Introduction
This paper will formulate a marketing plan for McBride Financial Services. It aims at developing an elaborate strategic guideline that can be implemented by the company to into the potential market. Besides developing a market strategy, the paper will also suggest the potential media channels the company can use to reach out to consumers. The market plan targets to grow a customer niche that will be structured on age category. The strategy will be developed to target the young generation, who are expected to be the highest consumers of the mortgage services provided by the company.
Market Exploration
Market penetration requires a roadmap which should be developed basing on due diligence. Due diligence allows an opportunity to interact with the customers and establish their exact needs. This information is obtained from customer through a variety of data collection methods such as; interview, questionnaires and providing an avenue for customers to give feedback on their experience with the products. An analysis of this information gives the company a clear picture of the customers’ behavior and plan appropriately on how to satisfy their needs.
It will be important to locate and invest in low priced buildings, where consumers, both local and vacationers can enticed to buy a home. Security is an important factor to consider when choosing a location for the homes. People would be more willing to buy a home in a secure environment than regions prone to insecurity.
It will also be important to establish and define the customers’ behavior before and after product purchase. The customer’s behavior should form a platform on which the company packages its, after knowing the taste of the consumers. The low housing finance would for example appeal to consumers like retirees; this is a group of people who are ready to buy a home (Bray and Schroeder, 2008, p. 116). The other group to consider is the young professionals who have just embarked on new careers. With the good jobs secured their next move always revolves around owning a house of their own in order to fully become independent.
The low interest loans provided by McBride Company should be a bet to empower the young professionals to own a home. The company will therefore need to develop adverts that appeal directly to the needs of these young people. For instance, potential customers who have just married and want to start raising a family would be attracted by house design and special offers like furnishing the house with, say, furniture of their choice (Bray and Schroeder, 2008, p.117).
Advertising
It is important to create and maintain a link with the customers so that they are kept reminded of what is available. Choosing the means of advertising so as to reach as many audiences as possible is essential. Online advertising has taken the world by storm with the internet connection being available all over the world. Young people are the most attracted by the internet and it will be viable to reach them through online advertisement.
e-mails and blogs and online newsletters have become popular as they are cheap and can be send to potential clients all over the world by a mere click on the computer mouse. News papers and magazine would be a sure way to reach most of the older people. In cases where a rapport has been established, personalizing the marketing would be most relevant step. This could be done through postal address system where the consumers would be updated on special offers available.
Television and radio channels would also form an important platform to reach out to the customers. These channels target customers who spend most of the time at home. The company must be aggressive in establishing and maintaining a link to the customers. This requires utilization of various media channels so that the information reaches out to as many people as possible.
Conclusion
Since McBride is venturing into a competitive business field that already has other established players, it will be important to package the selling messages in a manner that is convincing to the future consumers. It will also be important to identify and offer solutions to challenges that other mortgage financial companies have failed to address. This approach would boost the market portfolio as well as the customer base.
Reference List
Bray, M., I. and Schroeder, A. (2008). The essential guide for first-time homeowners: maximize your investment. Berkley: Nolo.