracting new customer groups, and thus market share can be increased.

In the introduction stage of the online services, it is better to select more popular services of the firm like credit reports, mortgage services, insurance, and refinancing, etc. The selection of service over online should be based on their existing customer support. Customers would get the required service in detail online. For the marketing of online services, an activated website of the company with up-to-date data presentation with standardized tools should be arranged.

Pricing Strategy

For the service over the internet, it is better to follow the pricing of cost plus a certain percentage of profit. A lower pricing policy is not always attracting customers as it may be due to lack of quality. Thus a pricing policy of cost plus profit is more acceptable for the firm for its online services.

For the specialized services like credit report, appraisal, refinancing, and real estate investments company should charge higher rate by way of insisting on its quality and specialization. The common financial services of personal and business loans, insurance and mortgage loans normal rate should be charged. The rates for each of these services should also be uniform for all types of customers.

Conclusion

The McBride Financial Service has the market goals of attaining market leadership with increasing the business deliverables at a reduced rate. It can achieve its target market goals by following the online way of servicing. Supply of quality service at minimum cost can be attained by introducing technology in business. The pricing strategy followed for the marketing of online service is also helpful for attaining market growth at minimum cost.

References

McBride financial services. (2008). Web.

Emerging technologies and market trends in the financial service industry. 2008. Web.

The U.S. financial services internet security, privacy, and fraud report. 2008. Web.

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IvyPanda. "Marketing Plan for the McBride Financial Services." October 1, 2021. https://ivypanda.com/essays/marketing-plan-for-the-mcbride-financial-services/.

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IvyPanda. 2021. "Marketing Plan for the McBride Financial Services." October 1, 2021. https://ivypanda.com/essays/marketing-plan-for-the-mcbride-financial-services/.

References

IvyPanda. (2021) 'Marketing Plan for the McBride Financial Services'. 1 October.

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