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Marketing for Microfinance Bank: New Approaches, New Products for New Markets

By: SPC Patterns Consulting

Lagos State, Nigeria

10 - 12 Sep, 2014  3 days

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One of the most neglected areas in business management function in Microfinance Banks is marketing. Banking is traditionally one sector that is noted with high reform regimes. One of the main characteristics of this sector is its impressive drive for deposit mobilization. The Nigerian banking industry displays one of the highest level of marketing resource utilization but when investigated exhibits a high degree of marketing myopia in their activities. This heightened level of poor marketing knowledge and orientation in the sector is said to partially account for the low quality of service delivery. This programme will expose the whole process of product design and development in Microfinance Banks that involves, assembling the product development team, design process, product costing and pricing, pilot testing, product launch and commercialization. Product branding, effective communication of MFBs competitive advantage and excellent customer care practices.

Background to the Problem

In a recent research, it was asked whether marketing plans were prepared by the MFBs, about thirty-seven percent (37%) of the interviewed microfinance institutions gave the answer, “Yes” while Sixty-three percent (63%) said they never prepared marketing plans. A quick look at such strategies however show that about sixty percent (60%) of the MFBs had corporate plans with little focus on marketing. The focus was rather on financial considerations. The implication of this finding is that not much seriousness is attached to marketing. However, drawing conclusions from this response rate needs to be done with caution considering the fact that about 70% of the MFBs gave very little attention to preparation of marketing plans. This training programme covers both the process of developing a new product (market definition, market research, product proto-type, costing and pricing, pilot testing, roll-out, marketing, lifecycle management, etc.) as well as the impact of introducing new products on the MFBs (human resources, corporate culture, operations and systems, financial results, operating results, etc.).

Key Objectives of the Program

  • The training stands as an impetus to help participants acquire expertise in the subject matter. The objective of this program include:
  • To assess the degree of marketing orientation among microfinance institutions in Nigeria
  • To examine the application of marketing programs in the mobilization of savings and delivery of credit among micro finance institutions.
  • Understand the nature and mode of marketing of microfinance banks products with a view to develop appropriate strategies for effective performance
  • Equip the participants with the knowledge, skills and procedures required for marketing for optimum returns;
  • Examine different marketing strategies and debt-recovery methods that could be employed by micro-finance banks for improved performance;
  • Identify internal control issues that could impair performance of microfinance bank operation and suggest necessary mitigating factors for containing them.

Learning Benefits

The benefits of attending this program cannot be over emphasized; participants will be able to

  •  Identify who are their customers and which new customers do they want to attract?
  •  Know what are the needs and wants of existing customers and potential customers in relation to the market?
  • Recognise the profitable markets and products to serve the customers

Training Methodology

Instructors use cutting-edge teaching methods to ensure relevance, active learning, and rapid skill development. Our training methodology is a unique blend of lectures reinforced through the application of discussions and case reviews. That way delegates and their respective organizations will be able to obtain the maximum benefit from this program. Participants will also be assessed individually.

Training Learning Content

  • Introduction & Overview of Course
  • Classification of Microfinance Products
  • Microfinance Products Design Process/Cycle
  • Parameters for Developing Financial Products for MFBs
  • Microfinance Product Costing and Pricing
  • Product Branding & Strategy
  • Corporate Brand Strategy
  • 8Ps for Winning and Retaining Clients
  • Excellent Customer Care Management Techniques
  • Strategies for marketing new client and maintaining existing ones.
  • Marketing strategies and tactics for acquiring new customers·
  • Marketing strategies and tactics for maintaining existing customers and driving loyalty
  • what turns Clients On and Off?
  • Increasing Customer Loyalty
  • Engaging and Convincing Your Clients
  • Right Pricing and Timing Strategies
  • Overcoming Pricing, Delivery and Quality Objections
  • Closing the Sale and Following Up in Relationship Selling
  • Saying “No” Tactfully Using 4Rs
  • Recovering Lost Customers
  •  Systematic Checklists for Winning and Retaining Clients

Target Audiences Identified

All staff of Microfinance Bank involved in the Design, Development and Marketing of the Products and Services of the Bank, including, Field/Account Officers, Officers in Product Development Unit, Operations Managers/ Supervisors and Branch Managers.

2nd Floor Lagos Chambers of Commerce & Industry Building (LCCI) Bola Tinubu Way, Beside Marwa/MKO Garden Alausa Ikeja, Lagos. Sep 10 - 12 Sep, 2014
NGN80, 000.00, this fee covers expert tuition, training kits, souvenirs and feeding (tea break, lunch (buffet) throughout the duration of the Programme
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+234-1-7619329, +234-1-8054448597, +234-1-80963116