MicroSave - Market-led solutions for financial services
MicroSav
e
Market-led solutions for financial services
Shelter Afrique Building, Mamlaka RoadP.O. Box 76436, Yaya 00508, Nairobi, KenyaTel: 254 20 2724801 / 2724806Fax: 254 20 2720133Website:www.
MicroSave
.org Email:info@
MicroSave
.org
Product Marketing Toolkit
Cheryl Frankiewicz, Graham A.N. Wright and David CracknellVersion 0604Last UpdatedJune 2004
Product Marketing Strategy Toolkit
i
MicroSave - Market-led solutions for financial services
Table of Contents
Table of Contents...........................................................................................................................i
List of Figures, Tables and Boxes...............................................................................................iv
Introduction....................................................................................................................................1
Getting ourselves oriented................................................................................................................................................1
Why adopt a market orientation?......................................................................................................................................1
I’m an operations person. Why should I care about marketing?....................................................................................2
Isn’t marketing the same as selling?.................................................................................................................................2
So what exactly
is
marketing?..........................................................................................................................................3
What would it take for my MFI to adopt a market orientation?......................................................................................3
What is product marketing and how does it fit into the overall strategy?.......................................................................4
What makes a product marketing strategy successful?....................................................................................................5
Is there anything special about marketing microfinance products?.................................................................................6
How do we use this Toolkit?............................................................................................................................................7
Who should use the toolkit?..............................................................................................................................................8
Step 1: Know Your Market...........................................................................................................9
What kind of things do we need to know?.......................................................................................................................9
How do we get this information?......................................................................................................................................9
What is market segmentation?........................................................................................................................................11
Why segment your market?............................................................................................................................................11
How to segment your market?........................................................................................................................................12
What do I do with market segments once I have them?.................................................................................................13
Checklist: Before moving on…......................................................................................................................................13
Step 2: Examine Your Current Value........................................................................................14
What is value?.................................................................................................................................................................14
Are we supposed to look at the value of an individual product or of all our products as a package?..........................14
What’s the biggest mistake we can make at this point?.................................................................................................14
Which matters more: perception or reality?...................................................................................................................15
What does your product have to offer?..........................................................................................................................15
What is the marketing mix?............................................................................................................................................15
How can we use the marketing mix?..............................................................................................................................16
Do you have a real example of what the matrix might look like?.................................................................................17
So, what is our value position?.......................................................................................................................................17
Is your value sustainable?...............................................................................................................................................17
Checklist: Before moving on…......................................................................................................................................20
Step 3: Select an approach..........................................................................................................21
What is your growth strategy?........................................................................................................................................21
What is your marketing strategy?...................................................................................................................................23
Where do you want to be positioned?............................................................................................................................24
Is your approach coherent?.............................................................................................................................................26
Checklist: Before moving on…......................................................................................................................................26
Step 4: Develop and differentiate your product........................................................................27
What should the product development process look like?.............................................................................................27
What does it mean to differentiate a product?................................................................................................................27
What happens when you put the two together?..............................................................................................................28
Are there any tools that can help me develop a differentiated product?........................................................................28
Checklist: Before moving on…......................................................................................................................................30
Step 5: Price Your Product.........................................................................................................31
Why is pricing so important to product marketing strategy?.........................................................................................31
Product Marketing Strategy Toolkit
ii
MicroSave - Market-led solutions for financial services
What makes pricing financial services different?..........................................................................................................31
What should we consider in pricing our product?..........................................................................................................33
What are my options?.....................................................................................................................................................35
How do I price my product?...........................................................................................................................................36
What is the best pricing method?....................................................................................................................................36
How can I combine the three approaches?.....................................................................................................................36
Why bother to cost products?.........................................................................................................................................37
Which costing method should I use?..............................................................................................................................38
What does it take to implement an effective costing exercise?.....................................................................................38
Is there any way to predict the impact of a price change before actually implementing it?.........................................39
What are some of the most common pricing mistakes?.................................................................................................40
Checklist: Before you move on…..................................................................................................................................40
Step 6: Prepare Your Message....................................................................................................41
What are you
really
selling?...........................................................................................................................................41
What are the core components of a product marketing message?.................................................................................41
What is a brand?..............................................................................................................................................................41
What is a tagline?............................................................................................................................................................43
What is a USP?................................................................................................................................................................43
What is a benefit statement?...........................................................................................................................................43
What is a positioning statement?....................................................................................................................................44
Can you give us an example of all five components for one MFI?...............................................................................44
How do I use these components to prepare an effective message?...............................................................................44
How do I write a benefit statement?...............................................................................................................................46
What do I do once I have my benefit statement?...........................................................................................................46
How do I write a positioning statement?........................................................................................................................48
How do I bring my marketing message together?..........................................................................................................48
How do I design my promotional materials?.................................................................................................................48
Can you show us an example of “benefit-focused” promotional materials?.................................................................49
Checklist: Before moving on…......................................................................................................................................50
Step 7: Deliver your message......................................................................................................51
Aren’t we really just talking about promotion again?....................................................................................................51
So how can I communicate what my product has to offer?...........................................................................................52
What do you mean by “a planned approach”?...............................................................................................................52
How do I develop a marketing objective?......................................................................................................................52
Who is my target audience?............................................................................................................................................52
How do I select a communication method?...................................................................................................................53
Should I have more than one marketing communications mix?....................................................................................54
Didn’t I already decide on my message in Step 5?........................................................................................................55
Carrying out the communication....................................................................................................................................55
How do I assess the effectiveness of my communication?............................................................................................56
Can you tell us more about the individual components of the marketing communications mix?................................57
1. Personal Selling...........................................................................................................................................................57
What tips can you give my sales staff?...........................................................................................................................58
How can I make listening an active process?.................................................................................................................59
Do you have any advice for handling objections?.........................................................................................................59
What about closing the sale?...........................................................................................................................................60
2. Advertising..................................................................................................................................................................62
How do I test an advertising message?...........................................................................................................................63
Do you have any other tips for designing an effective ad?............................................................................................63
Should I use an advertising agency?...............................................................................................................................65
3. Sales Promotions.........................................................................................................................................................65
What about reward and incentive programs?.................................................................................................................66
4. Public Relations..........................................................................................................................................................66
5. Direct Marketing.........................................................................................................................................................67
Do you have any recommendations with respect to the overall mix?...........................................................................67
Checklist: Before moving on…......................................................................................................................................68
Step 8: Tie it all together with a Marketing Plan......................................................................69
Why bother with a marketing plan?................................................................................................................................69
Search History:
Result 00 of 00
00 results for result for
p.
Recommended
More From This User
Notes
Load more
