Product Development and Marketing: Meeting the Local Demand
This document provides guidelines for assessing the demand for financial products, product development, and developing a marketing program for savings mobilization.
Good product offerings and effective marketing will result in successful savings mobilization and the growth of the institution. The institution should:
- Find out what existing and potential clients want in their savings services;
- Evaluate existing products to see if they meet those demands;
- Develop new products that meet client demands;
- Include staff training in the product development process;
- Develop a product manual that contains comprehensive information about all products, policies and procedures.
A marketing plan provides the roadmap for product development and marketing efforts. An institution's marketing plan should be goal-oriented and based on sound business principles. Marketing tools commonly used in a marketing program include sales and cross-selling, selling in the field, media advertising, point-of-sale advertising, direct marketing and promotions. Finally, the document emphasizes the need for the institution to provide a sense of security to clients and maintain a high level of client service.
