Prosperity Consulting Firm Marketing Plan
The first impression that a customer has of a business is very important. Therefore, when starting a new business choosing an appropriate and attractive name is very significant. That is why I propose the name of my business as ‘Prosperity Consulting Firm’. The name ‘Prosperity’ is associated and categorized with success. That’s why I envisioned the name to pique customers’ curiosity and to entice them into our business.
Our mission statement reads the following, ‘The best above all in mortgage issues!’ I chose it because it is simple, short and highlights our empathy towards our customers’ needs, as well as confidence in our knowledge of the industry we represent.
The logo targets the two major elements of the company –the business name and the mission statement. The logo is very attractive, eye-catching and visible enough to be seen and interpreted by the target market. Basically a logo should be easily identifiable with a company’s unique identity and core business.
Companies that require our services will be drawn to our business due to the encouraging words of our logo. The logo includes- the business name and the mission statement below the name. The customers will be aware that if they put their trust in us their entire problems related to mortgage banking will be brought under control. It will enable the business attract many clients which will lead to growth and expansion of the company in the future. The Vision The business will be made easily accessible to our clients. For example, we plan on establishing branches in major cities or areas of the country where most of our clients are placed. These cities include New York City, Los Angeles, Chicago, Dallas, Miami, Denver, etc. We also envision our company to be technology savvy and digitally oriented which means, we will- reach out to every potential client in the country. This will make us an easily accessible firm. We will treat every client with professionalism and make sure they feel they are our number one customers. We foresee a firm that is loyal and honest to its clients, and provides a value to them. By undertaking the tasks above, the firm hopes to avoid losing our clients to our competitors. (The market planning guide, 2003).
The main vision of our firm is to help Mortgage companies achieve their financial and operational goals by providing excellent advice and superb training. Our company has the ability to train Mortgage personals on a high level. We want every client to have proper training in his/her organization. If we provide the client with the tools and personnel to run their business successfully themselves, then in the long run we would have done a much greater service to them. If you teach a company how to properly operate by providing proper training then it is more likely that they will achieve their goals efficiently and succeed overtime. (Bass, 1993)
The Niche Our firm will avoid any bias in client selection and treat all our customers with equal importance and respect. The clients will be charged fairly on an hourly basis unless they prefer to work out another method of billing. Compared to other related businesses in the country our prices would be much more affordable. We want to offer prestige consulting, great service and inexpensive fees so that our clients can be successful with our help.
We will ensure that our clients are provided with full information regarding how to handle their mortgage company operation and financial issues so they can make an informed comprehensive decision to solve their problem. Our employees/consultants will have multiple years of required experience in every aspect of the Mortgage Industry. This way we will be well equipped to advise our clients on all their issues related to their mortgage needs due to our experience in this field. .
We ensure to provide excellent service and the clients will be extremely satisfied with our business style. We will not operate like any normal consulting firm. We will first analyze clients’ issues and then set them up with one or a few of our many professional experienced Mortgage Consultants. These consultants will have many years of experience in all aspects of the business. They will be handpicked for clients’ specific issue or issues. No other consulting firm hand picks and matches up qualified individuals who have dealt with similar problems in the past; and can use their expertise to help ensure clients’ success. That is what we propose to offer that our competitors do not. The clients will be much satisfied and usually will refer their colleagues in the industry of our services. (The market planning guide, 2003).
The Market Research Potential customers for our organization will include any Mortgage Banking operation (Bank, Mortgage Company, Credit Union, etc.) that seeks assistance in running the company. We specialize in training and boosting overall employee morale in the Mortgage Industry, but we also aim to provide our services to companies who are having financial, legal, managerial, and all other types of issues related to Mortgage Banking Operation. The rationale for this targeted clientele is our experience in the industry. We plan to put our main focus on training because we believe not many Mortgage Consultants specialize in that area. Training is a key in the success of a business. If the people are not qualified or trained properly then the business will fail. Proper training will lead to a greater chance for a business to be successful. (Shaw, 2014) Discrimination of customers is a factor that we will ensure does not crop into our business firms. It is a factor that is affecting many consultant firms in a way that makes them lose their clients. Customer discrimination makes them feel intimidated and inferior. This negatively affects the revenue from business operations. In the first year of launching the company, we will be offering services to any willing Mortgage Banking Institutions even if they are unable to pay for all our services. It, in return, will attract many clients into our business firms helping in establishing the potential of our business and hence aid in the expansion of our business. Establishment of many branches will enable accessibility for our services to our customers. We figure the clients can pay us back in the future depending on the success of the advice we provided them with. Basically we will have a progress success type payment going on. (Bass, 1993)
Market Strategies In our business, we will employ field workers who will be paid on a commission basis. Their duty will include searching for companies that meet our target market –Mortgage Companies, Banks, Credit Unions, etc. - and convincing them to engage in our business for consultation services. As we know running a successful mortgage banking institution is an emerging issue in the industry today –especially since the financial crisis in 2007. Many companies in the industry are convinced that they can overcome the difficulties of running a successful corporation themselves and do not need any advice or help in doing so, which may not be the case. Those people are unaware that the most successful companies have consultants helping them grow and continue their triumphs. We believe there are four ways in order to find these companies. One is to send out field workers, second is using social media, the third is to keep rates low and the fourth way is to obtain many referrals. By sending out field workers who are available and accessible to all the potential clients the rest of the company can work on maintaining the clients with superior customer service skills. It is a strategy that has great potential to bring in a lot of profit in the business leading to expansion of the enterprise. The field workers will be carrying information brochures that they will be giving to all the different financial institutions they come across (that provide Mortgages). Issuance of brochures is an effective method to communicate to the companies and it is an easy way to provide information on our services without giving a presentation. This strategy is an effective and efficient one because field workers will be able to attract a lot of individuals to seek our business services (Marketing Research, 2015). Our second strategy involves social media. We plan to set up many different social media pages for our consulting firm. These pages include: Twitter, Google+, YouTube, Facebook, LinkedIn, a blog, etc. We believe updating these pages on a regular basis and participating in conversations with customers will be a great way to keep the awareness of our firm in the minds or our clients and bring in new clients. For this we will hire an individual to maintain and manage the social media sites for the company.
The third strategy we would consider would involve pricing. In the first year we will be offering services at a lower price as compared to our competitors. It will attract many people because the services will not only be cheap but will be of high quality as far as customer treatment is concerned. All the services that will be offered by the firm will be affordable, accessible and available to all, and customer discrimination will be discouraged in the business. With prices being lower in the inaugural months of the firm we can attract clients very easily. (Shaw, 2014) From our establishment funds, we will allocate an amount that will be used in advertising and promotion of our services. We will also employ qualified personnel in the company’s advertising department, whose job will be to incorporate all those services in the firm. The advertising strategy calls for focusing the firm’s attention on different Mortgage conventions/events, and in different Mortgage periodicals. We feel advertising at the Mortgage events/conventions (which most of the Mortgage companies attend) is a great way to find business. The same goes for adverting in periodicals such as magazines, newspapers and online news websites that are Mortgage industry related. We figure most of our target market will be reading those publications (Marketing Research, 2015). The First Year In the first financial year, we will look for a suitable location for our business. This place will be in close proximity to a large client hub. Our office will be furnished and equipped with the required furniture and fittings. Recruitment of fully qualified consultants in mortgage banking will be a mandatory exercise that will be carried out in the first year. In the same year, we will recruit field workers who will help in marketing of the business in different places and the business will start its operations. Monitoring My Success
Monitoring the success of a business is one of the most important piece of information one should focus on when running a company. The success of the business will be monitored in five different ways. The first is through the net profit, and earnings per year compared to the expenditure of that year. Second way is analyzing if the customer base grows or increases in size over an annual span. We will also be monitoring the satisfaction level of our clients as well as our employees. A triumphant company has happy customers and proud employees. Finally, if I (as the owner) am satisfied with the business and the direction then our firm will be very prosperous. (Alter, 2014)
The Marketing Plan above we believe has the potential to bring in many clients. Our goal is to reach out to prospective companies in the Mortgage Industry that are struggling with issues that we can help them deal with. We will work with them to help them achieve their goals in a determined time. Overall I believe the above plan is the one that will help us reach our goal to make every company in the Mortgage Industry successful one day.
Marketing Research - strategy, examples, manager, definition (2015). Retrieved March 12, 2015, from http://www.referenceforbusiness.com/management/Mar-No/Marketing-Research.html
Bass, F. (1993, February 1). The Future of Research in Marketing: Marketing Science. Retrieved April 3, 2015, from http://marketingscience.info/assets/documents/212/230.pdf
Shaw, R. (2014). Relationship Marketing: Exploring Relational Strategies in Marketing. Interactive Marketing, 291-292.
The market planning guide: Creating a plan to successfully market your business, product, or service. (2003). Choice Reviews Online, 40-4089.
Alter, M. (2014). Five Ways to Measure Success in Your Business. Retrieved April 4, 2015, from http://www.surepayroll.com/articles/small-business/how-to-measure-success-of-small-business.asp