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Integrated Industry Project

Strategic Business Plan

Strategic and Marketing Plan:

Personal Banker

Author: Insightful Impacts

Umer Amir Rashid

Yudavraj Rambali

Muhammad Arsal Riaz

Adel Osaki

Shiza Akhtar

Professor: Lenny Dinnath

July 6, 2022

1Strategic Plan 4

1.1Mission and Vision Statement 4

1.1.1Vision Statement 4

1.1.2Mission Statement 4

1.2SWOT Analysis – Strategic Implications for Personal Banker 4

1.2.1Strengths-Opportunities 5

1.2.2Strengths-Threats 5

1.2.3Weakness-Opportunities 5

1.2.4Weaknesses-Threats 5

1.3Strategic Objectives 6

1.4Competitive Advantage 6

1.5Strategic Options 7

1.5.1Market Penetration - Existing Market & Existing Products 7

1.5.2Product Development-Existing Markets & Additional Products 7

1.5.3Market Development-Existing Products & New Market 8

1.5.4Diversification 8

1.6Evaluation of Strategic Options 8

1.6.1Evaluation Criteria 8

1.6.2Evaluation Matrix 8

1.7Recommended Strategy 9

1.8Short-term Priorities 10

1.9Action Plan 10

1.10Scorecard – Key Performance Indicators 11

1.11Conclusion and Recommendation - Strategy 12

2Marketing Plan 13

2.1Market Research Requirements 13

2.2Target Market 13

2.3Market Positioning 15

2.4Competitive Analysis 15

2.5Market Tactics 16

3Revenue model 18

4Strategic Partnerships 20

5Conclusion 22

1. Strategic Plan
   1. Mission and Vision Statement
      1. Vision Statement

Based on Internal and External analysis of Personal Bankers environment as well as a discussion of priorities highlighted by the business owner, the following vision statement was proposed during the second milestone of the project. This vision takes into account opportunities identified in the market and goes beyond the existing tax filing and tax reclaim services. The vision also takes into account the client’s priority to educate its’ clients and leverages Personal Banker’s technology platform to drive business growth.

“To empower and enable Canada’s middle class to take control of their financial futures by guiding them to Wealth Significance by way of education, financial advice, and technological innovation.”

1. 1. 1. Mission Statement

The existing mission statement of Personal Banker while strong, would be improved by including all 9 characteristics of an ideal mission statement. As such a revised mission statement is proposed by the Insightful Impacts team as a result of Internal and External analysis. As elaborated earlier, this mission statement satisfies all the 9 characteristics of an ideal mission statement (please refer to Internal and External analysis). This mission statement is inline with the proposed vision of the company. The proposed business strategy will aim to support fulfillment of this mission.

“To add value to the financial well-being of consumers across Canada by providing high-value financial services that leverage cutting edge technology and financial industry expertise, while deriving profitable growth for the company. Our team of highly motivated individuals actively support customers in the use of our technology supplemented by expert advice to help them make important financial decisions. We believe that the financial well-being of our customers contributes toward the overall prosperity of communities and result in economic growth.”

1. 1. SWOT Analysis – Strategic Implications for Personal Banker

During Internal and External analysis, a comprehensive SWOT Analysis was carried out, followed by Strategic Pairing to relate strengths and weaknesses with opportunities and threats. Based on the strategic pairing exercise, it can be concluded that Personal Banker should make capitalizing strengths to win market opportunities its’ highest priorities. The company must also focus on addressing some of the weaknesses that can cause a company to miss opportunities or face serious negative consequences from market threats. Based on the strategic pairing, the following sections summarize key implications, which must be taken into account when developing a business strategy for the company.

1. 1. 1. Strengths-Opportunities

• A key strength of Personal Banker is its technology platform, which leverages proprietary algorithms to assist in making financial decisions. It is imperative that this strength area is used to capture opportunities in the FinTech market, which is growing at 25% per year.

• The company should continue to build on its 30 years of combined financial industry experience to capture market share within the financial services market, which is growing at 6% annually. As an action item the company will need to further strengthen financial expertise by adding licensed professionals (e.g. Professional Financial Planners or Certified Financial Planners).

• Leveraging its’ technology platform, the company should continue to focus on the entire Canadian market because the company has already shown the ability to win business across Canada

1. 1. 1. Strengths-Threats

• The company should leverage technological strength in niche area related to taxation and financial planning to address threats from large financial institutions (Banks, etc.) The key is to develop a niche strategy.

• The company should leverage personal interactions to cross-sell and upsell multiple services to customers - enhancing customer stickiness and minimizing the threat customer attrition. The company can develop product bundles for families to be offered under a subscription model. This necessitates the use of a product development strategy.

1. 1. 1. Weakness-Opportunities

• A lack of credentialed financial professionals is limiting the company’s ability to win new customers. In order to enhance the chances of penetrating this market, the delivery capacity needs to be improved by upskilling the existing workforce with necessary licenses. The company will need retirement planning and estate planning type capabilities to augment the existing skill sets.

• To address entire Canadian market, the company will need to invest in additional resources.

1. 1. 1. Weaknesses-Threats

• The company has made minimal investments in marketing activities, which limits the company’s ability to compete against major players. A structured and more aggressive marketing plan is being proposed to address this weakness

• The technology application will play a critical role in company’s future. Limited financial investment aimed at continuously and rapidly enhancing this application, could cause the to company lag behind other major players and hence lose market. More aggressive investment, from internal or external sources, is essential to continuously enhance features, and possibly build artificial intelligence capability.

1. 1. Strategic Objectives

Based on the earlier analysis and vision and mission of the company, the following SMART strategic objectives are proposed:

1. Achieve 1.3 million dollars revenue in three years by doubling current revenue of 163,000 every year for next three years.

2. Continuously enhance FinTech application, starting with completing mobile app within three months, and achieving artificial intelligence capabilities for defined services within three years.

3. Strengthen service portfolio to enable comprehensive financial services packages for the target market achieving a least three family bundles within 12 months

4. Continuously enhance financial services delivery capability by adding/upskilling human resources with necessary licenses in defined service areas.

5. To enhance customer loyalty by offering multiple services with highest level of customer satisfaction, as measured through periodic surveys, achieving 80% excellent or very good overall rating and ensuring 4.5 or more Google Rating.

The above five strategic objectives will help fulfill company’s vision and mission by achieving technology-driven revenue growth, customer satisfaction, and skill enhancement/satisfaction of employees.

1. 1. Competitive Advantage

Personal Banker operates in a fairly competitive market with many established players within tax reclaim, tax preparation, or financial planning services. As assessed in competitive profile matrix (see milestone 2 in the Current State Analysis), Personal Banker is in a weaker position relative to direct competitors such as Tax Recovery Inc., WealthSimple and Disability Credit Canada. Personal Banker gained a total score of 1.98 against 2.68 of Tax Recovery Inc., 3.38 of Wealth Simple, and 3.18 of Disability Credit Canada. As the company is also pursuing tax preparation services market, it also faces intense competition from players such as H&R Block, Liberty Tax, and others. Given its weaker position in a highly competitive market, it is absolutely critical that Personal Banker builds its capabilities and capacity in some of the critical success factors in order to gain competitive advantage.

Based on the Current State Analysis and current competitive position of Personal Banker versus the other players, the Insightful Impacts team is of the view that the company should focus on the following areas in order to develop sustainable competitive advantage over period.

• Technology: Continuous enhancement of FinTech application with eventual artificial intelligence (AI) capabilities to help customers make prudent financial decisions

• Education: Continuous education of customers with respect to services and use of FinTech application so that cost of service delivery can be minimized-customer satisfaction will be an absolute must

• Single Window Operation: As the target market is individuals, there is a synergy in offering tax reclaim, tax preparation and financial planning services to niche market. The synergy comes in the form of marketing, service delivery, and enhanced customer loyalty/stickiness due to multiple services.

In order to develop a competitive advantage based on the above three critical success factors, the company will need to make concerted efforts during the course of next couple of years. The proposed strategy in the following section takes into account the need for a balanced approach focusing on short-term revenue growth and long-term efforts to gain competitive advantage based on the three critical success factors.

1. 1. Strategic Options

The following four strategic options have been identified.

1. 1. 1. Market Penetration - Existing Market & Existing Products

This strategic option entails focusing on existing portfolio of services, which comprises of tax filing and tax reclaim services. The strategy will entail aggressively going after this market to increase market share and achieve desired objectives.

1. 1. 1. Product Development-Existing Markets & Additional Products

This strategic option entails expanding the service portfolio to go beyond tax related services. The company is currently offering life insurance and mortgage services with very limited revenue contributions. The product development strategy will involve development of a comprehensive portfolio of personal financial services. These services may include financial planning, retirement planning, and estate planning. This product development will help attract lucrative markets segments such as aging population. As the process involves significant time and effort, a product road map will be created to add these new services over period. It also necessitates building necessary delivery capability over period. Initially, family bundles can be created based on tax related services, and basic financial planning/advisory.

1. 1. 1. Market Development-Existing Products & New Market

As the current focus of Personal Banker is on entire Canadian market, the only option available for the company to develop new markets for existing products is to expand beyond Canada, possibly into the United States, a market ten times larger than Canada. This may necessitate heavy investment and possibly merger and acquisition activities. The feasibility of this option will be evaluated in the following section.

1. 1. 1. Diversification

This strategic options entail entering into a new market with a new set of products and services. This strategy is typically used to diversify away the risk associated with single industry. In the case of Personal Banker, entering into the Canadian real estate brokerage market is a possibility. However, this strategy maybe the most difficult one to implement.

1. 1. Evaluation of Strategic Options
      1. Evaluation Criteria

The following evaluation criteria has been developed:

1. Speed of Implementation – the sooner the strategy can be implemented, sooner the revenue growth can be achieved.

2. Ease of Implementation - if the strategy entails relatively less effort it will be easier to pursue the strategy to achieve certain results.

3. Financial Investment - more the financial investment is involved, the more difficult it will be to implement the strategy.

4. Availability of Skills - if the skills are currently available within the company or can be easily acquired the chances of a successful implementation will increase.

5. Growth Potential – the more the long-term growth potential, the more attractive the strategy becomes.

6. Customer Loyalty - a strategy that enhances customer loyalties/stickiness can ensure a long-term sustainable business

7. Regular Repeat Business - if the customer requires services on a regular and frequent basis, revenue growth will be faster through accumulation of existing and of new clients .

8. Synergy with the Existing Business - if the strategy is closely related to the existing business, its implementation will deliver better results.

1. 1. 1. Evaluation Matrix

The evaluation is based on the following:

• Total weight of 1.0 allocated to different criterion based on importance

• Rating of individual strategic options from 1 to 5.

• Score is multiple of rating and weight.

Table 1 shows evaluation for strategic options under 1.5.

1. 1. Recommended Strategy

Based on the evaluation of the four options, it is clear that market development or diversification are not an option for the company. The market penetration and product development strategies have very close total score. Both these strategies have significant value for the company. Therefore, it is recommended that a combination of the two strategies be adopted to gain best results:

• In the short-term market penetration will help in gaining maximum number of customers. Although, with existing services there may not be regular repeat business (e.g., tax reclaim can only be every few years) and customer stickiness will be less, this strategy will be easy to implement with speed and relying on existing skills. Further, adding new customers will help in upselling other/future services.

• Parallelly, the product development strategy should be executed by initiating a product road map and plan to develop associated skills and technologies. While penetration strategy will help win higher number of customers, product development will help grow business by upselling new services to same customers and by enhancing customer stickiness through multiple services that offer repeat business potential.

The operating plan Milestone 4 will identify the need, if any, for external funding to ensure implementation of these strategies.

The following sections will now focus on action plan for executing a combination of these two strategies.

1. 1. Short-term Priorities

The following short-term priorities are identified:

• Initiate an aggressive marketing campaign to acquire a maximum number of new customers for existing services, particularly the tax reclaim service as part of a short-term market penetration strategy.

• A campaign for tax filing services may be initiated

• Complete mobile application within Q3 of 2022

• Develop a road map for development of services relating to financial planning, as part of product development strategy recommended earlier. Identify skills/professional licenses required for delivering services as per product road map

• Develop a plan for upscaling human resources

• Prepare Information Memorandum (IM) based on this strategy and proposed operating plan to raise growth capital, if required

1. 1. Action Plan

The following action plan is proposed for the next 12 months in order to implement the proposed strategy:

Table 2: Action Plan

1. 1. Scorecard – Key Performance Indicators

Table 3: Scorecard

1. 1. Conclusion and Recommendation - Strategy

Based on an extensive internal and external analysis of Personal Banker’s current environment, Insightful Impacts recommends a balanced strategy that focuses on short-term revenue growth as well as the need to gain competitive advantage for sustainable long-term growth. The team recommends that Personal Banker adopt the revised vision and mission statements proposed earlier in the report as they possess the nine characteristics of ideal statements.

Given its current position against the competition, it is recommended that Personal Banker focus on three factors to gain sustainable competitive advantage: a robust FinTech application, customer education, and single window for multiple services. The Insightful Impacts team has recommended a combination of market penetration and product development strategies to achieve a balance of short-term revenue growth and positioning for sustainable long-term growth. A Market penetration strategy will help achieve short-term growth/ market share through aggressive customer acquisition, while product development will achieve long-term sustainable growth.

Overall, these strategies will help achieve five SMART objectives revolving around revenue growth, enhanced FinTech application, product portfolio, HR enhancement, and customer satisfaction. To focus on these strategies, the Insightful Impacts has identified a set of short-term priorities and a detailed action plan for next 12 months. Additionally, to monitor progress towards achieving five strategic objectives with associated sub objectives a balance scorecard has been included.

1. Marketing Plan
   1. Market Research Requirements

Based on the findings from the previous assignments, the team has a general idea of what services are lacked and what services Personal Banker’s competitors are offering. The team also has a general understanding of the goals of Personal Banker and the first focus is to develop a larger scale marketing promotion. Currently the company is only using Facebook as its’ main outlet for advertisement. Once the app is launched, Personal Banker should aim to fully promote the app and the services offered by Personal Banker on all social medias IE: Facebook, Instagram, twitter, etc. The company should also aim to promote the company on other media outlets such as Newspapers, Magazines, and Radio.

The team also has a general idea of how investments work culturally and in society within Canada. From previous research Insightful Impacts understands the general clientele who invests and takes care of their taxes with a personal service. There is a large demand, and it is growing every day, since this fact is also understood, Personal Banker does not need to further research it.

1. 1. Target Market

Focus on target market segment(s), customer preferences/attributes/characteristics.

Table 4: Target Market

1. 1. Market Positioning

This section focuses on product value proposition and product differentiation and benefits.

Customers will receive personalized advice from Personal Banker who will also empower customers to be an active participant in their finance via educational modules. The aim is to instill both a personal sense of confidence in customers and confidence in the Personal Banker brand.

1. 1. Competitive Analysis

A competitive matrix analysis was carried out during internal/external analysis, which has also been briefly discussed in section 1.4 and three critical success factors have been identified to gain competitive advantage against direct competitors. These three critical success factors are Technology, customer education, and single window operation (multiple services). Accordingly, Insightful Impacts Team has recommended that Personal Banker focus on enhancing these three areas. In due course, all marketing messages will highlight these three areas of strength.

For the sake of a quick comparison within indirect competitors another matrix is included here.

Table 5: Secondary Competitive Analysis

For context: The competitors chosen here are based upon goals procured to us by Personal Banker. IE: H&R would be the first stepping stone of a competitor to beat but eventually Personal Banker would like to become as large as Scotiabank and provide more financial services and not just personal banking/tax reclaim services. The weightings are given upon current standards based on our analyzation of services offered from each competitor versus Personal Banker.

From reviewing the services offered on each competitors website and comparing it to the services offered by Personal Banker the team can see a large disparity even with just regular services that Personal Banker focuses on. We believe that this is mainly due to the size of the company and the time it took to establish, this means that with proper marketing and growth implementation, Personal Banker should be able to catch up to its competitors on a normal level.

1. 1. Market Tactics

There are a number of marketing tactics that Personal Banker can experiment with. Currently, Personal Banker is running small campaigns on Facebook to gauge at how the company can advertise and if people are interested in the service. The campaigns have so far been deemed successful which means that Personal Banker can perform a larger scaled promotion.

4P Tactics

Product: Tax reclaim services as well as other financial services. Financial guidance from experienced staff regarding the individual's financial situation. Educating clientele on how to further grow their capital and helping them with making logical decisions that are beneficial to their portfolio.

Place: Online via Personal Banker website, also through the app and telephone

Price: Free consultation to clientele based upon their portfolio, currently offering a tax reclaim service at $40.

Promotion: Main promotion via social media platforms, Facebook, Instagram, Twitter, and other media outlets such as Newspapers, Radio, and TV channels.

Other campaigns Personal Banker plans to run or have the potential to run are email marketing campaigns, where the company may advertise referral campaigns and specials for email subscribers. The company can also generate some influencer marketing and gauge conversation rate with these campaigns, the more individuals that sign up and use the services, the more successful the campaign is. The main process for marketing tactics is the actions instead of the goal of the campaigns. The company will have to actively engage with customers directly and place campaigns that are easily accessible.

2.7 Budget It is proposed that Personal Banker investment $15,000 (180k/year) in marketing penetration related activities during 2022 to double its revenue to 326,000, which results in a revenue of 6.5 times the marketing spent.

2.8 Marketing Metrics

A measurable marketing KPIs are presented for ensuring the effectiveness of marketing plan.

Table 7: Marketing Matrix

1. Revenue model

Current Revenue Model Projections

1. Using Personal Bankers own projections of doubling current revenue streams every year and also assuming that the sources of revenue do not change, Personal Banker could anticipate its’ revenue rising from $163,000 in 2021 to approximately $1.3 million in 2024.

Table 8: Revenue Projections

1. In 2021, Personal Banker helped 252 clients reclaim an average of $1000 via the Tax Reclaim service and generated an average of $330 (33%) of revenue per transaction (Personal Banker, 2022). Moreover, Personal Banker helped 94 clients file their taxes with an average fee of $75 per return (Personal Banker, 2022). Using these averages and assuming a 50/50 split in services rendered moving forward, Insightful Impacts have created a three-year projection of Personal Bankers’ potential revenue. Moreover, it is to be noted that this projection was made under the premise that in 2022 there would be 2000 new registrants per month to PersonalBanker.ca and that 25% of these registrants would convert to a service (Personal Banker, 2022). Additionally, the number of registrants are assumed to double each year and as such the number of conversions will follow.

Table 10: New Revenue Projections with New Conversions

Alternative Sources of Revenue Projections

1. Subscription Model: With Personal Banker’s ambition to serve clients multi-dimensionally in an ever-competitive financial services space, utilizing a subscription model may prove to be a unique point of differentiation. A subscription model would be a boon to clients as the monthly fee would give them access to all of Personal Banker’s services including Tax Reclaim and tax filing while allowing clients to avoid any upfront fees. A subscription model would be most appealing to Millennials and Gen Z as according to CorporateInsight.com 92% of all Millennials have a subscription method of some sort (Corporate Insight, 2022). Moreover, acquiring customers of this demographic gives Personal Banker the opportunity to acquire and establish long term clientele. To make this projection, Insightful Impacts used the projected customer conversion mentioned in the previous section and used a monthly a price point of $14.99 which was derived from a market scan of popular subscription services and monthly bank account fees of the big five Canadian banks.

Table 11: Subscription Model Projections

1. Trailing Commissions: As Personal Banker endeavours to add more services to its portfolio such as financial planning and investment advising, a natural fit would be to partner with a mutual fund provider. This would serve two purposes for Personal Banker, one, it allows the company to provide financial advice and products without the burden of having to actively manage an investment fund and two, it allows Personal Banker to collect trailing commissions from the mutual fund provider regardless of the performance of the funds. According to the Mutual Fund Dealers Association of Canada, the average trailing commission is 0.25%-1% of the asset under management (MFDA, 2018), meaning that as Personal Bankers’ assets under management increase so does its’ revenue, again, regardless of performance. Another advantage to the trailing commission model is that it works in conjunction with other potential revenue models. To make the following projection of revenue derived from assets under management, Insightful Impacts used the average RRSP balance of Canadians in 2020 according to the Bank of Montreal - $101,155 (Button, 2020) and the average yearly RRSP contribution in 2020 according to Stats Canada - $8,071 (Statistics Canada, 2022) and assumed that Personal Banker would collect a 0.25% trailing commission. All the calculations would assume that 25% of the previously mention conversions (1500, 3000 and 6000) would have the average RRSP balance. For the sake of simplicity neither the average RRSP balance nor contribution is indexed. Insightful Impacts acknowledges that these revenue projections (assets under management) is missing other investment vehicles such as the Tax-Free Savings Account, Registered Education, and Registered Retirement Income Funds.

Table 12: 3-Year Impact of Trailing Commissions

1. Strategic Partnerships

Current and future survival of Personal Banker is dependent on partnership decisions that the organization makes. Choosing the correct partner ensures that the organization's development will progress upward in terms of profit, market, and total organisational growth. Personal Banker acknowledges several departments where trading partners play a critical role in accomplishing the organization's goals. The trading partners in these departments include suppliers, consumers, operational partners, associations, influences, and others who have direct or indirect relationships with the business performance. Choice of trading partners is a strategic process that requires resource investment and the inclusion of all organizational departments in decision-making.

Suppliers

Suppliers are responsible for the successful development of services offered by Personal Banker. Strategic partnership with suppliers ensures that the relationship between Personal Banker and the supplier contributes to the success of both entities. The right supply partner should be chosen by ensuring that the supplier has similar goals as the Personal Banker. Personal Banker will acquire new suppliers in vital areas that ensure the provision of financial planning services to clients.

Data Security

Dealing with the financial data of thousands of clients is a sensitive task that requires maximum security. Advancement in technology has led to increased cases of cyber security issues. For instance, in 2020, 78% of Canadian organizations experienced at least one cyber security threat (O’Driscoll, 2020). Therefore, personal Banker must hire a data security supplier who will offer data security for the increasing customer base. Among the organizations that Personal Bankers would choose from include 2KEYS, Adaware, and Aprivacy. These companies have a good reputation and serve organizations, including most government institutions, commercial clients, and financial institutions. Using these institutions to protect Personal Banker clients' data will create a good reputation that will attract more customers to the organization.

Cloud Storage Supplier

Personal Banker should remain up to date with the advanced technology. The organization expects an increase in customer base, meaning more storage will be required for clients` data storage. Personal Banker has been using hard drive storage, which is subject to theft, misplacement, or damage. In order to reduce the risk, Personal Banker will acquire a cloud storage supplier who will help safeguard organization data and offer maximum storage to the organization. Sync.com, Box, and pCloud would make the best suppliers for Personal Bank. The organizations will provide unlimited storage accompanied by data security for the organization. For strategic partnership, the cloud storage supplier selected will work together with data security supply to develop a strategy to ensure a high level of security for the success of all three organizations.

Customers

Personal Banker requires to expand its customer base beyond working and individual clients. The organization will seek to incorporate individuals from other spheres of life, especially those who require management and planning of their finances. Making customers a strategic partner would mean that the relationship between Personal Banker and clients would be mutually beneficial. Students and workers from informal industry make could make for a new customer base.

Students

Post-secondary education is one of the sectors that holds many young investors and individuals who mismanage funds. In 2019, Canada had over 1.4 million students undertaking full and part-time education (Universities Canada, 2019). Students receive financial assistance from parents, the government, and their investment. Unfortunately, most financial planning organizations ignore this market despite it having the potential to make strategic partners. Personal Banker will educate and search for clients in learning institutions with the permission of the education sector. Through creating awareness, the organization will likely attain a huge customer base from students learning in tertiary institutions.

Informal Sector

Workers from the informal sector mostly mismanage their funds due to a lack of planning and education. Most financial planning institutions focus on the formal sector due to the guarantee of monthly or weekly contributions. Workers from the informal sector are likely to buy the idea of financial planning once they get an education on the positives of financial management.

Operational partners

Personal Banker requires financial organizations' support to make better decisions for their clients. Strategic operational partners are those financial institutions that would consider the benefit of the client, the Personal Banker, and their own. Saccos are potential operational partners that would assist in the strategic development of Personal Banker.

Saccos

Saving and Credit Cooperative Organizations consist of individuals with similar interests in forming a credit union. Saccos would form the best operational partner for Personal Banker, especially for the new clients, including students and workers from the informal sector. Personal Banker would use Saccos to offer financial management for clients through saving and credit, which would ensure the development of the Personal Banker, the Sacco, and the client. In addition, SACCOs would allow clients to access or save money, which would help accomplish the set financial plans.

Associations and Influencers

Organizations with good reputations and social influencers are likely to influence decision-making on financial management. Personal Banker plans to use associations and influence to reach out to people in different sectors. The main aim of using these groups is to offer education, which would help individuals in these groups to succeed, while Personal Banker gains an increased customer base in return. Social support organizations and educators make perfect strategic partners for associations and influencers.

Social Support Organizations

Social support institutions have a good reputation that makes them gain the ability to create influence. These organizations can make perfect strategic partners who would assist in reaching out to more clients. Being associated with these organizations increases the chances of acceptability and embracement by society members. These organizations include charitable organizations. Personal Banker would offer financial assistance in return for association and a chance to interact with community members.

Social Educators

Social educators have followers who reach out to members of society. Personal Banker will strategically partner with these individuals by offering financial support and resources for awareness and representation in society. Social educators are trusted by society members, which will make them willing to engage with Personal Banker and hence increase the customer base.

1. Conclusion

This deliverable focused on developing a Strategic and Marketing Plan. A review of vision and mission is presented at the outset to ensure that the strategy and marketing plan remain inline with those. The implications of internal and external analysis, particularly those of strategic pairing are discussed as an essential input this strategy. A set of 5 SMART objectives have been identified within the framework of vision and mission. An approach to gain sustainable competitive advantage based on three critical success factors has been recommended. Insightful Impacts team has identified four strategic options and based on a set of criterion evaluation of these options has been carried out to recommend a combination of market penetration and product development strategies. A set of short-term priorities have been identified followed by an action plan for 12 months has been developed. A marketing plan comprising of target market, market positioning, competitive analysis, marketing tactics and marketing matrix. A detailed revenue model has been included for base services. Additionally, an upside in revenue is presented for subscription model and trailing commission in accordance with product development strategy. A set of partnership proposition has been identified, which can help grow the business.

The next milestone will focus on translating strategic and marketing plan into operational plan, which will provide detailed action plan to implement strategic and marketing plan. It will also provide financial forecasting model for the next three years.

References

Button, A. (2020, May 1). This Is the Average RRSP Balance: Does Yours Measure Up?. The Motley Fool. https://www.fool.ca/2020/05/01/this-is-the-average-rrsp-balance-does-yours-measure-up/

O’Driscoll, A. (2022, May 17). Canada Cyber Security and Cyber Crime Statistics (2020-2022). Comparitech. https://www.comparitech.com/blog/information-security/canada-cyber-crime-statistics/#:~:text

Corporate Insight. (2022, March 28). How Subscription Models Can Attract Millennials to the Financial Services Industry. https://corporateinsight.com/how-subscription-models-can-attract-millennials-to-the-financial-services-industry/

Universities Canada. (2018, July 31). Facts and Stats. https://www.univcan.ca/universities/facts-and-stats/#:~:text

Mutual Fund Dealers Association. (2018, Sept 1). Mutual Fund Fees.

https://mfda.ca/wp-content/uploads/IB-Sep2018-1.pdf

Personal Banker. (2022). PPT Supplement – PersonalBanker.

https://sheridanc.sharepoint.com/:b:/s/IntegratedIndustryProject-SS2022-PersonalBanker- StudentTeam4/EdH5X8YUCzxCpe6xP6lP58EBvNeCPnZB9bXurR0Pcyytmg?e=MkXQhI

Statistics Canada. (2022, April 1). Registered Retirement Savings Plan Contributors, Canada, Provinces and Territories. https://www150.statcan.gc.ca/n1/daily-quotidien/220401/t001a-eng.htm