MKT2260 Marketing Plan Outline Online Tutoring

1.     The Market Opportunity and Marketing Strategy

Market Opportunity

  • According to the data provided by Statistics Canada, each year, Ottawa welcomes 7,528 International Students, 10,930 Permanent Residency Card holders by Express Entry, and 6,000 New Immigrants.
  • Meridian has the best interest rate by 0.5% for savings accounts that may make them preferable compared to the competitors’ for newcomers. As our targeted market is between the ages of 20 and 30, Meridian may invest in technological innovations to take the millennials’ attention and to provide the services and/or products “desired to use” for them.
  • Tangerine has no options to be offered for 18-27 years old customers that are exactly the target audience for Meridian. ScotiaBank is below the fastest growing players in the industry if the matter is Investment and Research that may be conducted as Meridian as an opportunity to attract the millennials interest. None of the competitors is offering any financial options for the newcomers because of the deficiency of credit score. Some financial support programs may be offered by Meridian to help newcomers about the management of their funds.
  • Meridian attracts many customers from different demographics that will make them much more preferable for the newcomers from all around the world.Strong digital banking is a differentiator nowadays and Meridian is focusing on developing their digital banking world.
  • The size of the market that we provide for Meridian is approximately 24,458 newcomers / year but if we consider the IRRC’s data of “60% of the international students prefer to stay in Canada after their graduation” and the average industry growth for Colleges and Universities in Canada is 2.9% provided by IBISWorld the expected target size is 29,816 for 2020-2021 and 34,467 for 2021-2022.

Targeted Segment

  • The coverage strategy is relevant to your client market opportunity.

The marketing plan of helping the newcomers to Canada in the aspect of credit score, the concentrated strategy is the best among the all coverage strategies. This type of strategy will focus all of the marketing efforts of Meridian to the newcomers/international people. Also, because of keeping the efforts to one segment, it is less costly and helps in keeping up on the budget for the marketing opportunity.

  • Target market will focus on International Students, PR holders by Express Entry, New Immigrants who will come to suburban and urban areas in Ottawa. These people are looking for credit options and financial support based on their credit scores in original countries or some other financial support that will facilitate their lives by paying for their expenses on a monthly basis instead of buying them as cash.
  • The key elements of your target market and the relationship of target market to Meridian ‘s market opportunity:
  • International Students that study and live in Ottawa ≈ 7,528
  • According to the article it is shown that 60% of the students prefer to stay in Canada after their graduation ≈ 4517
  • PR Card Holders by Express Entry that live in Ottawa ≈ 10,930
  • New Immigrants that live in Ottawa ≈ 6,000

Areas that need to be conducted by primary research:

  • Conducting a survey that indicates the number of international students between the ages of 20-30 in the colleges/university in order to access the students.
  • For PR express entry and PR holders who are international, we can access them through the IRCC (Immigrants, Refugees and Citizenship Canada), facebook pages.

Positioning

Positioning for Meridian is based on their prestigious technological innovations and high-interest rates for savings. In comparison to other competitors, Meridian has even been awarded for Best Credit Union of the Year at the 2019 Canadian FinTech & AI Awards. This award was given to Meridian for being a leader in innovative technology and implementing these technologies to provide better service to its customers (Meridian, 2020). In addition to having great technological capabilities, Meridian has obtained many intellectual property rights which secures their innovations and sustains its position within the market. Therefore, competitors will have a difficult time trying to replicate some of Meridian’s award-winning innovative technologies.

 

Positioning Statement:

Meridian Credit Union is a caring, innovative financial institution that wants to financially better each of its members and their communities with award-winning technological services and great money-saving interest rates. Especially international students and newcomers who are between the ages of 20-30, are tech-savvy, and are looking to improve their finance.

The perceptual maps are aligned with our two main points of positioning. As displayed, Meridian is located in advantageous spots as opposed to competitors. Again, since Meridian is capable of achieving award-winning technologies, it can outrun competing brands with innovation. Moreover, Meridian’s high interest rates for savings accounts are also what differentiates itself from its competitors. A High Interest Savings Account (HISA), offered by Meridian, can let customers earn 0.50% for every dollar invested (Meridian, 2020). Tangerine is placed near Meridian in terms of interest rates on savings accounts with 0.25%. The rest of the competitors are not near the high levels of interest that Meridian and Tangerine are at.

2.     Marketing Plan Objectives

Marketing (Financial) Objective

  • To increase the number of customers of Meridian Credit Union by 5,000 new accounts by December 31, 2021.

Rationale: According to Statistics Canada’s Data, on average, there are 24,458 newcomers (7,528 International Students, 10,930 Permanent Residency Card Holders by Express Entry, and 6,000 new immigrants) in Ottawa each year. As mentioned in Student Immigration Canada’s article, 60% of International Students prefer to stay in Canada. As stated by IBISWorld data, the average industry growth rate for colleges and universities in Canada is 2.9%. Our targeted audience for the first year is24,458 + (7,528 * 0.60) = 24,458+4,517 = 28,975. 28,975 * 1.029 = 29,816 newcomers. For the second year our calculated target audience is 28,975 + (7,528 * 0.60) =  33,492. 33,492 * 1.029 = 34,467 newcomers. Projected new accounts number is 10,000 for Meridian Credit Union. As a result of our primary data that we have received from SurveyMonkey, 91.89% of the newcomers are interested in “Loan-able Cas Option” which is a successful foresight for Infinity Consulting. (29,816 + 34,467) * 0.9189 = 59,070 newcomers foreseen to be interested in Meridian’s new service. Forecasted 10,000 new accounts is considered realistic.

  • To increase Meridian Credit Union’s total assets by $130,000,000 CAD by December 31, 2021.

            Rationale: According to LowestRates.ca data, minimal living expenses in Ottawa are as mentioned below;

Housing: $1148/month

Phone and Internet: $134.30/month

Transportation: $194.75/month

Groceries: $212.36/month

Entertainment: $325/month

Fitness: $72.50/month

Insurance: $28/month.

In total, $2,144.91 CAD/month or $28,718 CAD/year. As Infinity Consulting, we made the calculation according to $26,000 CAD/year. Projected additional total assets till the end of 2021 is 5,000 * $26,000 CAD = $130,000,000 CAD is considered realistic.

Sample Marketing Objective and supporting rationale.

  • To increase the number of Urent tenants from 32 to 71 by August 31, 2017.

Rationale: The above number of 71 tenants represents 0.5 percent of Goal Getter Corporation’s previously calculated target market (14,244). Given considerations based around competitors and limited marketing budget, a conservative 0.5 percent target market grab is considered realistic.

 

Product Objective:

Meridian is to invent some new services in order to support the cash against loan by the end of 2020.

 

Pricing Objective:

Sample Pricing Objective:

To set a premium price point that will be most profitable for Urent while remaining within the target market’s perceived value by September 2016.

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Distribution Objective:

A distribution objective directs distribution strategy by clearly articulating what you need to do with distribution to achieve the stated market opportunity. Make sure it is SMART format. Provide 1-2 sentences of summarized supporting rationale to explain the measure and timeframe chosen. Reference Appendix 6 for additional details.

 

Sample Distribution Objective:

To have all rental applications processed in no more than 2 days, and implement an efficient payment procedure by September 2016.

Digital Marketing Objective:

A digital marketing objective supports Marketing Mix strategies by clearly articulating a goal that will help to achieve the stated market opportunity. Make sure it is SMART format. Provide 1-2 sentences of summarized supporting rationale to explain the measure and timeframe chosen.

Sample Digital Marketing Objectives:

Increase traffic to the Urent landing page by 32% by September 1st, 2018 (based on the Dec 31st, 2017 numbers)

Increase average time spent on the Urent website by 50% by September 1st, 2018 (based on Dec 31st 2017 values)

Establish 15 monthly Urent application downloads by December 2018.

IMC Objective:

An IMC objective directs IMC strategy by clearly articulating what you need to do with IMC to achieve the stated market opportunity. Make sure it is SMART format. Provide 1-2 sentences of summarized supporting rationale to explain the measure and timeframe chosen. Reference Appendix 6 for additional details.

Sample IMC Objective:

To increase awareness towards the target demographic about Urent’s all-inclusive units that are in safe locations within a 15 minute commute to their institution by January 2018.

3.     Product Strategies

  1. Meridian should increase their interac transfers per month from 4 free transfers to unlimited free interac transfers.

This will help attract people especially international to use their services because international immigrants and students heavily use the option of interac transfers in order to pay their rent, groceries etc. Along with getting the highest interest rate , which is 0.50%, on the savings account, this will help Meridian cater to a wider audience and thus increasing their customer base. If not included, this factor can stop many potential customers from choosing Meridian as their bank and will ultimately affect the marketing opportunity identified.

  1. Meridian should include an option of a chat box on their website.

This chat box can help in answering the questions of the potential customers and addressing their issues right away. This will also help the bank in marketing their opportunity of ‘cash against loan’ by suggesting the customer the option besides helping them through the chat option. It will act as a good indicator to the present customers where they can associate themselves with a bank which is offering excellent customer services and also to the potential customers too.

  1. Merging with New to Canada Program

As Meridian already has a separate program named as New to Canada, ‘cash against loan’ which targets international people more can be under the same head with increased services like free interac transfers and online chat with the customers. This will help Meridian lower their costs in case the programs are merged and will also help in an ease of marketing them. With this, the target audience of the ‘New to Canada’ program will be widened too.

 

4.     Pricing Strategies

Below is a comparison where “price” is based on interest rates for savings accounts offered by financial institutions. Meridian must modify their savings account attributes in order to compete with the competitors.

Competitor Interest Rates for High Interest Savings Accounts:

TD Bank:

–         TD Bank offers a 0.55% rate on a high interest savings account. However, it only applies if the account holder possesses $5,000 or more.

–         $0 monthly fee

–         $5.00 transaction fee

–         $25,000 minimum monthly balance for free waiver.

Scotiabank:

–         Regular interest rate of 0.05%. Increases to 0.400% with possession of $5,000 or more.

–         $5.00 transaction fee

–         Unlimited free transfers to other Scotiabank accounts.

Tangerine:

–         New customers that sign up before October 31, 2020, can receive an interest rate of 2.50% for the first 5 months with a maximum of $1,000,000.

–         Regular rate of 0.25%

–         $0 monthly fee

–         $0 minimum balance

Alterna:

–         Regular interest rate of 0.05%.

–         0.35% increase with $5,000 or more in account

–         No minimum balance required.

Meridian:

–         0.50% interest rate on every dollar

–         $0 monthly fee

–         Unlimited free transactions

–         Applicable for TFSA’s and RRSP’s

–         E-transfers applied for additional fee.

Meridian should increase their high interest savings rate from 0.50% to 0.55% to compete with TD’s rate. Similar to Tangerine’s promotion tactic, Meridian should also offer a promotion to newcomers and international students who can receive a 2.20% interest rate on the first 6 months if they apply before December 2020.

5.     Distribution Strategies

  1. Meridian Credit Union is known for their endless support towards their community and the people that are a part of it. Since our market opportunity is targeted towards international students and newcomers, a distribution strategy that Meridian can offer would be to become a sponsor or an advertiser for special events that are targeted towards our target market, to gain more awareness
  1. Based on Stats Canada, each year Ottawa welcomes 7,528 International Students, 10,930 Permanent Residency Card holders by Express Entry, and 6,000 New Immigrants. As the numbers keep growing each year, Meridian can benefit from attracting these new individuals by providing new locations throughout the areas of Ottawa. Currently they only have 3 locations spread out in the major areas such as Kanata, Nepean and Gloucester. A distribution strategy that Meridian can benefit from would be to increase the number of locations that they currently have in Ottawa by potentially adding 3 more new locations, to gain more consumers and to provide easy access to new members.
  1. Another distribution strategy for Meridian to consider would be to increase their online presence and their online mobile channels. Since their target market is for individuals within the age group of 20-30, this would be considered as the age group that is constantly on the go, and is always in use of some type of mobile device. If Meridian can increase their online presence and provide more advertisements on their company, Meridian can generate more consumers and more attraction if they enhance their online presence.

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6.     IMC Strategies (include Digital Marketing in this section)

ADVERTISING

We will be using Social Media Channels such as Facebook, Instagram, Twitter, and LinkedIn.

 While reaching our targeted newcomers such as international students and immigrants by using Facebook Platform, Meridian will be posting their social media ads to the Algonquin College’s Facebook Page, uOttawa’s Facebook Page, and Carleton University’s Facebook Page after getting the approval from their Institution Administration. Furthermore, Meridian will keep posting to the other Facebook Pages where newcomers are interested to take their attention related to Meridian’s new service offer. Additionally, Meridian will be posting their new offers’ ads to their Facebook Page.

While reaching our targeted newcomers such as international students and immigrants by using Instagram Platform, Meridian will focus to share the most attractive visual ads to inform them about their new products that are helping newcomers to get loans and to build their credit scores.

While reaching our targeted newcomers such as international students, new immigrants, and Permanent Residency Card holders by Express Entry by using Twitter Platform, Meridian will focus to create the most striking short messages and hashtags to inform them about their new products that are helping newcomers to get loans and to build their credit scores and to get their attention.

While reaching our targeted newcomers such as international students, new immigrants, and Permanent Residency Card holders by Express Entry by using LinkedIn Platform, Meridian will focus to publish the most important parts of their new services by using a proper business language in their videos, ads, and articles to inform them about their new products that are helping newcomers to get loans and to build their credit scores and to get their attention.

Social media ads will be made and published by third parties’ marketing channels such as Facebook Ads, Instagram Ads to reach our targeted market. As there are 4 terms and the most populated one is the fall term, the schedule for social media ads will be implemented to reach maximum newcomers during a year.

Visually stunning billboard ads will be placed at the most popular squares near Algonquin College, uOttawa, Carleton University, Rideau Center, Bayshore.

SALES PROMOTION

ATM receipts: can be included a link and reference code to take part in customer review surveys to make customers have a chance to win an award such as $1,000.

Simulation game: On its website and social media platforms, Meridian can create a simulation game to attract the audience to play financial games and keep scores against themselves. They can earn points, honors, discounts for credit score improvements in the future.

Waiving fees: chequing account fees may be expensive to many customers. Offering new customers or premium account members with monthly waiving fee can attract them to use Meridian’s services.

Random selection for credit/debit card activities: It is to stimulate the audience to use credit or debit cards for their purchases to have a chance to win some fun prizes such as $50 or $100 monthly.

(Pilcher, n.d.)

Attractive interest for mortgage loans: for example, with members for 20 years of mortgage plan, they can get 5% of interest to pay overall. In some severe situation like Covid-19 pandemic, their payment can be delayed to support their financial status at that time.

SPONSORSHIP AND EVENTS

Meridian will be partnering with Algonquin College, or uOttawa, and Carleton University to reach new international students and current domestic and international students.

Starting by the Academic Calendar of 2020/2021, Meridian will be partnering or sponsoring them with organizing new events for their first week of academic calendar and Meridian will continue to promote their new services for Fall, Winter, Spring, and Summer Terms.

On a normal basis (without the pandemic going on), it would be best to use experiential marketing. For example, on “AC Day 1” Meridian would set up a kiosk or booth in the Student Commons building at Algonquin College’s Ottawa Campus. Along with an aesthetic, modern pop-up stands with informational brochures, the event would include some of Meridian’s brand reps to discuss Meridian’s services and offers. There would also be some fun interactions in place such as games to win small prizes like lanyards and card holders to get our target audience more involved and to make a memorable impact.  Given the current circumstances, schools most likely will not be open for such events to take place.

WEBSITE IMPROVEMENT RECOMMENDATIONS

On Website Grader, security on motusbank’s website is graded with 5/10 while cyber-attacks are increasing recently especially during Covid-19 pandemic. Meridian should invest more on security system. Page speed should be improved because it is just 14.3 seconds which is 10 seconds longer than the recommended speed. Links and buttons on mobile web pages are smaller compared to some of their competitors, making it hard for some individuals to see. It is suggested these links and buttons should be fixed to make them bigger.

SEO – SEARCH ENGINE OPTIMIZATION STRATEGIES

Meridian Credit Union will add new services for international students and newcomers to Canada in their website and social media platforms. Then, keyword planner will be used to drive the target audience to their websites by searching keywords and phrases.

To maximize the online visibility of Meridian to customers, some strategies such as local map listings, business review sites, and marketing content will be added to Meridian website to reach more target audiences and engage with customers.

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