Case Study: Mcbride Financial Services
McBride Financial Services
BSA/310
March 24, 2014
McBride Financial Services
McBride Financial Services provides low-cost mortgage services within the Northwestern United States. The McBride headquarters are located in Boise, Idaho with intended expansion into Montana, North Dakota, and South Dakota. McBride’s target marketing group includes professionals, retirees, and families looking to purchase recreational properties. McBride Financial has target goals establishes to aid in expanding its brand and services to a larger customer base within the Northwestern United States. This will require McBride to re-evaluate and create new marketing strategies to improve advertising exposure. Anytime expansion is desired and a new marketing strategy is needed there are necessary fundamental procedures and concerns that must be addressed. McBride must evaluate and design their mission to explain what the vision of the company is within each demographical location. The company’s mission must improve regarding customer service and customer …show more content…
satisfaction. The mission should revolve around customer relations and establishing long-term clients while continually increasing new customer relations. Revenue is important but should not be the mission, if good customer relations are established than the revenue will follow.
The marketing strategies should include research on demographics within the current local and future business sites. Technology has made information widely available to businesses to understand consumer trends, likes, and dislikes of target demographics. McBride must also consider expanding its advertising market to locations not within local areas to influence retirees to move locally and utilize current services offered by McBride. Market research should include demographics based on age, activity level, career, and family size. This would help to understand local audience and how to specifically target key demographics. This research and direction needs to be implemented immediately and effectively to expedite McBride’s vision into a reality.
The types of media and marketing techniques that are available today are many and very effective. Social media is a considerable valued platform that can assist in gathering demographic data as well as gaining brand recognition and increasing customer awareness. However, one concern that must be addressed and researched is current online reputation of the company as well as implementation of safeguards and policies designed to protect the online reputation of the company. Company reputation is a vital influencing aspect when considering expansion and increased revenue concerns. Consumers today are vastly connected to the internet at all times, whether in office, home, or on the go. This means that effective marketing must center around the internet and social media.
This means to increase company recognition within internet search sites, which can be done by providing detailed information about the company in order to improve company visibility in search results. Another issue that must be addressed is the difference in the target demographic. McBride Financial targets senior citizens as well as families and business professional, what may appeal to one group most likely not appeal to another. Therefore, McBride must manage these differences and appeal to all target groups equally. This also means that radio and newspaper marketing will be more beneficial to target the retiree community and internet and social media marketing will be better at targeting business professional and families. Television is always a good platform that can reach all target demographics but can be costly to implement. Bulletins and fliers can be an inexpensive alternative to target the retiree communities and senior centers. Golf courses are also a good location to advertise by bulletins and flyer to reach seniors and business professional alike. The key to marketing is to establish trust, build rapport, brand awareness, and company recognition.
Some key considerations that must not be overlooked with this type of online marketing strategy are privacy, security, and reputation. In today’s technological world online reputation is vital. A good reputation can increase business and customers exponentially while improving company recognition instantly via social media and the internet. However, a degraded reputation can decrease customers and sales just as fast because of the speed in which information is disseminated today and can cause serious harm to the business. Online customer relations are an important aspect that must be maintained and constantly improving to cater to the ever-changing needs of the customer and society.
The internet is the most used information source utilized by consumers looking to purchase a new home, which accounts for 90% of consumers (National Association of Realtors, 2013).
Newspaper ads only account for 27% while first time homebuyers account for 39% of the home buying market. In today’s world shopping is increasingly going digital, that times of going into stores or businesses to purchase products or services are becoming a thing of the past. While internet searches increase and businesses continually evolve into becoming more digital McBride Financial must integrate a more technological approach in order to reach its goals and continued success into the future. The focus of marketing should be conducted online through the various platforms available, and this will increase company recognition, customer relations, and reduce marketing cost while improving the range and effectiveness of
advertising.
References
McBride Financial Services. (2011). McBride Financial Services. Retrieved from ecampus university of phoenix: https://ecampus.phoenix.edu/secure/aapd/cist/vop/Business/McBride/intranet/business-plan.html
Metrics.com. (2014). The Growth of the Real Estate Industry online. Retrieved from Metrics: http://www.wwwmetrics.com/real-estate.htm
National Association of Realtors. (2013, June). Field guide to quick real estate statistics. Retrieved from Realtor: http://www.realtor.org/field-guides/field-guide-to-quick-real-estate-statistics
BSA/310
March 24, 2014
McBride Financial Services
McBride Financial Services provides low-cost mortgage services within the Northwestern United States. The McBride headquarters are located in Boise, Idaho with intended expansion into Montana, North Dakota, and South Dakota. McBride’s target marketing group includes professionals, retirees, and families looking to purchase recreational properties. McBride Financial has target goals establishes to aid in expanding its brand and services to a larger customer base within the Northwestern United States. This will require McBride to re-evaluate and create new marketing strategies to improve advertising exposure. Anytime expansion is desired and a new marketing strategy is needed there are necessary fundamental procedures and concerns that must be addressed. McBride must evaluate and design their mission to explain what the vision of the company is within each demographical location. The company’s mission must improve regarding customer service and customer …show more content…
satisfaction. The mission should revolve around customer relations and establishing long-term clients while continually increasing new customer relations. Revenue is important but should not be the mission, if good customer relations are established than the revenue will follow.
The marketing strategies should include research on demographics within the current local and future business sites. Technology has made information widely available to businesses to understand consumer trends, likes, and dislikes of target demographics. McBride must also consider expanding its advertising market to locations not within local areas to influence retirees to move locally and utilize current services offered by McBride. Market research should include demographics based on age, activity level, career, and family size. This would help to understand local audience and how to specifically target key demographics. This research and direction needs to be implemented immediately and effectively to expedite McBride’s vision into a reality.
The types of media and marketing techniques that are available today are many and very effective. Social media is a considerable valued platform that can assist in gathering demographic data as well as gaining brand recognition and increasing customer awareness. However, one concern that must be addressed and researched is current online reputation of the company as well as implementation of safeguards and policies designed to protect the online reputation of the company. Company reputation is a vital influencing aspect when considering expansion and increased revenue concerns. Consumers today are vastly connected to the internet at all times, whether in office, home, or on the go. This means that effective marketing must center around the internet and social media.
This means to increase company recognition within internet search sites, which can be done by providing detailed information about the company in order to improve company visibility in search results. Another issue that must be addressed is the difference in the target demographic. McBride Financial targets senior citizens as well as families and business professional, what may appeal to one group most likely not appeal to another. Therefore, McBride must manage these differences and appeal to all target groups equally. This also means that radio and newspaper marketing will be more beneficial to target the retiree community and internet and social media marketing will be better at targeting business professional and families. Television is always a good platform that can reach all target demographics but can be costly to implement. Bulletins and fliers can be an inexpensive alternative to target the retiree communities and senior centers. Golf courses are also a good location to advertise by bulletins and flyer to reach seniors and business professional alike. The key to marketing is to establish trust, build rapport, brand awareness, and company recognition.
Some key considerations that must not be overlooked with this type of online marketing strategy are privacy, security, and reputation. In today’s technological world online reputation is vital. A good reputation can increase business and customers exponentially while improving company recognition instantly via social media and the internet. However, a degraded reputation can decrease customers and sales just as fast because of the speed in which information is disseminated today and can cause serious harm to the business. Online customer relations are an important aspect that must be maintained and constantly improving to cater to the ever-changing needs of the customer and society.
The internet is the most used information source utilized by consumers looking to purchase a new home, which accounts for 90% of consumers (National Association of Realtors, 2013).
Newspaper ads only account for 27% while first time homebuyers account for 39% of the home buying market. In today’s world shopping is increasingly going digital, that times of going into stores or businesses to purchase products or services are becoming a thing of the past. While internet searches increase and businesses continually evolve into becoming more digital McBride Financial must integrate a more technological approach in order to reach its goals and continued success into the future. The focus of marketing should be conducted online through the various platforms available, and this will increase company recognition, customer relations, and reduce marketing cost while improving the range and effectiveness of
advertising.
References
McBride Financial Services. (2011). McBride Financial Services. Retrieved from ecampus university of phoenix: https://ecampus.phoenix.edu/secure/aapd/cist/vop/Business/McBride/intranet/business-plan.html
Metrics.com. (2014). The Growth of the Real Estate Industry online. Retrieved from Metrics: http://www.wwwmetrics.com/real-estate.htm
National Association of Realtors. (2013, June). Field guide to quick real estate statistics. Retrieved from Realtor: http://www.realtor.org/field-guides/field-guide-to-quick-real-estate-statistics