Product Development
The microenterprise industry has long recognized the importance of strong, supportive public policies - and their ability to impact both microentrepreneurs and the industry itself.
Within the microenterprise market, there are a number of sub-markets that require different products and services. Developing new products for these sub-markets can lead to increased scale, as new clients are attracted and as existing clients discover products and services that meet their changing needs. A differentiated product line also can lead to greater efficiencies, as staff resources are invested in offering tailored products that customers demand, rather than one-size-fits-all offerings. At the same time, as organizations add new products, they must be able to deliver them in a cost-effective and sustainable manner.
To develop a differentiated line of products and services, market knowledge is essential. (For information on market research for microenterprise programs, see the Practitioner Resources: Marketing section.) But programs also need to develop: 1) processes for assessing, early on, the specific needs of each client; and 2) products and services tailored to client demands.
To help microenterprise practitioners develop effective new products and services, FIELD:
- Compiled a set of resources focused on mechanisms for conducting client assessments;
- Compiled a set of resources focused on how to implement product development processes that yield new products that both meet clients needs, and are financially cost-effective and sustainable for an organization;
- Compiled a set of resources on tools and strategies for specific sub-sets of microentrepreneurs.
