McBride Financial Services will be the preeminent provider of low cost mortgage services using state-of-the-art technology in the five state area of Idaho, Montana, Wyoming, North Dakota, and South Dakota. We thank you in supporting our mission! Our customers will receive the most efficient and effective processing of mortgage applications from inception to closing. Discussed in this paper is the market research, type of media, target markets, and other considerations McBride will review before embarking on a large-scale marketing campaign. McBride is focusing their lending on conventional home loans, Veteran’s Assistance (VA) loans, and Future Homeowners of America (FHA) loans for its customers to purchase or refinance their vacation homes, first homes, and secondary homes. McBride also plans to help customers with bad credit. The company intends to use state of the art technology to meet this endeavor, and has yet to determine exactly what will set them apart from their competitors.
McBride Financial Services will be the preeminent provider of low cost mortgage services using state of the art technology in the five state area of Idaho, Montana, Wyoming, North Dakota, and South Dakota. Marketing research needs to be done prior to attaining the satellite offices. McBride should first proceed in gathering consumer geographical data to better define locations and current marketing strategy. Currently McBride is planning on marketing the same way many other inexperienced companies market, and using a new approach should help McBride stand out from other companies that offer the same services. Only by conducting the proper research can this company thrive and live up to the ideas of its founder.
McBride needs to ensure that it is not forgetting about the customer’s needs in an effort to thrive. One suggestion is for McBride to open one satellite location and then gather together a panel of locals who know the area and can educate the brokers on the local culture and attractions. This would get locals involved in the new business and can only mean good, free marketing through word of mouth.
McBride plans to use the following media types to market their venture are as follows:
Local TV ads
Informational handouts at airports and major tourist attractions
After thorough research is done and the best methods of communication are determined, McBride should use the local attractions as a selling point in many of their marketing ads. If a customer does not live in the area, links from other local attraction websites can be cross-linked to the McBride website, thereby securing a connection with the area.
Currently, McBride has allocated a budget for promotions at $50,000 to start. Continuing promotional expenses are budgeted at $5,000 per month determinate on operational results.
McBride is planning on a number of target markets. However, no research has currently been ascertained as to the level of property pricing ranges and/or potential buyers. These markets include:
Cheyenne & Jackson, Wyoming
Bismarck & Fargo, North Dakota
Rapid City & Sioux Falls, South Dakota
Boise, Idaho (Main Office)
The home office will be located in Idaho and seven…