Essay on "Marketing Plan for a Virtual Financial Services Company"

Essay 4 pages (1281 words) Sources: 0 Style: APA

[EXCERPT] . . . .

Marketing Plan: McBride Financial Services

What market research would you undertake?

First and foremost, the financial needs and target demographic in Wyoming, Montana, North Dakota and South Dakota should be established, particularly if they differ substantially from the Idaho-based company's current circle of clients. Layout of the territories, differences between the West and the Midwest should be researched. In terms of segmenting, given that some of the loans will be Federal Housing Association (FHA) and Veteran's Administration (VA) loans, the likely needs of these particular markets will be those of middle to lower-middle class individuals buying or refinancing homes for non-commercial reasons -- i.e. To live in rather than rent the homes. Also, the use of a virtual mortgage company in general, because of its lesser cost of overhead, reduces the charges involved in the process of opening, setting up, and closing a deal. People likely to seek out such companies have savings on their mind, even people seeking conventional loans.

Some research questions might be: what is the typical profile of someone in the area seeking such loans? Where are they seeking these loans, in what areas, and for what type of houses? For customers seeking to refinance, why do they have such a need to do so? In the wake of the current economic downturn it is likely such a need arises from financial difficulties, rather than a desire to improve their current residence. However, the specific economic climate of the Western states and the real estate market in those states must be taken into consideration.

To establish the answers to such questions, a series of different techniques could be deployed by McBride Financial Services. An independent market research firm familiar with the area might be the best way to accumulate data, combined with questionnaires of prospective borrowers. Accumulating data on currently existing lending banks and by talking to local realtors about regional market characteristics is another option. Also, government or academic research of the likely demographic apt to use FHA and VA loans in the area, as well as borrowing patterns as a whole for such loans might be a valuable, if it is available.

Wider demographic data should also be solicited, collected, and compared, especially in the states with which the Idaho-based company is least familiar. The number of children of prospective homeowners seeking mortgages, their desire to spend a long time in the area, and even level of Internet savvy will all influence the way these services should be presented in the subsequent advertising and the types of media selected. Also, the target demographics' response to current economic news should be assessed. The likelihood or repayment amongst specific groups cannot be ignored, either, given the current credit crisis, which was spawned by banks making loans to individuals with a poor history of repayment ("subprime" loans). The wide publicity given to the subprime loan debacle, the bursting of the real estate market bubble, and concerns about the current state of the economy are all important psychological considerations to evaluate -- are prospective home buyers skittish about dealing with banks because of these concerns, and should McBride itself be skittish, and seek out more rigorous methods scrutiny for the financial status of prospective clients? How might these concerns be alleviated? Has the state of the economy and job loss patterns increased the desire of many homeowners to refinance in the selected area?

What types of media would be used?

For a virtually-based company, the use of the Internet cannot be ignored when advertising the firm's services. However, some of the less affluent individuals within the target market may not use the Internet frequently, or trust purely virtual companies very easily. Older individuals refinancing their homes may not fully trust the Internet as a place to do business. But the populations in the states where the target markets… READ MORE

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