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Microenterprises Access To Banking Services 9th Mindanao Supervisors Forum Strategic Marketing for Microfinance: Branding Session Objectives Participants will: 1. Learn the basic marketing strategies on microfinance operations by enhancing; Marketing skills - a key to improving outreach and expansion; Identify their MF product’s strengths & weakness vs. competitors; Innovative ways of retaining clients 2. Delinquency Management Remedial management & other alternatives Collection techniques on delinquent accounts Strategic Marketing for Microfinance I. II. III. Corporate Branding Strategy Product Strategy Customer Service Strategy Overview: Introduction Evolution Strategic Marketing Framework Information Packages Characteristics of Marketing Financial Services Shift from Product Driven to Market Driven In most businesses the “product-driven” approach has been superseded by the “marketdriven” approach In recognition of value in retaining customers than attracting new customers who cost more. Market-led approach allows banks to: Identify different client needs Tailor products/delivery systems to meet those needs; Examine cost-effective ways of serving niche markets From Product-Driven to Market-Led to Product Driven ?? Market-led approach allows banks/MFIs to: – Identify different client needs – Tailor products/delivery systems to meet those needs – Examine cost-effective ways of serving niche markets What happened? The Rural Bank Scenario- Product Driven Problem “Drop outs” and multiple membership are usually due to inappropriately designed products But the informal sector (usually unrecognised) is the main competition Often driven by blueprint replication of existing models developed for other markets/clients Marketing is: The business function that: identifies current unfulfilled needs and wants, defines and measures their magnitude, determines which target markets the bank can best serve, and decides on appropriate products, services, and programmes to serve these markets. Strategic Marketing Framework 1st Tier Strategies The Marketing Strategy A Corporate Brand Strategy 2nd Tier Strategies Development of brand attributes & positioning statement Branding communication plan i) ii) Internal External Corporate identity B Product Strategy Development & differentiation Brands, Taglines, USPs and Benefit Statements C Product Delivery & Customer Service Strategy Personnel training & development strategy Customer service Customer orientated culture Pricing strategy Delivery process development Sales strategy & product management Technology strategy Direct - push Corporate communications & public relations Advertising & promotions - pull Client reward - retention Infrastructure development strategy Sources of Information Informing the Strategic Marketing Framework Strategy Support Functions / Activities 1st Tier Strategies The Marketing Strategy The Product Strategy Competitor Analysis The Corporate Brand Strategy Market Analysis Product Delivery & Customer Service Strategy Customer Analysis SWOT Analysis PEST Analysis Major Sources of information 4 packages that will inform almost all aspects of an institution’s marketing activities: 1. Market Analysis – which profiles and understands the bank’s target/potential market; 2. Competitor Analysis – which profiles and understands the bank’s competitors (both formal, semi-formal and informal); 3. Customer Analysis – which tracks the bank’s performance through customer research, particularly through customer satisfaction analysis; and 4. PEST Analysis – which examines the Political, Economic, Social and Technological environment within which the bank operates. Special Characteristics of Marketing Financial Services (1) 1. 2. 3. Intangibility: No “tyres to kick”! And so customers depend on what they can see and the corporate/product brand Inseparability: Between service and provider – this is declining as agency arrangements growing Standardisation v. Tailor-made: Huge opportunities for standardisation but clients often value personal service Special Characteristics of Marketing Financial Services (2) 4. 5. Perish-ability: Money & most financial services should be long-term/permanent (savings in particular!) but some not (cheques/insurance cover etc.) High involvement: Clients will often shop-around/get advice – particularly for longer-term products Special Characteristics of Marketing Financial Services (3) 6. 7. Regular decision-points: For short-term credit-only MFIs, clients have the option not to renew at the end of each loan cycle High levels of brand loyalty: In wellestablished MFIs with well diversified product mix: Spectrum of products for lifetime needs Long-term products Parents opening accounts for children Strategic Marketing: Development of A Corporate Brand Session I Overview: Development of Corporate Brand What is a Brand? Importance of branding Some Practical Examples of Branding Issues Identifying Brand Attributes Examples of bank brands What Is a Brand? “ A name, term, symbol or design (or a combination of them) which is intended to signify the goods and services of one seller or group of sellers and to differentiate them from those of competitors” – Phillip Kotler, Marketing Management Why Branding Is Important (1) In industries with strong COMPETITION: Brands differentiates an organization Banks must understand the motivators and offer positive response. Are Brands Important? Brands are particularly important for financial service providers because: Many customers have limited knowledge of (and of differences between) bank’s services Many decisions involve long-term commitments (savings, time deposits, checking facilities, pensions & trust plans, long-term loan products) There is no physical product to examine Are Brands Important? So many clients base their decisions on: The reputation of the bank The belief in the reliability of the bank and its services Their perception of the bank’s values And so do potential staff: A good brand makes for easier recruitment of staff Branding A particular set of attributes, which build on existing perceptions of the bank-: “TradiTion “Your of Leadership”- Bank of PI Bank of Choice” “The Bank You Can Trust” “Subok na Matibay, Subok na Matatag” What’s with these brands? 1. Rural Bank of Macupad, Inc. 2. SOLID Bank-Your Countryside Banker 3. Eternal Bank – The Leading Microfinance Lender Sample Brands What does this brand connote: Rural Inc. Bank of mATIBAY, Simple Perceptual Map Price Quality products Convenient, serviceoriented environment Un-packing the Simple Perceptual Map (8 Brand Differentiators) Price Quality products • Speed • Reliability • Design • Features • Technology Convenient, serviceoriented environment • Reliability • Services • Relationships • Personality Focus one or two positioning issues: stand for something, clearly and convincingly Pointers in Branding Understand what customers are looking for – then sell it to them – This is what we stand for (positive values but not too specific) – This is what we will offer you Test it. Validate it, using Focus Group Discussions – do NOT guess!! Get potential clients into the branch - then sell them the details of the products Sample Brands- Banks Sample Brands So In Summary … In competitive environments, build a brand! Brand-It! A brand is more than a symbol. In the public’s eye, a brand is a warranty. It is a promise that the service carrying that brand will live up to its name, and perform. And depending on brands is just what service clients do. “A service is a promise, and building a brand builds your promise” Position v. Positioning Statement POSITION (or statement of position). A cold- hearted, no-nonsense statement of how you are perceived in the minds of prospects. It is given to you by the market Attack the stereotype of your product or service. Position v. positioning statement (2) Positioning statement, by contrast, states how you wish to be perceived. It is the core message you want to deliver in every medium. It is aimed at influencing perceptions of your service Developing a Positioning Statement Answer the following questions: Who: Who are you? What: What business are you in? For whom: What people do you serve? What need: What are the special needs of the people you serve? Against whom: With whom are you competing? What’s different: What makes you different from those competitors? So: What’s the benefit? What unique benefit does a client derive from your service?