(Source: CIC News)The image depicts Canada’s immigration plan from 2021 to 2023. The country is planning to invite four million applicants, which will create an opportunity for mortgage companies to grow their business. Company AnalysisBecause MBM is a recently established firm, there is no precise data available. However,the company is currently on track to complete its quarter, which is required to assess its present
5market position. Therefore, we are using the SWOT analysis to understand the current marketposition of the company. SWOT AnalysisStrengths200+ lenders on board Digital platform Free consultation 98 % success rateExperience in setting up a nationwide mortgage brokerage firm in Canada.WeaknessesNew to the market.Dependency on the interest rates offered by lenders. Many lenders use their market channel to offer rates thatare lower than those provided by banks.A small but thriving clientele (100+)OpportunitiesAs a result of the influx of newcomers to Canada, demand is increasing. Realtors in need of a great broker to help them finance their sales and advertise their properties. Fees for brokerage $0 brokerage chargeThreatsLenders buy brokerage channels and run them separately.High competition.Marketing Objective1)The primary objective of this marketing plan is to enhance brand visibility to captivate maximum clients.
62)The primary purpose of using LinkedIn is to target high profile or working-class millennials having high spending capacity. 3)Instagram will serve the purpose of increasing brand awareness and build a reputation in the market. Almost one billion millennials are using Instagram (Neil Patel, 2020), so it will be easier to target.4)Financial influencers will create content and use Facebook for making the content public,specifically to millennials, as Facebook covers the largest segment of the millennial population. Marketing Strategya)Stage of the product life cycleMBM is still in its early stages, and its target audience is millennials. The strategies that must be used will be more focused on digital platforms such as Facebook, Instagram, LinkedIn, and other social media platforms. The audience wants to access information as quickly as possible.Advertisers can utilize these hyper-targetingsolutions to get their adverts in front of theirmost important prospects. According to thereport, 84 % of millennials do not believe intraditional marketing methods such astelevision, advertisements, and billboards. As a result, social media platforms hold the most market share.b)Segmentation
7c)Positioning and DifferentiationOur service is internet-based. Our differentiators are – Best rate and terms and a better experience guaranteed.Marketing Programa)Product StrategyIt is a service-based business. Our solution stands out from the competition because itprovides immediate mortgage quotes in under five minutes, guarantees the lowest rate(there are no fees to employ a broker in Canada), and eliminates unnecessary mortgage charges. We'll utilize the Fighter Brand strategy, which involves a