Iowa is the company under consideration. A small brokerage business firm that provides financial help in the form of credit facilities to the small and medium sized businesses in the United Kingdom, Poland and Germany (Iwoca.co.uk. 2018). The firm woks on an online basis and provides an automated platform for lending.
The mission of the firm is to provide credit facilities as well as other financial solutions to all small and medium sized businesses so that the community in which the firm is operating is served in an indirect way.
The vision facing the firm under the current situation is to be the best provider of financial solutions in case of any problems faced by businesses of all kinds and especially small and medium sized businesses.
Small and medium sized enterprises are the prime customers that are being targeted by the firm currently. This is so because investing in these firms is being expected to bring about an increase in the revenue generation of the firm because of the expected growth in the market of SMEs (Ruiz-Pav and Forero-Pineda 2018). This target market has been decided and arrived at with the help of analysis of the competition in the market with the help of smart devices.
There are numerous firms operating in the financial sector of UK and are well known for providing services of the best quality to major firms. However, there are very few firms which provide their services to the small and medium sized enterprises of these regions (Jin, Ji and Gu 2016). The major competitors of the firm are listed along with the products they offer in the following table:
|
Hanwha Asset Management |
Security services, Investments and other financial services (Hanwha.com. 2018) |
Aerospace, Construction, Chemicals, Leisure and lifestyle, Solar power plants and other Financial Firms |
|
fi creative |
Solutions to business problems |
Asset managers, Wealth Managers (The financial sector) |
|
Berthel Fisher |
Advisory services, technologically advanced credit facilities, business development |
Members of Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC) |
Table 1: Competitor Analysis
Source: Self- Made
The key marketing objectives for the firm include the following:
As the firm is already well known for the financial services in terms of investments and business development, the goal of the firm is to now diversify the set of services provided and include advisory services especially in terms of wealth management to the small and medium sized firms (Coleman 2016). This particular will be provided in terms of financial planning and portfolio management.
As the firm already has a well established brand impression as well as strong customer loyalty, the firm should strategically use the brand image already present. In order to ensure that there is full usage of the brand as well as low cost incurrence, the firm should carry out the promotions using digital platforms including social media pages. The firm should also promote customised services to the already existing customer base. Further, the other strategy to be used by the firm includes providing discounts to the new customers and a greater variety of services under wealth management. Further, the firm should also strategically use technology for better means of connecting to the customers, new or old and should also provide technologically innovated services which are better built to solve changing customer problems and are provided faster.
There are various strategies that can be used for increasing the sales and helping the company grow. Analysing the industry data is very important and should be performed using smart devices (Stisen et al. 2015). This will help in easily identifying the clients of the competitors and using the strategies of marketing that have helped the obtain leads. To increase the level of customer satisfaction, along with the diversified number of advisory services provided, faster services should be provided and issues should be resolved within a smaller span of time. For ensuring these processes, technological innovation is extremely necessary.
The entire plan is to be initiated and executed over a time span of six months so that the objectives are reached within the advent of the next financial year.
The marketing objectives being aligned to the financial goals and the already existing operational framework need very few employees to be trained with the new services. Another set of employees (with expertise) should be hired to take care of the technological expertise needed for the operation of the smart devices and the innovations
The total sales increase and increase in the revenue generated should be monitored with the help of analytical tools at the end of every month from the time the promotion takes place. The smart devices mentioned earlier play a very important role regarding the measuring of the extent to which the goals have been each and the extent that still needs to be covered within the remaining time.
The contingency plans are very important in this regard as it is a new service which is financial and requires some substantial amount of investment. Thus, a Risk Analysis will be conducted before the implementation of the plan. Further, if the concept of using digital platforms does not provide the necessary objectives then other options like meetings with the clients and reduced price offerings will be implemented.
References
Coleman, W.D., 2016. Financial services, globalization and domestic policy change. Springer.
Hanwha.com. (2018). Financial Services. [online] Available at: https://www.hanwha.com/en/products_and_services/financial_services.html?amc=cmpid_A01_B01_C01_D04_F01&s_kwcid=AL!7933!3!221177451243!b!!g!!financial%20investment [Accessed 1 Dec. 2018].
Iwoca.co.uk. (2018). iwoca – Fast, flexible and fair small business loans. [online] Available at: https://www.iwoca.co.uk/?utm_expid=.vIALZz00Sjq8lYmZdQbk0g.0&utm_referrer=https%3A%2F%2Fen.wikipedia.org%2F [Accessed 1 Dec. 2018].
Jin, J., Ji, P. and Gu, R., 2016. Identifying comparative customer requirements from product online reviews for competitor analysis. Engineering Applications of Artificial Intelligence, 49, pp.61-73.
Ruiz-Pava, G. and Forero-Pineda, C., 2018. Internal and external search strategies of innovative firms: the role of the target market. Journal of Knowledge Management.
Stisen, A., Blunck, H., Bhattacharya, S., Prentow, T.S., Kjærgaard, M.B., Dey, A., Sonne, T. and Jensen, M.M., 2015, November. Smart devices are different: Assessing and mitigatingmobile sensing heterogeneities for activity recognition. In Proceedings of the 13th ACM Conference on Embedded Networked Sensor Systems (pp. 127-140). ACM.
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