Market Research for Microfinance: Beyond Product Development
This paper states that market research tools for microfinance, developed by MicroSave, have been adapted to address the institutional needs that extend beyond product development.
The paper discusses five such areas where these tools can be applied:
- Image analysis: In order to understand corporate image, maintain or improve it, tools such as trend analysis and image cards can be applied;
- Customer service: To review customer service so as to align institutional efforts and customer expectations, customer service attribute ranking, customer service attribute ranking and customer service attribute ranking can be used;
- Feedback loop analysis: To develop effective feedback loop at every stage of its operations and to ensure efficiency and productivity, information mobility mapping along with other PRA tools can help;
- Product marketing: To communicate the benefits of its products tools like benefit statements, unique selling propositions (USP), tagline and marketing materials can be applied;
- Financial education: MFIs, who want to impart financial education to the clients, can use market research tools to understand their life cycle needs.
In conclusion, the briefing note emphasizes the flexibility and potential utility of the MicroSave market research toolkit for various purposes.