Kotler (1999) defines a brand as “A name, term, symbol or design (or a combination of them) which is intended to signify the goods and services of one seller or group of sellers and to differentiate them from those of competitors. A good corporate brand is important since it provides:
Instant recognition: so that consumers feel they know what they can expect and know what to ask for if they are seeking services
Differentiation: so that the well-branded MFI can stand-out from the crowd in a competitive market
Credibility: so that consumers can believe in the organisation (which is particularly important for those offering savings services)
Warranty: of the quality and reliability of services offered by the MFI
Facilitated Promotion: since promotion efforts can spend less time on who the MFI is, and more on its competitive advantages and products
Word of Mouth Marketing: so that customers can easily recommend the MFI and its services, and those hearing the recommendation can remember the MFI’s name
Goodwill: so that the MFI is better equipped to come through problems, and better positioned to talk to stakeholders above and beyond its existing customers – from government officials to donors
