MacBride Financial Internet Strategy   Term Paper ID:36579 Click to get this paper

Essay Subject: In two parts discusses how MacBride Financial can use the Internet for communication market ...... More...

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Paper Abstract: Discusses how MacBride Financial can use the Internet for communication, market research and customer service. Also considers how MacBride Financial can interact with suppliers and customers on the Internet. Paper Introduction: MacBride Financial Internet Strategy-Part I Using the Internet for Communication One of the most common communication strategies for the Internet isthe use of informative Web pages that move beyond just selling products These Web pages help establish the company as an expert in its field and asa partner in the relationship rather than just a vendor Ideally thecustomer will return to the Web site on a regular basis to check on newinformation the visitor may be sold additional items on those subsequentvisits Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. The mortgage professor (http://www.mtgprofessor.com/Default.htm)provides general information about mortgages, mortgage brokers, selling ahouse, buying a house and related information. Newsletters have long been a way for companies to keep in touch withtheir customers. Of course, this will heightenthe security precautions that the company will need to take, includingencryption of data sent over the net and ensuring that the Web site-atleast the site where applicants enter personal information-is secure. Eagle River Mortgage uses its entire site to market the business.There is a large "Apply Here" link at the top of the left side of the homepage (http://www.refinanceu.com/) and an 8 number at the top of the rightside of the home page where the visitor is assured that an Eagle RiverAdvisor is waiting to take their call. How Will the Internet Be Used for Interaction with Others? There are no additionalclicks required to reach this page; instead, the visitor must click toreach anything other than an application page. It also offers news headlines - withlinks to the actual story - that also provide general information about themarket, the industry, mortgages, political factors and economics. Ideally, thecustomer will return to the Web site on a regular basis to check on newinformation; the visitor may be sold additional items on those subsequentvisits. MacBride Financial Internet Strategy-Part I Using the Internet for Communication One of the most common communication strategies for the Internet isthe use of informative Web pages that move beyond just selling products.These Web pages help establish the company as an expert in its field and asa partner in the relationship rather than just a vendor. As MacBride forms relationships with lenders, it shouldinvestigate the possibility of using an extranet, or at least the Internet,to exchange information about applicants. eBusiness.com provides a listing of competitors that would be helpfulfor MacBride as it seeks to remain competitive in the market. This givesMacBride an idea of what Internet users will find when they go to this siteso that MacBride can develop more effective marketing strategies. Using the Internet to Market the Business There are, of course, many different ways to market a company on theInternet. Eloan.com is a major lender nationwide, and it posts its rates on itsWeb site. The company thus depends on repeatbusiness and word-of-mouth advertising, but is even more dependent on theone-time client. The site also providesgeneral information about mortgages, the mortgage process, the functionsperformed by mortgage brokers, and general statistics about home owners andhome ownership in the United States. Mortgage brokers face a particular challenge because there areso many competitors in the field, some of which also advertise ontelevision and radio which increases their name recognition to consumers.One of the ways to market a company using the Internet is to become asponsored link on Google. Thissite is athttp://www.business.com/directory/real_estate_and_construction/finance_and_investments/mortgages/residential_lenders/us_states/idaho/. It is notanticipated that MacBride will use an extranet for communication with itssuppliers. Understanding what the Fedmight do in terms of rates can help MacBride determine its short-term andlong-term marketing strategy. In this way,the site is likely to be bookmarked by those individuals who may want torevisit at a later time. Security Pacific Financial provides a "For Borrowers" site on its Website that is a collection of Dos and Don'ts for borrowers, along withguidelines as to the loan process itself. Interest rates are based on the rates set by the federal reserve,which is currently chaired by Alan Greenspan. MacBride Financial Internet Strategy-Part II Information for Net Surfers Mortgages-expo.com provides links to mortgage brokers that are membersof the site (http://www.mortgages-expo.com/). However, an extranet may well be appropriate for conducting businesswith key lenders. This enhances the level ofcustomer service for those seeking a loan, and increases the likelihoodthat visitors will take advantage of the site since they are already on thepage. A search for "mortgagebrokers boise Idaho" resulted in 636, hits-far more than any one cansearch through. Google is one of the most widely used searchengines, and their sponsored links require that the advertiser is chargedonly when someone clicks on the link, located to the right of the mainscreen. How Is the Internet Used to do Research for the Business? Because of this, offering Internet users a reason toreturn to the site, or a reason to trust the site over the thousands ofothers available, can be a critical success factor for the company. Unlikethe actual lender who funds the mortgage, the mortgage broker works withclients only during the initial phase. Summit Mortgage uses specialized Web pages to communicate with currentand potential customers. The advantage to sponsored links is that they are displayed onlywhen the search criteria match the link's keywords, and they can helpseparate a company from the rest of the pack. Keeping this site(https://www.eloan.com/s/show/refinance?context=refi&user=bu &mcode=bu kw3mzg) bookmarked can provide a quick reference for what other lenders arequoting customers. One of the most useful is the "Loan Process" page(http://www.summitmortgage.com/process.html) that explains the loan processregardless of whether the user chooses Summit or not. Of course, the pageis geared toward those consumers who use Summit, but others may well findthe information useful. Idaho Mortgage Services, however, had the top sponsoredlink on the page (http://www.idahomortgageservices.net/). This is a very busy home page, butit emphasizes low closing costs, and provides additional information,including information on mortgage terms, that people who are notnecessarily interested in a loan immediately may find useful. State governments typically publish economic outlooks;Idaho's can be found athttp://dfm.idaho.gov/Publications/EAB/Forecast/2 5/July/Idaho_ 7 5.pdf. The Internet will be used as a repository for company information inthat applicants will be able to track the progress of their applicationonline. The company can learn about the Fed'spossible moves at http://www.federalreserve.gov/. In order to be a mortgage broker, it is necessary to obtainappropriate licenses. In addition, Eloan might be a company with whom MacBride forms astrategic alliance. However, the requirements for a state licensemay well change over the years, so it will be necessary for the company toresearch the current requirements.http://www.mortgagenewsdaily.com/mortgage_license/Idaho.asp offers currentrequirements for brokers in Idaho. Mortgage brokers can use newsletters to keep theircustomers informed of changes in the industry, the rudiments of applyingfor a loan, creative financing, trends in the market and similar issues.Peach State Mortgage Corporation (http://www.peachstatemortgage.com/),serving Georgia, allows visitors to sign up for a monthly newsletter thatis delivered by e-mail. As the company expands its operations, it will needto hire additional brokers. Users can use a link at the bottom of thenewsletter to remove their name in the future. Using the Internet to Enhance Customer Service Platinum Lending's home page describes what the company does, mentionsa toll-free number twice, and takes the visitor to the application processimmediately (http://www.platinumlendingltd.com/). Maintained by a professoremeritus of finance at the Wharton School, this is an excellent starterpage for surfers who might be interested in buying or selling a home, butwho have no idea how to go about it or some of the issues that they mayface. This will enhance the company's customer service, as well.MacBride will take advantage of using suppliers' Web sites-such as Staples-to order and arrange delivery of supplies for the company. This section(http://www.trustmortgagesource.com/mortgage_loan_borrowers.htm) is farmore extensive than the FAQs discovered on some of the other sitesdiscussed here, and provides borrowers with valuable information. Housing starts provide an indication of the direction of the mortgagemarket in that it indicates the number of new homes going on the market.Refinancing can take place as rates go down, but fall off as ratesincrease, but a booming housing market can indicate a positive outlook formortgage brokers. 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