McBride Financial Services
BSA 310
April 20, 2011
University of Phoenix
McBride Financial Services Our mission at McBride Financial Services is to be the preeminent provider of low cost mortgage services using state-of-the-art technology in the five state areas of Idaho, Montana, Wyoming, North Dakota, and South Dakota. Our business philosophy is that our customers will receive the most efficient processing of mortgage applications from inception to closing. To achieve this goal and build a strong and lasting relationship with our customers, we must determine * Who are target customers are? * How we can reach them? * What we can do to provide the best possible service and experience to them? * What sets us apart from our competition?
Objective
Determining our target market provides us with one factor in planning our marketing strategy. We are providing services aimed at * Professionals purchasing either a primary or secondary residence. * Retirees purchasing a primary or secondary residence. * Families and/or individuals purchasing recreational properties. Commercial online database, LexisNexis, provided us with a list of potential customers based on the criteria we believe target customers suited for our services. Professionals, retirees with sufficient income and assets to purchase a second home, and people who rent homes in vacation areas within our geographical boundaries comprise a list of potential customers. E-mail and traditional mail advertisements have been sent to these individuals and families. Using demographic studies, we devised a plan to advertise at those consumers most likely to benefit from our products. We produced television and radio commercials to air at times when and during programs that this audience most likely watches and listens. These ads air on AM radio stations during political and social talk radio programs and on FM stations that broadcast classic rock, classical, and “oldies” music programming. We placed ads on Facebook targeted to those members who have Idaho, Montana, Wyoming, North Dakota, and South Dakota listed as their residences. We need to avoid advertising aimed at those people not in our target group. We are not in the business of providing mortgages to blue-collar families looking to buy their first home, people with poor credit trying to buy or refinance their existing homes, people attempting to buy rental properties, foreclosures, or investors looking to “flip” a property quickly.
Marketing strategy We set up a website where prospective home buyers enter their personal and financial which runs a credit check and returns them with a list of their credit scores from the three reporting bureaus. With this information, we present the client with an estimated price range of house they can afford, and monthly payments based on total home cost and down payment applied. The automated approval system services two purposes. First it allows us to gather information from the customers at their convenience. Second if their credit scores do not qualify for our program, it directs them to another mortgage lender’s web page that specializes in sub-prime financing. McBride has partnered with Gilligan Subprime Mortgage Specialists and also Big Sky Real Estate, who refer customers that fit our niche to our website. Analyzing our strengths and weaknesses shows that as a mortgage company covered such a large geographical area limits us to an online business. Staffing brick and mortar offices with loan officers and processors is not our line of
