MicroSave Toolkit: Strategic Marketing for MicroFinance Institutions
This paper discusses the adoption of a market-led approach by the microfinance industry. Microfinance markets are becoming increasingly competitive, and clients have an ever-widening choice of financial service providers to choose from. Client desertion has spurred MFIs to re-examine their products and delivery systems to respond better to clients' needs.
The paper presents results of a MicroSave review of marketing strategies of eight Action Research Partners (ARPs) in collaboration with a South African marketing company. Study findings recognize of the importance of:
- Marketing function of an organization;
- Marketing strategy and plan;
- Marketing function evolution;
- Customer service;
- Management information systems.
The review prompted MicroSave's ARPs to start developing marketing functions. It also resulted in the development of a strategic marketing framework that comprised corporate brand strategy, product strategy and product delivery, and customer service strategy.
