Granite Credit Union Business Deposit Program Marketing Plan
2 Media advertisement 21 8 References 23 Granite Credit Union Business Deposit Program 1 Introduction Marketing refers to the processes and procedures that are undertaken by a business entity in a bid to make its product(s) more appealing to its consumers. Marketing also has the obligation of making the product known to the consumers (Baker, & Hart, 2008). These processes include making advertisements, sale of products/services and ensuring that timely deliveries are made to consumers. Marketing requires that the company carries out a study on the potential clients to determine the consumer’s needs and preferences in order to find out if the product it wants to offer is relevant in that particular niche. This analysis of the consumer’s preferences is known as marketing concept (Hollensen, 2015).
These products include business loans, personal banking packages, employee banking packages and business referrals. The organization has competitive accounts such as sweep account, business accounts and organizational accounts. The organization has partnered with several organizations in order to offer services. These services include wordplay service, business bill pay service, SEP IRA service, business visas, Remote deposits capture using Cachet and payroll experts. The plan will focus on analyzing the opportunities available that make Granite Credit Union have a competitive advantage over its rivals and maximize on its intended purpose. In addition, the Credit Union offers financial literacy and investment education to the members as a tool to attract more members and retain them. Granite Credit Union therefore, acts as a consulting firm on a variety of financial topics such as first time home buying, retirement planning, financial education for youth as well as investments.
Supporting the idea they are with the members every step of their financial journey. Allio and Fahey (2012) argued that customers are rational thinkers and they seek to maximize satisfaction by acquiring the best in the market in exchange for their money. In order to remain competitive, the credit union has various products to offer the members. The Credit Union is responsive in addressing member’s questions and concerns in a timely manner. Employee retention is a key to success for continuous growth of expertise. Employee satisfaction increases productivity and enthusiasm in the work environment (Magretta, 2012). Granite Credit Union has ensured a conducive working environment and rewards performance of employees. Magretta (2012) also argued that customer service is crucial in the industry as it enhances customers’ loyalty and satisfaction.
Dobbs (2014) stated that sustaining competitiveness is important to firms for a long term relationship with customers. Since inception, Granite Credit Union has continuously remained competitive in the market by maintaining standards. The Credit Union offers continuous training to employees and members on emerging trends in the financial sector to remain competitive in the market. The Credit Union has financial priorities of ten percent net worth and a one percent returns on assets for a long-term stability of the Credit Union. Compliance with legal requirements is crucial for sustainability and the Credit Union has policy and procedures that support following regulatory requirements. Granite Credit Union operations are customer focused. The Credit Union is faced with a number of competitors in the industry and therefore, the Credit Union has a number of strategies that have made it remain competitive over time.
Many rivalry firms are competing to have more customers. The firm has a great association with educators who formed the cooperative union. Therefore, they occupy a large market share considering this factor. These statistics support the existence of a large market. A recent study by US Bureau of Labor Statistics, also noted that Salt Lake City is leading in adoption and growth of financial services in the USA by 20. 89 percent growth rate. Considering the high population which offers a talent pool and market as well as the affordability of the state, financial trends indicate that the City will only improve in later years. Considering the number of families and population and the fact that Utah is recommended as a suitable place for aging, the target market is predicted to expand with time.
Sweep account A sweep is already an option on the FLEX system. Think of it as a custom draft path. The funds will move from checking to the high yield suffix to earn a higher interest rate. Business Accounts For Corporations, LLC, Sole Proprietors, etc. Has a Flat fee of $10 can be waived based on daily balance. By use of the niche focus and the general SWOT analysis of the company, Granite as a business, is a rooted organization that has the trust of its people and is bound to keep generating income over time. Granite stays ahead of its competitors on its chosen district. However, it would be hard for Granite to grow and expand outside its region using the current strategy considering the number of staff, size of the company and amount of time it would take.
Granite would also not succeed if it lost the trust of the desired audience as it is only centered on a certain audience and not sold to people far and wide. In order for it to stay relevant and ensure it has competitive advantage, Granite puts a lot of work and time on its clients. Opportunities The Granite Credit Union has the opportunity of embracing new technologies in the market so it can remain relevant and desirable to its customers. This opportunity has cut the cost of credit of the unions transactions and hence an increase in the income to the credit union. The use of new technologies will reduce some of the expenses that were being incurred. It also ensures fraud control and reduces the risk for the company.
The new technologies also enhance service to members like boosting the debit/credit process; makes easy the ability to redeem awards. This affects the company as it has no control over it. 5 Product pricing The table charts below gives a detailed description of the various charges on the products offered by the Granite Credit Union After market research and consulting with CUBG we have come up with these fees 6 Business location The business will be located in the Salt Lake County, Utah United States. The business will be serving the People (including businesses) who live, work, worship, or attend school in Salt Lake County. The Credit Union have 8 branches and a call center located in Salt Lake County. The branches are in the following cities: Salt Lake City, Millcreek, Midvale, Riverton, South Jordan, West Jordan, Taylorsville and Sandy.
We will have 5 business deposit specialists, along with the business loan department. This will been beneficial to members and internal staff, where they have multiple people they can reach out to for advice and support. When business members open a new account, they are given their first box of checks, a deposit bag and a deposit stamp at no charge. The Credit Union will promote business products and services on firm’s website, as well as digital ads and the use of social media. Granite Credit Union has added a new BIN for the Visa Business Debit Cards. • Providing policy and procedure templates. • Identifying the top vendors that bring the best options for Granite to offer the products. • Working with Granite’s compliance and operations areas for quality control and advice on processes and internal controls.
• Recommending strategies for branch integration and education. The business deposit consulting project will be structured over a 4-6 month period. To maximize efficiency, GUBG will utilize key Granite staff to help with gathering data, answering questions and providing clarification. CUBG will take on as much of the analysis and project management work as possible, and will need a designated Granite “go-to” person for questions and follow up. As the new program begins to take shape, Granite will need to allocate appropriate resources for implementation and ongoing management. CUBG will hold a final project recap meeting to present the project results to Granite’s management. In conclusion, business members will equal relationship profitability. LinkedIn will have a description of what the Credit Union is about as well as a link to the Granite website for more information.
It is important for the Credit Union to be involved in this form of media and communication and helps us to reach out to different demographics. Most recently we have begun dabbling in twitter and we will monitor the results we receive from this presence. Members may access their accounts by calling the Credit Union directly and talking to a Contact Center Representative, or branch personnel. The call center representative gets an opportunity to explain the different products and services offered by the Credit union to customers. 2, pp. Print. Baker, M. , & Hart, S. The marketing book. Marketing management: A relationship approach. Pearson Education. Magretta, J. Understanding Michael Porter: The Essential Guide to Competition and Strategy. Harvard Business Review Press, Boston, MA, 2012.
From $10 to earn access
Only on Studyloop