Nonprofit organizationscustomized and diversified portfolio of solutions enables families to access financial services, maintain and grow their assets, invest in small businesses, find jobs, and deal during times of crisis. Additionally, they promote financial literacy and have implemented a variety of customer protection measures that demonstrate their dedication to client-centric service delivery. However, they follow the traditional marketing mix strategy. These are –
- Product
Nonprofit organizations Customized goods to fulfill the unique demands of our diversified clientele-Small Business Loan, women’s loans, loans to low-income migrant families, agriculture-related loans, savings, loans to job seekers, Safe-Save. Among these, loan for women and loan for agricultural purpose are very popular. Because, they operate their activities based on rural areas where women are unemployed and men work in agricultural land to grow crops. That’s why, they need loan to fulfill their tasks.
Additional optional credit and savings facilities are Small-scale insurance, financial service in the digital age, Branch without cash. Besides, there are some pilot programs tailored to certain objectives like – Loan for medical care, Loans for the season, Loans for sanitation, financial services for employees of RMG.
- Price
Nonprofit organizations prices products in accordance with the promotional efforts they do to advertise the goods and recoup the product’s fixed costs. Additionally, they have a differentiated pricing approach, charging a higher interest rate and providing superior amenities that provide value to the consumer.
Besides, they are offering different versions of products and different membership plans for supporting their organization than others.
- Place
Nonprofit organization makes an effort to establish an office in every district in the country, particularly in rural regions. Because, they need a certain piece of land and location for their office. Nonprofit organization’s position is critical, since they are always found in cities and towns. As their plan is to help and improve rural’s people lifestyle, they try to set up a office in rural areas first. Through this way they choose their place
- Promotion
Nonprofit organization can employ all five communication tools – advertising, personal selling, sales promotion, public relations, and direct marketing – to persuasively communicate to customers the existence of the product, its price, distinguishing features, locations where customers can purchase the product. Among them, personal selling is very effective because it helps to deal with and encourage clients directly than the others communication tools.
Finally, these are the 4 marketing mix usually used by nonprofit organization.
