Reference no: EM133179347

FNSPRM613 Grow financial practices

Grow Your Business Assessment 1

For your assessment to be marked you must complete and upload all tasks and this cover sheet via the AAMC Training Group portal. Your assessment tasks must be uploaded in an electronic format i.e. Word, Excel, PDF or Scan. A maximum of five (5) attachments (maximum 20MB each) can be uploaded for this assessment. Please see the step-by-step instructions in your Member Area on how to upload assessments.

Once your assessment has been uploaded it will be pending review with your nominated course assessor and marked within 5-10 working days. You will receive an email advising you have been marked as "satisfactory" or "additional information required".

Task 1 - Create a marketing plan

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This assessment and subsequent assessments in this module are all based on this Case Study Scenario below.You are to target your existing database and then do research on securing new business clients.

Overview of assessment requirementsin the whole module:

1. Create a Marketing Plan - Student note: in this assessment you are creating the Marketing Plan only.

2. Create two Growth and Promotional Plans
- Investment Property Growth Plan and
- Vehicle Finance Growth Plan
Complete the following Marketing Plan Template, addressing each of the following requirements.

1. Read the Case Study scenario below. Find the goals and enter the information into the Marketing Plan where stated.

2. Vision Statement - enter the information into the Marketing Plan where stated.
a. Create a new vision statement for the business based on your new goals and objectives.
Do not copy & paste example, if you do, you will be required to redo your response and resubmit your assessment.
b. Provide a brief explanation of what actions you'll take to uphold your vision statement.
(this explanation would generally form part of your business plan that your Aggregator will need. However, we are not creating a business plan in this course).

3. Research and identify your target customers based on the requirements of your business goals. You may use the client types from the Learning Guide.
Considerations:
o Your current clients have asked for assistance with business vehicle loans. You are currently not accredited with many lenders.
o You have relationships with key referral partners that have ‘high net worth clients' who already own their own homes and looking to invest in property. They have agreed to let you promote to these clients to increase interest.

4. Based on the target market you identified in Q3 above; you need to complete a competitor analysis of two (2) potential competitors that offer products to these types of clients.

5. Analyse your market position by answering the question;see Q5 further on in this assessment..

6. Research and comment on your findings; see Q6 further on in this assessment.

Case Study Scenario
You are a finance broker working in your own business as a sole trader for the past five (5) years and offer a range of mortgage and personal finance to individuals and couples, and business owners. You have reviewed the sales figures from last year, and the breakdown of types of finance (%) settled for the business. The business has had strong results in the owner-occupied construction finance, especially for first home buyers.

You have decided that you would like to diversify and expand the business into other areas of finance, especially high net worth investors and cross promotion of products to existing clients.

The two drivers influencing these goals are:

1. increased enquiries from existing clients regarding vehicleloans and

2. a visit from your aggregator BDM who mentioned that investor clients are a little more astute when it comes to finance.

Business considerations

Your current clients have asked for assistance with consumer and business vehicle loans. You are currently not accredited with many lenders. The return the business expects to receive for these types of loans is between $1,000 and $2,500 per client for loans in the range of $35,000 to $60,000. These clients may be attracted to variable rate loans over 5-10 years.

You have relationships with key referral partners that have ‘high net worth clients' who already own their own homes and looking to invest in property. They have agreed to let you promote to these clients to increase interest.

Your estimated income per client is between $3,000 and $4,000 for home loan, ranging from $450,000 to $600,000. These buyers may be attracted to fixed rate, interest only loans. You have agreed to pay your referral partners 15% of the commission received.

1. Identify business objectives and needs

2. Create a new Vision Statement
a Create a new vision statement for the business based on your new goals.
b Provide a brief explanation of what actions you'll take to uphold your vision statement.

3. Research and identify your target clients based on the requirements of your business goals.

4. Complete a competitor analysis of two (2) potential competitors that offer products to the types of clients you listed in Q3.

5. Based on your competitor analysis research; what is your market position in comparison to your competitors in relation to your goals?

6. Write a short brief on the financial services industry environment and challenges facing new brokers and brokers in general.
Research and reference which article(s) and/or podcast your responses are based on by providing the URL.
Considerations; however you may find others:
• New lender types and number of new lenders/brokers.
• Discuss new or changed legislative or regulatory policies that impact the finance broking industry.

Assessment 2:

Case Study Scenario
You are a finance broker working in your own business as a sole trader for the past five (5) years and offer a range of mortgage and personal finance to individuals and couples, and business owners. You have reviewed the sales figures from last year, and the breakdown of types of finance (%) settled for the business. The business has had strong results in the owner-occupied construction finance, especially for first home buyers.

You have decided that you would like to diversify and expand the business into other areas of finance, especially high net worth investors and cross promotion of products to existing clients.
The two drivers influencing these goals are:
1. increased enquiries from existing clients regarding vehicle loans and
2. a visit from your aggregator BDM who mentioned that investor clients are a little more astute when it comes to finance.

Task 1 - Investment Property Finance

Create promotional strategies in line with your growth goals
Considerations in line with your relevant growth goals:
People Your target market for each promotional strategy identified in your Marketing Plan.

Promotion
Whatpromotional tool/materials are you going to use to reach your target clients?
• print advertising, giveaways, displaysetc. How are you going to reach them?
• online advertising, mail-outs, media releases, events, website, blog/social media
Place Consider where your clients are situated in location to your office/you
Where will the promotion take place in what area?
Products Think about what products may be relevant to your target market.

1. Your promotional plan - complete the template below.
People
Research two products you are going to promote. Include:
o lender name
o product name
o interest rates (comparison rate must be included)

Promotional tools
Promotional activities
Create your branding statement to attract your target market.
What is your unique selling proposition?
What is the date for delivery/ implementation?

2. Research and compare two (2) mortgage products.
o Refer to assist you in completing product comparisons.
o Provide the URL and insert a screenshot of the product pages to show the evidence that your research aligns with your target market.

3. Budgeting and Return on Investment (ROI)
Use the expected income per target client and work out the expected return from your promotional activity. The remainder of your figures for this exercise will be assumptive and based on your own research but should be verifiable by the research you conducted on the products.
Considerations
o When preparing a budget, you must consider all associated costs i.e. people, technology, supplies, suppliers, cost per click/lead (social media) etc.
o When estimating a % of interest, you should research and consider what is appropriate for the type of promotional activity you are completing.
o What would be your conversion rate from % of interest? Remember: not all clients that show interest in your promotion will take up your offer.
o When estimating the yield you will need to consider what income you would earn from each client after you have paid any commissions for referrals - refer to the case study (as a new broker you will not know these figures until you start your business)
o Return on investment (ROI) - this is a highly important factor in understanding the success of your marketing and whether it will be worth the effort. It forms part of your growth projections.

4. Create an action plan that outlines the tasks involved in the delivery of your promotional activity.
Each task will have several steps - for instance, creating abrochure requiresdesigning, writing, formatting, printing, marketing software communication channel you might use, etc.
The table has allowed for 6 steps, you may add to this if necessary or if you can reasonably do the task in less steps this is also acceptable, however it is expected there will be a minimum of 4 steps as shown in the example provided above.

5. Monitoring your plan
Keeping track of the progress of your promotional plan is completed over a period of time, between your start date and end date. Think about your dates and where you see your promotion at each stage and complete the Monitoring Plan template below. Also, use the links provided in the Learning Guide to further research methods on monitoring your market plan.
Consider:
• Remember, your dates need to align with your start date and the last check in should be before your end date. For the purpose of this exercise, we have added three check points (you may have more than this with regard to some marketing activities when they happen ‘in real life' or IRL).
• Monitoring methods to determine you are on target to achieve your success indicators % of interest and ROI:
o how you would check the progress of a social media ad campaign to determine your monitoring process, i.e. key metric; review sales figures a month after the promotion. Please note there are many more ways and it is expected that you provide other methods as well.

Task 2 - Vehicle Finance

Create promotional strategies in line with your growth goals
Considerations in line with your relevant growth goals:
People Your target market for each promotional strategy identified in your Marketing Plan.

Promotion
Whatpromotional tool/materials are you going to use to reach your target clients?
• print advertising, giveaways, displaysetc.
How are you going to reach them?
• online advertising, mail-outs, media releases, events, website, blog/social media
Place Consider where your clients are situated in location to your office/you
Where will the promotion take place in what area?
Products Think about what products may be relevant to your target market.

1. Your promotional plan - complete the template below.
People
Research two products you are going to promote. Include:
o lender name
o product name
o interest rates (comparison rate must be included)

Promotional tools
Promotional activities
Create your branding statement to attract your target market.
What is your unique selling proposition?
What is the date for delivery/ implementation?

2. Research and compare two (2) vehicle products.
o Provide the URLand insert a screenshotof the product pages to provide the evidence that your research aligns with your target market.

3. Budgeting and Return on Investment(ROI)
Use the expected income per target client and work out the expected return from your promotional activity. The remainder of your figures for this exercise will be assumptive and based on your own research but should be verifiable by the research you conducted on the products.
Considerations
• When preparing a budget, you must consider all associated costs i.e. people, technology, supplies, suppliers, cost per click/lead (social media) etc.
• When estimating a % of interest, you should research and consider what is appropriate for the type of promotional activity you are completing.
• What would be your conversion rate from % of interest? Remember: not all clients that show interest in your promotion will take up your offer.
• Return on investment (ROI) - this is a highly important factor in understanding the success of your marketing and whether it will be worth the effort. It forms part of your growth projections.

4. Create an action plan that outlines the tasks involved in the delivery of your promotional activity.
Each task will have several steps- for instance, creating abrochure requiresdesigning, writing, formatting, printing, marketing software communication channel you might use, etc.
The table has allowed for 6 steps, you may add to this if necessary or if you can reasonably do the task in less steps this is also acceptable, however it is expected there will be a minimum of 4 steps as shown in the example provided above.

5. Monitoring your plan
Keeping track of the progress of your promotional plan is completed over a period of time, between your start date and end date. Think about your dates and where you see your promotion at each stage and complete the Monitoring Plan template below. Also, use the links provided in the Learning Guide to further research methods on monitoring your market plan.
Consider:
• Remember, your dates need to align with your start date and the last check in should be before your end date. For the purpose of this exercise, we have added three check points (you may have more than this with regard to some marketing activities when they happen ‘in real life' or IRL).
• Monitoring methodsto determine you are on target to achieve your success indicators % of interest and ROI:
o how you would check the progress of a social media ad campaign to determine your monitoring process, i.e. key metrics; review sales figures a month after the promotion. Please note there are many more ways and it is expected that you provide other methods as well.

Attachment:- Business Assessment.rar