Marketing for Microfinance
This publication is a reference guide for microfinance organizations seeking to develop their marketing capabilities. It describes the steps involved in developing, implementing and monitoring a marketing strategy. It provides examples from microfinance organizations and banks, and includes tools designed for the marketing specialist. The most important function of marketing in microfinance is in creating a customer-centric culture that strengthens ties between the organization and its customer. A smart marketing strategy involves fieldwork, collaboration with field staff and management, and clear thinking. There are five steps to design a marketing strategy:
- Analyzing the problem;
- Setting objectives and strategies;
- Selecting tactics;
- Executing the strategy;
- Measuring results.
MFIs often use informal marketing tactics, such as field promotion and word-of-mouth marketing. All marketing strategies and tactics should be monitored to ensure they are making a difference. Finally, microfinance service providers should use a customer care program to build customer loyalty.
