MARKET RESEARCH AND PRODUCT DEVELOPMENT TECHNIQUES FOR MICROFINANCE - PDF

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         MARKET RESEARCH AND PRODUCT DEVELOPMENT
          TECHNIQUES FOR MICROFINANCE INSTITUTIONS

                   MONDAY 15TH - FRIDAY 19TH JANUARY 2007


Introduction
As the microfinance market has become more competitive across Latin America and in the Caribbean,
microfinance service providers (MFIs) need to pay much more attention to consumer preferences and
priorities in defining what and how financial services should be delivered to their clients.

Service quality is now considered a key success factor for the MFIs in competing in the current
environment and this requires:

       Learning how to listen to clients
       Gathering data about demand
       Learning how to analyze this data in ways that will inform decision making
       Implementing new processes for product design, development and delivery.

However, there is a major gap among microfinance institutions in the use of market research as a tool
for designing products and serving clients more effectively.

At the same time, new and innovative tools have been developed to support market research capacity
in MFIs. Traditionally, MFIs have used quantitative market research methods to estimate demand.
There was less knowledge about qualitative methods which are more appropriate for looking at
consumer preferences and determining the product attributes that correspond to them.


Seminar Objectives

The broader objective of this seminar is to improve the quality of the products and services
offered to customers of participating microfinance institutions. Once implemented effectively
by MFIs, this will ultimately increase the competitiveness of MFIs.

The immediate objective of the seminar is to equip participants with the knowledge, tools, skills
and attitudes necessary to undertake market research for their institution.



                               CMN Secretariat: CDN Management Services Limited
                                 10 Cipriani Boulevard, Port of Spain, Trinidad W.I
                                   Phone (868) 625-0280 Fax (868) 624-3563
                                        www.caribmicro.net


The expected impact at the end of this project is that participants will have a good
understanding of the new product development cycle for MFIs. Participants will be equipped to
design their own research program, conduct qualitative market research and make
recommendations regarding product modifications, new product design, customer service
improvements and improvements to marketing programs.




Target
The seminar is relevant to the microfinance institutions as well as Credit Unions, Rural Finance
institutions, Commercial Banks with a focus on microfinance and NGOs involved in micro-credit.

       Microfinance managers:
       Country managers
       Marketing managers
       Business development managers
       Portfolio managers
       Credit managers
       Loan supervisors
       Managers and supervisors involved in marketing and administration within the MFI.




                                CMN Secretariat: CDN Management Services Limited
                                  10 Cipriani Boulevard, Port of Spain, Trinidad W.I
                                    Phone (868) 625-0280 Fax (868) 624-3563
                                     www.caribmicro.net


                OUTLINE
DAY 1

                                                                     Session 11: Introducing Individual
Overview of Product Development and                                  Interviews
Market Research                                                      Session 12: Loan and Savings Use
      Session 1: Introduction                                        Tool
      Session 2: Background to Market                                Session 13: Analyzing Individual Loan
      Research for MicroFinance Institutions                         Results
      Session 3: Product Development Cycle
      Session 4: Introducing Market Research               Selection of Tools: Choosing The Right
                                                           Tool For The Right Job
                                                                  Session 14: Defining Research
                                                                  Questions and Selecting the Right Tools
DAY 2
                                                                  (including tools to investigate loans,
                                                                  savings and insurance demand)
Understanding Customer Needs and
                                                                  Session 15: Preparing for Field Day -
Opportunities Using Focus Group
                                                                  Design Research Plan
Discussions
      Session 5: Preparing for Focus Group
      Discussions
      Session 6: Group Moderation                          DAY 4 FIELD DAY:
      Session 7: Analysing and Presenting
      FGD Results                                          FGDs, PRA and Individual Interviews
                                                           Exercise
Understanding Customer Needs and                                 Session 16: Conduct Qualitative
Opportunities Using Participatory Rapid                          Research in the field
Appraisal (PRA)
      Session 8: Introducing PRA
      Session 9: The PRA for MicroFinance                  DAY 5 FEEDBACK FROM THE FIELD
      Toolkit                                              AND CONCEPT DEVELOPMENT
      Session 10: Analysing PRA Results
                                                                     Session 17: Feedback from the Field
                                                                     Session 18: Developing The Product
DAY 3                                                                Concept
                                                                     Session 19: Refining The Product
Understanding Customer Needs and                                     Concept to Prototype
Opportunities Using Individual Interview                             Session 20: Action Planning from
Techniques                                                           Theory to Practice



                             CMN Secretariat: CDN Management Services Limited
                               10 Cipriani Boulevard, Port of Spain, Trinidad W.I
                                 Phone (868) 625-0280 Fax (868) 624-3563
                                      www.caribmicro.net


                                THE FACILITATORS:

Microfinance Opportunities is a Washington based microenterprise resource center established
in 2002 as a 501(c)3 non-profit organization.

Microfinance Opportunities occupies a specialized market niche within the microfinance
industry, providing action-oriented research, training, and technical assistance in three client-
focused areas:

•      Financial Education: Design, training and dissemination
•      Microinsurance: Assessing demand and facilitating supply
•      Client Assessment: Market research and impact assessment

The seminar will be facilitated by two trainers from Microfinance Opportunities.

Elizabeth McGuinness; MA, 1989, Economics, New York University.; BA, 1982, Economics,
McGill University.


Liz Mc Guinness is the Senior Project Manager for Microfinance Opportunities. She has 10 years of
experience working in microfinance including field based management of a microfinance project in
Tajikistan. She has led and participated in AIMS/SEEP Impact Assessments of microfinance
programs in Morocco and Mali for Save the Children. She also led a pre-AIMS impact assessment of
a microfinance project in Afghanistan in 1999. Ms. McGuinness is a Certified Service Provider for
the MicroSave Market Research for Microfinance Tools. She has experience in applying these
qualitative research tools in Guatemala, and in demand studies on microinsurance in Indonesia and
Laos. She has designed research on the demand for microinsurance in Pakistan.


Danielle Hopkins; MA, 2004, International Development, Ohio University; BA, 1998, International
Relations/Spanish.

Danielle Hopkins is Manager at Microfinance Opportunities. She is a training specialist with 6 years
of experience in international development, financial education, BDS, market research and project
management. She is currently responsible for conducting training-of-trainer workshops on a global
scale for the Financial Education for the Poor project. She has designed and led market research in
Ecuador with Banco Solidario to identify the current financial behaviors of remittance receivers and
the impact of remittances on the household budget. Prior to joining Microfinance Opportunities, Ms.
Hopkins designed and implemented a 10-hour financial literacy course and a 25-hour BDS course for


                              CMN Secretariat: CDN Management Services Limited
                                10 Cipriani Boulevard, Port of Spain, Trinidad W.I
                                  Phone (868) 625-0280 Fax (868) 624-3563
                                      www.caribmicro.net


Hispanic microentrepreneurs in the US. Fluent in Spanish, she also conducted financial literacy
courses as a Peace Corps Volunteer in Bolivia.
                             R E G I S T R A T I O N                    F O R M

  MARKET RESEARCH AND PRODUCT DEVELOPMENT TECHNIQUES FOR
                 MICROFINANCE INSTITUTIONS
                        MONDAY 15TH - FRIDAY 19TH JANUARY 2007

                       CDN Management Services Limited Conference Facilities
                                    10 Cipriani Boulevard
                                        Port of Spain
                                    Trinidad and Tobago

                                             8:00am - 4:00pm

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                              CMN Secretariat: CDN Management Services Limited
                                10 Cipriani Boulevard, Port of Spain, Trinidad W.I
                                  Phone (868) 625-0280 Fax (868) 624-3563
                                         www.caribmicro.net


COURSE PRICE

The total cost is as follows:

For CMN members - US$1,000 + 15% VAT (or US$1,150). This amount includes all course material,
coffee, lunch and tea break plus hotel accommodation for 5 nights for CMN members only
(limited to one staff member).

Non-CMN members – US$1,000 + 15% VAT (or US$1,150).                                This amount includes course
material, coffee, lunch and tea break only.

In order to ensure that you have a booked place, you must complete and sign the registration form
signifying your confirmed attendance at the above seminar and commitment to pay in full.

CANCELLATION POLICY
A participant’s cancellation is in effect immediately upon notice to CDN without penalty on or before
January 8th, 2007. A cancellation fee of 50% is applicable after this date.

KINDLY MAKE CHEQUES OR DRAFTS PAYABLE TO CDN MANAGEMENT SERVICES LIMITED1.




1
 CDN provides Secretariat services to CMN, operates under a Declaration of Trust and manages the funds of
CMN.


                                 CMN Secretariat: CDN Management Services Limited
                                   10 Cipriani Boulevard, Port of Spain, Trinidad W.I
                                     Phone (868) 625-0280 Fax (868) 624-3563