Islamic Finance Branding and Marketing gif
S Brand New Way:
elling Islamic Finance to Non-Muslims.
Part II-Marketing and Selling
We have seen how one should brand Islamic finance products to sell to non-Muslims, now we turn our attentions to the matter of how to market and sell such products to this non-Islamic market. Is Islamic finance currently doing enough on the marketing and selling front? What type of marketing strategy is necessary? Which sales promotions can convince non-Muslims to try sharia’a-compliant banking products and services?
From Market Research to Market-
ing Strategy
What Islamic finance, according to Joy Abdul- lah, is failing to do is to take the importance of market research seriously. The brand strategist points out in the article ‘It’s what THEY think a BRAND is’ that whilst research on particular consumer segments has been carried out by Islamic finance entities, these companies are yet to collate general data on overall needs, perceptions, beliefs and values of the consumer market in relation to Islamic finance instruments. Why exactly is market research so important to devising an effective marketing strategy? The Islamic finance industry needs to be clear on this: Market research is not an option, it is a ne- cessity. It is the only way to gain information on:
• the type of consumers that would be interested in your product • the type of companies and institu- tions that will be your market com- petitors in selling the product • the size of your consumer audi- ence • the type of marketing methods your target market will respond to • how long consumers will take to buy your product
Armed with this information, you can then create a marketing strategy that helps define:
• who you’ll be marketing to • how you’re going to beat the com- petition
• what share of the market you’re aiming to obtain • how you’ll be promoting your product • the timescale for the achievement of this.
Without this level of understanding, you will be trying to market and sell to a consumer market you do not know. How can you sell anything to anyone if you do not know what they buy, how they buy and why they buy?
Issues particularly pertinent to the non-Mus- lim Islamic finance consumer market should be researched thoroughly, before attempt- ing to market and sell to this market. Below is a table showing questions that could be asked, through field and/or desk research, to the non-Muslim consumer market to ex- tract information relevant to the marketing of your Islamic finance product:
Question
What do you think of when you hear the terms ‘Islamic finance’ or Sharia’a Law’?
Why Ask?
Do not be afraid to ask questions of poten- tial customers. They would prefer that you find out what they want and need before you start bothering them with ineffectual, poorly-researched marketing and sales cam- paigns.
Marketing to the Market
Although no consumer wants to be bothered by a marketing campaign irrelevant to them, that is not to say potential Islamic finance customers are not expecting the industry to market its products in a way that actually explains the products in a way relevant and accessible to the uninitiated.
This immediately identifies the perceptions, preconcep- tions and misconceptions that non-Muslims might have regarding Islamic finance products. You can then work at dispelling any misconcep- tions in the marketing of your product.
Would you ever consider buying a financial product or service compliant with Sharia’a Law?
If so, why would you choose a sharia’a-compliant product over a conventional one?
Islamic finance may be a fast-expanding in- dustry, but it cannot expect customers, es- pecially non-Muslim customers, to come to it just like that. It must endeavour to take on more of the legwork through targeted, relevant and informative marketing campaigns.
When it comes down to it, Islamic finance is an industry with several, easily-marketable Unique Selling Points:
Determines whether or not the person, or group of people, you are questioning would be interested in your Islamic finance product.
Identifies what the potential customer is looking for in an Islamic finance product that they cannot get in a conven- tional one.
1. Sustainability: If the near collapse of the global financial system in 2007 proved anything, it proved that con- ventional finance is not as sustaina- ble as some so-called experts thought it had become.
Certain analysts and political advisors were certain that conventional pros- perity within the finance sector could be sustained without fear of any
2010 June GlobalIslamic Finance 43
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