The potential market for the microfinance sector has grown as digital adoption in the Philippines accelerated, with approximately 59 million smartphone users and 47.73 million using digital payment platforms. In the words of Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier, these figures show the “untapped potential to reach further and an even greater number of Filipinos through digital platforms.”
To help the microfinance sector tap into this vast and diverse market, Globe Business hosted a masterclass that gave microfinance institutions powerful insights and knowledge on digital marketing.
In a recent two-hour webinar, representatives from pawnshops, insurance, lending, and digital payments businesses came together to learn from seasoned experts about digital marketing—from the how-tos of building a brand and standing out from the competition to developing an effective mobile app and investing in the right digital tools to reach larger audiences.
The online event, the first of three masterclasses for the finance industry, was a collaboration with the Bangko Sentral ng Pilipinas (BSP), learning partners such as Philippine Marketing Association and the Certified Digital Marketer, and association partners such as Microinsurance MBA Association of the Philippines, Inc. and Fintech Alliance PH.
“Aside from reliable connectivity and ICT solutions, Globe Business also aims to provide MSMEs like microfinance institutions with new knowledge, insights and networking opportunities to guide them in their digital transformation journey,” said KD Dizon, Head of Globe Business, in her opening remarks.
“Through interactive and collaborative means co-developed with our partners in the industry, Globe Business will continue to equip microfinance institutions with the most effective strategies and innovations to boost customer acquisition and satisfaction using the power of digital marketing,” she added.
Creating a digital marketing ecosystem for success
In the masterclass, industry experts shared their knowledge on marketing strategies that aim to upskill the participants.
In crafting a marketing plan, Next Layderos, Director for PR and communications at the Philippine Marketing Association, talked about the fundamentals of consumer insighting.
“Customer centricity is very essential. Even the design of your innovation, how you talk to them, how you understand your target audience, that’s customer centricity,” he said.
For his part, Raphael Bariso, Chief Synergy Officer for the MullenLowe TREYNA Group, explained digital marketing strategies and best practices using various types of social media platforms, email, and mobile marketing that can help microfinance businesses build valuable connections with customers.
“Mobile marketing is the most useful of them. If you are doing mobile apps, it is highly recommended that you should have a clear purpose for what the app is for,” he said.
Meanwhile, Jos Ortega, chairman and CEO of Havas Ortega, a communications solution agency, underscored five key brand-building strategies that can help businesses in microfinance grow their business: utilize digital marketing and technology, build strategic partnerships, enhance financial literacy and education, emphasize security and privacy, and foster trust and credibility in the financial sector.
“Everything boils down to trust, creating your ecosystem and partnerships, and most importantly, being meaningful, being of service to your customers, and being useful because that’s going to come back to you in profitable ways,” he said.
To help interested microfinance institutions in jumpstarting their digital marketing journey with the right digital solutions, Globe Business offers exclusive yet limited free business consultation to members of Upstart, a Loyalty Program for MSMEs, wherein they are granted one-on-one consultations with industry experts to guide them towards achieving their business goals. Globe Business also curated a suite of product offers for the participants, including free SMS credits for SMS API messaging solution and the lowest plans for messaging solutions starting at Plan 299 per month.
To learn more about Globe Business’ products and services that can help boost your digital marketing plans to increase customer acquisition, schedule a consultation with a Globe account manager by visiting https://glbe.co/financemc1offers.
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