Peer Response 55

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Question Description
Choose at least two digital marketing channels to promote and market the product or service chosen for your marketing campaign. Think through how you would leverage these channels, using the questions below to guide you:

What two digital channels did you choose and why?
What customer needs and desires does your product or service address?
What are the core values and beliefs of your target audience?
Create a brief “story” or idea to promote your product or service to customers

Identify one competitor already in the marketplace with a similar product or service to yours. Respond to the below prompts:

What company did you identify and what product or service do they offer?
Which channels do they use to promote their product or service?
Describe or quote some messages that they use to promote their product or service
Do you think that their messaging is effective? Why or why not?

Peer #1
The two digital channels that I chose to utilize for marketing down payment assistance are social media and video. I chose these two channels because I believe that they are the most relevant in today’s society. My target audience are women, minorities, and single mothers. Out of this audience they are on the go and mostly connect with people online. Social media allows us to connect to millions and also display our videos which will detail information about our program. My product helps a person and/or family to get a home. Being able to assist people in accomplishing a goal of purchasing a home helps build a legacy while solidifying our mission as a company. The core values and beliefs of my target audience is that if you work hard enough that you will be able to obtain your dreams.
A great way to promote our down payment assistance program is to start advertisement on Black Friday. Start blasting it on social media, Youtube, radio, television catches people while they are thinking about gathering with family in their home and their goals for the up coming year. This advertisement would also be ahead of the tax season which many in our target audience would receive a refund. It would be easier for them to pay any bills off or to save if they are working towards purchasing a home. Planting the seed during the holidays is a true way to grow the homeownership.
The bank that I identified is Fifth Third Bank. They also have a down payment assistance program that caters to the same target audience. The channels that they use to promote their program are personalized email and artificial intelligence. A quote they use is “Down ppayment resources yo help you get home” and “NO payback required.” I believe that their messages are effective, but they are not marketing enough and in the right way. While their program seems to be a catch their program is not properly promoted. Because they lack in this area we can step in and truly help our target audience.

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https://www.53.com/content/fifth-third/en/personal-banking/borrowing-basics/down-payment-assistance-resources.html

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