The strategy focuses on delivering comprehensive microfinance solutions to individuals and microenterprises by expanding geographical reach, enhancing product offerings, and strengthening customer relationships. To expand reach, the strategy suggests identifying regions for growth through market research, partnering with local organizations, and establishing pilot branches. Utilizing mobile banking and community marketing enhances accessibility. For product offerings, the focus is on catering to unmet needs through customer surveys and introducing flexible products like microinsurance and digital savings. Customer relationship strengthening involves setting up service teams, implementing CRM systems, and engaging clients through tailored communication and loyalty programs.
The strategies
⛳️ Strategy 1: Expand geographical reach
- Identify potential regions for expansion based on market research
- Establish partnerships with local financial and non-financial organisations
- Set up pilot branches in key areas to assess feasibility
- Hire and train local staff to understand specific regional needs
- Implement mobile banking solutions to reach underserved areas
- Promote services through local marketing campaigns
- Engage with local communities through outreach programmes
- Monitor and evaluate branch performance regularly
- Adjust services based on customer feedback and regional demands
- Develop a plan for scaling successful pilots in other regions
⛳️ Strategy 2: Enhance product offerings
- Conduct customer surveys to identify unmet financial needs
- Develop tailored microfinance products based on customer feedback
- Introduce flexible repayment options to accommodate customer cash flows
- Leverage technology to streamline loan application processes
- Provide microinsurance products as an added value service
- Implement digital savings accounts with competitive interest rates
- Collaborate with tech companies to develop user-friendly fintech solutions
- Offer financial literacy programmes to educate customers
- Regularly update products based on market trends and customer usage
- Track product performance through customer satisfaction metrics
⛳️ Strategy 3: Strengthen customer relationships
- Set up dedicated customer service teams to address client queries
- Implement CRM software to manage customer interactions effectively
- Develop customer loyalty programmes to retain high-value clients
- Conduct regular customer feedback sessions to understand pain points
- Create personalised communication strategies for different customer segments
- Organise workshops and seminars on financial management for clients
- Utilise social media for community engagement and customer interaction
- Provide incentives for referrals and word-of-mouth marketing
- Analyse customer data to personalise service offerings
- Evaluate customer relationship strategies through retention rates
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
