Assessment of the Use and Impact of MicroSave's Market Research for Microfinance Toolkit (Report)
This paper assesses the impact of the toolkit developed by MicroSave for market research. The paper states that:
- MicroSave has developed a participatory market research methodology for MFIs to better understand the demand side of microfinance;
- The methodology is supported by a toolkit that is designed to identify products and services that the customers want and need.
The authors list their findings about the toolkit as follows:
- MicroSave has an excellent staff who train MFIs to use the tools;
- Outreach of the toolkit has been impressive;
- The tools are well designed and easy to adapt to different settings and purposes;
- Given the growing interest in the industry to meet a broader range of clients' financial needs, the toolkit is timely and in high demand;
- The tools have contributed to the development of new and improved market oriented products and services, which have helped to reduce MFI drop-out rates, attract a broader range of clients and become more competitive;
- They have been important in promoting the "demand side" agenda of microfinance;
- They have been effective in raising MFIs' awareness of client needs, preferences and opportunities.
The people interviewed in the assessment offered the following recommendations for improving the toolkit:
- Refine the terminology and concepts used in the toolkit;
- Emphasize more on data analysis in the training;
- Provide more examples of how market research information can be translated into product concept development.
The authors conclude by presenting options for the wider dissemination of the toolkit.