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Client-responsive product development
When clients desert their MFI (microfinance institution) in large numbers, this should signal that the MFI'sproducts are not right. This article discusses the product development process for microfinance.It starts with defining a research issue and carrying out market research to find out what clients want, moves on to developing an initial product concept, refines the concept with input from customer focus
group discussions and finally pilot-tests the new product. This process has been used to launch new products that have boosted the profitability of organizations such as Equity Building Society, Kenya,
Tanzania Postal Bank and Buro Tangail, Bangladesh.
When clients desert their MFI (microfinance institution) in large numbers, this should signal that the MFI'sproducts are not right. This article discusses the product development process for microfinance.
It starts with defining a research issue and carrying out market research to find out what clients want, moves on to developing an initial product concept, refines the concept with input from customer focus
group discussions and finally pilot-tests the new product. This process has been used to launch new products that have boosted the profitability of organizations such as Equity Building Society, Kenya,
Tanzania Postal Bank and Buro Tangail, Bangladesh.
It starts with defining a research issue and carrying out market research to find out what clients want, moves on to developing an initial product concept, refines the concept with input from customer focus
group discussions and finally pilot-tests the new product. This process has been used to launch new products that have boosted the profitability of organizations such as Equity Building Society, Kenya,
Tanzania Postal Bank and Buro Tangail, Bangladesh.
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