Paper
Market Research for MicroFinance: 7 Cautions and a Recommendation
Assessing client needs using market research tools
2 pages
This note outlines challenges and complexities in market research, and discusses MicroSave's Market Research for Microfinance (MR4MF) approach.The MR4MF approach to product development is based on the belief that a market-led financial institution must assess its clients' needs. Financial institutions, researchers and consultants around the world have benefited from the MR4MF toolkit.The note states that the MR4MF approach requires careful planning and technical skills. It recommends MR4MF training delivered by certified MicroSave professionals for gaining maximum benefits from the approach. The note lists seven requirements that users must meet while following the approach. They are:
- Research should be driven by a focused, precisely-defined objective with performance indicators built into the management information system;
- Comprehensive secondary data analysis yields cost-effective results;
- Careful choice of research tools and planning of research process are critical;
- MR4MF is based on focus group discussions and Participatory Rural Appraisal (PRA);
- Failure to moderate focus groups can result in misleading data;
- Analysis is a complex, ongoing process;
- Reports should be clear and persuasive, and should lead to decision-making.
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