My Mortgage Freedom Online Mortgage Application - Research Proposal Example

Project: Marketing A report on the Digital Future by the USC-Annenberg School Centre for their Digital Future observed that 69% of respondents will browse through transactional retail environments before making online purchase of a service or good. On the other hand, 75% of respondents indicated they first have to browse online, before making the necessary purchases at a store (Noh, 1-2). This suggests that My Mortgage Freedom has to critically develop both the physical office and online office where potential customers can visit to learn about their services, and probably to make enquiries, and fro buying such mortgage covers. The mortgage company offers a 2 year fixed mortgage, low rate variable and performance plus mortgagee designs. My Mortgage Freedom online mortgage application makes the company’s covers versatile and convenient for most people. All the same, the main challenge of the business is to attract customers to its portfolio. Online Customer Segment One way to attract more customers to My Mortgage Online shops is by maximizing the search engine visibility of the company. People in most cases will make a first stop in search engines when looking for any product or service. Search engine ensure the marketer is at the right place and at the right time. It will be important for the company’s SEO strategist to use specialized tools such as the Google’s Webmaster Tools and Google Analytics in monitoring the baseline metrics, and understanding the SEO health in the company’s website. Such a detailed analysis will showcase areas that need more attention (Brightpearl, 3). The strategist has to start analyzing the following key metrics once per month to indicate the success of this approach: Sales generated by the search marketing, the number of visits to the page, and the number of new visitors recorded, the number of new visitors converting to paying visitors, the cost per click on all paid search adverts, and the best sources that most traffic is coming from (Bright pearl, 3). In addition, the strategist has to review the keywords used, and how these keywords will match landing on any paid search or SEO strategy. The use of good keywords would be ideal in accessing the competition, and search volume. The Google analytics tool may be used to access the search dynamics, and the keyword-to –search term relationship (Brightpearl, 4). Carrying out detailed A/B testing of the used Keywords and any used text is important in optimizing the paid search pay per click (PPC) campaigns. In the process of building intelligence around the used keyword, landing on page relevance and search terms, the conversation rates and quality score go up while significantly reducing the CCP, which will save the business significant amount of costs. In addition, there are more platforms available at much reduced rates, or at no cost, though such free platforms may not be solely enough for attracting customers (Pozin, 2012). Strategic company branding will increase customer’s attention towards My Mortgage Online. Currently, there are a good number of such Mortgage companies online competing for customers. To overcome its competitors, the company needs critical rebranding in its website to make the webpage unforgettable. Rebranding may involve embedding real estate video clips or pictures in their websites, or any other photos that may show how people have benefited from their mortgage plans. As reflected in the My Mortgage Freedom Company, the domain name used reflects the name of the company, which makes it unique and easy for the customers to sport online. In addition, the website has to be professional and integrate their web page to social media. Integrating My Mortgage Freedom with social media such as Facebook will attract attention of social media users who will click the leads to the company’s website. This is a versatile way of increasing traffic to the company’s website (Prozin, 2012). The company has then to ensure mechanisms through which customers getting to the website from social media leads may learn about the company. This may involve providing provision for live charts where visitors may ask questions and get answers directly. Increased visitors will translate to more prospective customers to the company. A 2010 study on Facebook usage reported that Facebook holds much prospects for retailers; it creates various ways to reach and attract new customers. The online business strategist has to be excellent in blogging. Blogs are an ideal way to find and attract customers. When preparing a blog about MY Mortgage Freedom, the strategy it has to ensure such a blog is rich in content for search engines to pick it. Such blog’s provide numerous links to the company’s website, and have to produce professional content that would be interesting to prospective clients. Engaging the readers will make them tempted to visit the company’s website, which will increase the number of potential customers. In addition to having a well-designed company blog, the strategist has to ensure they carry out extensive guest blogging in more established blogs on mortgage, insurance, or financial services. Guest blogging in leading blogs offers an ideal way through which the company can advertise its services to more prospective customers. Well-designed content has the ability to lure more customers to the site. In addition, the company’s website has to be tied with the Google Display Network, which comprises of millions of websites where the online strategist will use the GDN remarking tool. The tool allows one to remarket a specific product to people who may have visited a similar product page online, but did not complete any purchase transaction (Bright pearl, 7). The online strategist will be required to team up with different financial companies in Australia to arrange and negotiate for space to link banners and advertisements within their websites. Every lead that comes from such banners and adverts and leads purchase of a mortgage, 0.1% of the value of the loan will be paid to such companies. This arrangement will motivate more financial companies to agree to the deal, translating to more advertising space and more prospective customers to the company. This arrangement can take a minimum of one year, with possibility of renewal after expiry; the company will be at liberty to use different companies after expiry of such period. Offline Customer Segment In addition to attracting online customers through e-content, there are other types of context that can attract offline customers too. The business has to publish catalogues, brochures, press releases through financial magazines and other print media, print adverts, and any other media that can reach to the general public. Mortgage loan advertisement or brochures are more efficient in attracting customers, including eye catching posters or mailers (Pinkowish, 558). Moreover, treating the current customers with great respect and diligence promote business loyalty in such customers would be an ideal way of attracting more offline customers. A survey by J.D. Power and Associates in 2005 revealed that at an average rate, a satisfied customer has much higher chances of bringing at least three other people to the business. This implies the current customers are a viable means through which the business can get more prospective customers. In attracting referral partners, the company has to use professional bodies and professional press releases and media in reaching out to such professionals. One way to earn reputation from professional refers would be to offer loan programs that they are attractive, and to change with time as the customer’s practices and preference change (Pinkowish, 563). The use of professionals such as real agents to refer customers to a My Mortgage Freedom company would have a large impact on customer confidence in taking such a mortgage. The plan would be to form collaborations with a leading company at a commission where the reputable company will help in advertising mortgage services. Customers seeking for assets or real estates to buy will then be referred to My Mortgage Freedom Company for loans to finance such transactions. The idea will be developing mutual relationship between the two companies. The same arrangement will be used with financial planners who will refer customers to My Mortgage Freedom Company at a commission. The commission for such refers can be about 0.25% of the entire Mortgage loan taken by referred customers. Such arrangement can be made for one year upon which the company switches to different companies for similar arrangements. For example, discount arrangements can used to advertise through a real estate agent company that any individual planning to buy a house through the real agent would get a 5.31% rate on performance plus mortgage, instead of 5.33% rate in the next 3 months. Offering such discounts through referral companies will facilitate any asset buyer or acknowledge and take advantage of such discount windows in My Mortgage Freedom Company. Similar discounts can be offered to potential customers from different referral companies such as accountants, solicitors, and financial planners. Offering customers such discount windows would amount to offering a value proposition to customers (Anderson, Narus & Rossum, 2). This is because; value proposition ensures customers get better rates than the average market rates in mortgage loan arrangements; it amounts to offering motivation to customers to take advantage of below market loan rates. Attracting customers to a business either online or offline is the main challenge behind many businesses, and determines the success of marketing strategies in a business. Understanding and studying customer behavior online and offline has major impacts on the number of customers that a business is able to attract in their portfolio. With the above methods, My Mortgage Freedom Company will be sure to attract a sizeable customer base to its business segment. Work Cited Anderson C. James, Narus A. James and Rossum Wouter, Customer Value Propositions in Business Markets, Harvard Business Review, March 2006 http://www.supersmous.co.za/DownloadFiles/QuadS-HBR-value-propositions.pdf(Accessed 3rd April, 2013) Brightpearl, 6 Strategies For Attracting More Shoppers To Your Online Store http://www.brightpearl.com/sites/default/files/t27/media/PDFs/whitepapers/InboundInsight-6StrategiesForDrivingMoreShoppersToYourOnlineStore.pdf (Accessed 3rd April, 2013) Noh Mijeong Consumers' Prior Experience and Attitudes as Predictors of Their Online Shopping beliefs, Attitudes, And Purchase Intentions in a Multichannel Shopping Environment. MI: Proquest, 2008. Pinkowish J. Thomas, Residential Mortgage Lending: Principles and Practices, OH: Cengage Learning, 2012 Pozin Ilya, 7 Tips for Online Marketing on a Tight Budget, Forbes Magazine, 29th June, 2012 http://www.forbes.com/sites/ilyapozin/2012/06/29/7-tips-for-online-marketing-on-a-tight-budget/2/ (Accessed 3rd April, 2013) Appendix Learning objectives The learning objectives in this project will are how to communicate effectively at a group level in a business context. This will prepare one to later undertakings in the practical field where one has to work with others in groups. In addition, another objective is developing group working skills to achieve both personal and group goals in solving a particular problem. The task also prepares one to think critically and analyze a problem in formulating the best viable solution to such a problem, while at the same time weighing on the costs and workability of any solution proposed. Moreover, the project offers an ideal platform where one can test their levels of knowledge and skills, understand, the group work to indicate the connection between academic work and performance of an individual in employment, and the careers that an individual can fit in with such skills. To achieve this as an individual, there will be need to carry out detailed research on how tasks are handled practically in the field, asses the suitability and strengths of reported approaches in solving various problems, and finally settle on the best applicable methods. In addition, there will be need for personal discipline and responsibility in that though the project is group work, it will be necessary to improve personal contribution to the material presented finally as a group, in accessing the level of activity and contribution by an individual. Therefore, a group task, it offers an ideal platform where one can exercise their communication and persuasion skills in trying to expand and defend each individual’s proposal to the group. By succeeding to convince group members on the most viable individual’s line of argument and problems solving approach, it will indicate development of team leading skills. The group will thus be a platform where one can exercise their skills to access one’s preparedness to tackle actual and practical roles in the field. Some of the challenges that may be faced in achieving learning goals include competition among group members where several dominant individuals may compete to exercise their leadership skills; strict time limits that may hamper attempts to undertake further detailed research in ensuring more skills and knowledge are gained. This would also be hampered by increased work load during the semester that will reduce time available to carry out research on required skills and knowledge. The measurement of success in meeting all the above goals by the end of the semester will be improvement in communication skills using business concepts, eloquence and skills in presenting ideas in group work discussions, ability to brainstorm and come up with various sustainable solutions to a particular business problem in group work or individually, and the seriousness that such proposals are embraced in group work discussions. Moreover, the ability to think outside the box in problem solution process will indicate development of critical thinking and problem solving skills necessary in preparing and individual for employment. In addition, the rate at which I will pass the remaining tests and exams will indicate whether the contents have been assimilated, and whether such can be used analytically to solve a problem, a critical approach in ensuring knowledge is gained. Read More