The feedbacks provided were an honest review which is quite significant for the survival of Credit Wisdom LLC. The review will open a thorough path to understanding client behavior. They represent the large market of the company’s services. While making short-term and long-term adjustments, it is crucial to include their effects on customers. The feedback will also help the company redefine its focus more on customers. However, having a clear mission that safeguards the employees’ and customers’ needs will significantly help.
Pricing and Distribution Strategy
The traditional methods of pricing that were previously used by the bank systems were more focused on providing services that had no solid founding roots. The methods include risk premium strategy, an unclear network of fund cost issues, and it was more market-oriented than providing quality services (Walke, Fullerton & Tokle, 2018). The traditional approach neglected the most crucial cost elements. Credit Wisdom LLC will combine the traditional methods with the cost elements. The combination is usually regarded as value-based pricing.
Value-based pricing instils a unique tachinical approach that anchors the company with the power to control consumer value to dictate their shifts. The strategy protects the company from depending on an increased number of transactions for sustainability (Walke, Fullerton & Tokle, 2018). The approach of creating a considerable higher percentage from the client’s wallet share is instilled by this strategy since the share and profitability margin are two independent variables. The strategy also allows the company to capture the right customers and strongly fund its daily activities by improving its wallet shares.
To incorporate value-based pricing, the company has to have total process control as there will be a need to check customer feedback and adjust accordingly regularly. Then, the company has to design a team that will take control over product management whereby the team will seek to benchmark and assess the current market to move with the current trend (Walke, Fullerton & Tokle, 2018). Also, the company will have data analytics sessions to understand customer behavior. Then predefine the organizational alignment to state the exact transacting values that mee the clients’ money transaction behaviors.
The company has a wide range of distribution channels to choose from. Using corporate agents and brokers can ensure quality customer services significantly. However, the most successful financial institution has shifted to using financial advisors independent from the lending institutions (Kustina, 2017). Their advice is independent and away from biasness since their main focus is to provide legal, ethical, and profitable distributing channels. Over the years, the internet and work site market has gained an advantage to the general landscape fraternity.
Integrated Marketing Communications
In order to meet the targeted financial needs, Credit Wisdom LLC will seek to promote more deposits from the public and offer to provide loans to eligible customers. Any marketing plan will always respect customer expectations in the prevailing marketing environment (Camilleri, 2018). Most customers choose a particular service over the other because of different modes of service delivery. They are not mainly concerned with the actual service but rather how it is offered. The aspect of customer attraction and methods of service delivery justify the need to adopt marketing strategies.
The marketing exercises are messages conveyed to potential customers. The company’s marketing team will design precise messages stating the offers available, transaction costs to be incurred, interest rates of disbursing loans, how to invest with Credit Wisdom LLC, and the benefit associated with banking with it. These messages can be conveyed using mass messaging software or reliable messaging providers(Camilleri, 2018). However, it is essential to note the viable frequency and time for sending messages. With the help of internet banks, message providers can map out the specific audience hence increasing profitability.
The promotional mix, which includes visual elements like video, has provided a feeling of tangibility to the banks’ services. Either way, Credit Wisdom LLC will advertise its services by stating the low-interest rates it offers. Since advertising tends to be expensive, the company will increase its prices as it promotes concurrently to replace the cost of advertisement (Camilleri, 2018). Adopting these pro-competitive aspects will ensure an increase in profitability since aggressive advertising plows back huge profits.
There are several media strategies Credit Wisdom LLC can use. Personal selling tries to reach every potential client at a personal level. A study conducted revealed consumer behavior towards sales promotion. It only served and motivated the existing clients since it tempers with personal feelings and intentions towards the company. However, it revealed an interesting pattern whereby these current clients promoted the services to their friends. The profits remained interactive during the sale promotion period as the referrals increased. Credit Wisdom LLC chooses to use mobile banking services for promotional services. As estimated from the previous part, mobile banking is estimated to grow by 27% annually significantly (Camilleri, 2018). Credit Wisdom LLC will significantly improve its profits by incorporating advertising messages and video graphics into the mobile banking system. However, this strategy will only communicate to the existing clients.
Public Relations, Sales Promotion, and Personal Selling
For any company to effectively sell its offers to the public, specific strategies must be adopted. Public relation focuses on strengthening the company-public bond. Personal selling is effective when dealing with premium clients who need to consult before making an investment decision. Sales promotion focuses on conveying the available offers to the public.
Public Relations Plan
Credit Wisdom LLC will create regularly hold conferences with active clients. Also, the company will work towards painting a clear public image that communicates its goals. The public image provides the clients with confidence. Also, the company will ensure it communicates with the public monthly to keep them updated on the available banking opportunities to be exploited by the public (Laksamana, 2018). The company will use a customer-centric approach that determines what clients want then try to use available resources to satisfy their needs. Businesses are the target focus of Credit Wisdom LLC; therefore, they will be treated as a vital part of the company. A single slight misunderstanding may lead failure of the credit union.
Sales Promotion Plan
Credit Wisdom LLC has enlisted several sales promotion techniques. The company will use celebrity advertisements to capture a socially active niche. Billboards that contain celebrity images and clearly stated promotional words will be strategically placed in Wall Street’s busy streets. By using a customer database, the company can synchronize the legible client profiles that have been dormant for quite a period. Clients who tend to be inactive for more than two months should be called or messaged with a text that reads, – the dear client, we miss you. Do you have any queries regarding our services- Such a message will automatically send a clear image of the company’s caring to its clients. Clients should be categorized according to activeness. Active clients who seem to be transacting huge amounts of money will be monitored closely to ensure they receive outstanding services since they are the company’s heart (Laksamana, 2018). Such clients should be provided with enticing offers to ensure they spread the message to their business friend who yearns for premium services.
Personal Selling Plan
Credit Wisdom LLC will adopt commissions to award individuals who win new clients. Salespersons will be used to convince the public to bank with the company. These salespersons will be awarded to the number of new clients convinced. Either way, extra awards should be conveyed to the active salespersons (Laksamana, 2018). There will be an additional commission rate for those salespersons who convinces new clients to deposit funds to their newly created Credit Wisdom accounts immediately. Selling at a personal level is equivalently profitable for the company. However, Credit Wisdom LLC should keep records on the recently registered clients. Their banking activities should be monitored to ensure that they are not gosht clients. There are some cases whereby salespersons register fake clients using fake ids. In this case, any salesperson who tries this technique should be penalized heavily through diductions of their commissions and retrenched in worst-case scenarios.
Online and Direct Marketing
The company will seek to create a website that communicates the company structure and offers. Clients can also have permission to view the geographical distribution of company branches through the official website. Using the mapping technique in the website by pinning the exact position of the client, Credit Wisdom LLC will be able to understand geographical positions that hold the majority of customers (Yasin et al. 2020). The company opened customer service branches to places of high client density. Clients’ concerns will also be considered through online live chats embedded in the website. These branches will be mainly for consultancy on referral programs. Clients who refer a friend should have their borrowing level raised. Direct marketing involves advertising on point with the client. A staff member will communicate with share and convince the client to increase the savings. On-point transactions can be effective whereby a staff member will communicate the company updates upon transacting in the physical premises.
Search Engine Optimization
The website should be embedded with articles that communicate about the company’s activities and the available offers. Immediately after writing the article, the information technology manager will submit the article to google for indexing (Yasin et al. 2020). The indexing will be done automatically done by google. After the process is offered, clients will be able to search and find the relevant article, redirecting the client to the company’s official website.
The company will also use media advertisements, including adverts on renowned social media platforms like Facebook, Google, and Whatsapp. However, television promotes a unique niche estimated to have both the working class and the business-minded individuals. The argument is based on these entrepreneurs’ eagerness to understand the prevailing business environment, only communicated through televisions (Yasin et al. 2020). All these efforts to capture the right potential audience should be anchored with friendly interest rates favorably with the competitors. The company will convince potential clients to choose its services over competitors by conducting transparent activities to avoid raising doubts.
Social-Responsibility Marketing Plan
The company will use socially accepted activities to promote the company activities. While advertising on the available lending rates, Credit Wisdom LLC will combine with agricultural-based activities. The company can advertise its lending rates by stating that it will first provide corn to farmers (Lécuyer and Capelli & Sabadie 2017). However, the company should be careful when using this strategy since it often undermines the company’s main focus, and it will be viewed as charity work.
The company will advertise its services by incorporating environmental activities. The most trending topic is global warming, and therefore Credit Wisdom LLC will advertise its services by financing institutions using eco-friendly methods. The company will also ensure that it strengthens the bonds from which it will be operating. Creating a mutual bond of assisting the locals will spread the company’s name (Lécuyer and Capelli & Sabadie 2017). To have a global outreach, a company must be accepted in area of operation. Therefore sponsoring baseball clubs will create a mutual understanding. The company will provide accessible attires that bear the company name during charity events.
Credit Wisdom LLC will have to take all crucial aspects of marketing. The company will respond to clients’ feedback and ensure that its pricing and distribution strategies are in place. Capturing the attention of potential clients is a difficult task that can only be successful if specific techniques are involved. Aggressive advertising should be the priority to create awareness of the existence of the company.
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