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Strategic Marketing for MicroFinance Institutions
This note analyses the role of strategic marketing in optimising the delivery and communication systems of MFIs. MicroSave and a leading marketing company, TMS, have developed a frame of reference for the microfinance industry. The note brings out three central strategies—corporate brand and identity, product strategy, and product delivery & customer service strategy, which can help existing MFIs to increase/ retain their customer base. In the core of these strategies, the note explains that there are four key information packages which would cover the entire aspects of MFIs’ marketing strategies. These are—market analysis, customer analysis, competition analysis and PEST (political, economic, social and technological) analysis. The note concludes with the remark that strategic marketing may lead to staff satisfaction, customer loyalty, developmental impact and higher profitability.