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Key Takeaways 2012 Mifos Summit

  • Must improve general awareness of Mifos as a software package for MFIs
    • References from other MFIs are critically important - make their contact info and testimonials readily available
      • Must we create this endorsement engine ourself or should we use something like LinkedIn?
    • Local support is a huge deciding factor.
    • Online searches matter a lot - make sure our SEO counts.
      • Transition news is top search result for Mifos/Mifos.com - FIX THIS.
    • Local conferences for MFIs are another good venue in which to plant the seed of awareness. 
    • Specialists themselves need to know how to properly market Mifos
    • Need to be aggressive in on-the-ground promotion - host local workshops/advertise in newspaper
    • Also need to educate on need to use a specialists and education on open source. 
  • Demand generation
    • Establish relationships with influencers in each regions
      • Microfinance networks & associations, conferences, ministries of micofinance
      • Able to reach hundreds of MFIs rather than one individual one. 
      • Consultant has strong influential opinion - need to promote Mifos within consultant networks. 
      • Donor is driving force on spending on technology - MFIs only spend when donors give them money to.
    • Central banks in Africa (Uganda, Nigeria Ethiopia, etc.) are more influential in terms of software decisions than they are in places like India. 
    • Create a program in which to target the major influencers like the national association and sell Mifos to them.
      • Action: add each of the major stakeholders to our CRM and a have concerted plan to contact each one of them.
  • Exclusivity/Qualification of being a Mifos Specialist
    • Now anyone can say they're a Mifos Specialists - need to make some stand apart. 
  • Initiative Positioning
    • Need to fully clarify the change in paternity from Grameen Foundation to COSM.
    • Remove fear of damaging the Mifos brand (Nayan) like was common in past. 
  • Product Positioning
    • Establish clarity on the target market so Specialist know which features they should be emphasizing to MFIs
    • Improve the first time user experience with product (easy install or simple demo/trial)
  • Pricing Positioning
    • Enormous disparity between willingness of MFIs to pay for technology. 
    • Specialists often must focus on building trust and providing free consulting services before beginning discussion of pricing for Mifos.
      • Conflux has done a lot for free up front but once they've shown their value, MFIs spend on future needs. 
    • Should experiment with bundling of services and software - no commercial versions (this would kill Mifos vision)
      • To offer higher levels of service/software. 
    • Tension between MFIs wanting standard pricing and Specialists wanting to be able to charge a range of prices.
      • MFIs could then just judge on quality
      • Should specify a range of low to high prices so MFIs can have clear expectations and checklist of where services fit.
  • Where COSM can add value
    • Marketing tools
    • Training - Technical training (on-site or virtual) is needed both for Specialists and IT staff at MFIs'
      • MFI IT staff by becoming pseudo-Specialists can provide downstream support to other MFIs
      • Polly: MFIs will pay for training more than software or support - want to invest in their businesses - easier to maintain without external contract.
        • Expectation that MFI will sign a year-long support agreement and cancel it after one year. 
    • Repository of advanced experts that Specialists can contract out when they need additional resources. 
    • For MFIs that aren't ready for a Specialist - provide repository of materials so they can self-support. 
  • Next Steps
    • Specialists qualification program - immediately make this available with the five or six criteria that qualify a specialist
    • Significantly enhance website so Specialists know what they need to do to become a Specialist.
    • Prepare a deck to begin presenting at MFI association meetings.

 

Discussion

Details on Presentation
  • Education on Need to Use a Specialist
  • Education on Open Source

Ideas/Questions

  • Certification of Users - like a certified administrator, certified data entry operator
What help do you need in marketplace? 
From MFI Perspective:
  • Raj in Uganda - not many know about Mifos - need to make it aware to MFIs - software package
  • Where does an MFI go to find out about the software?
    • Through references...through other MFIs, through other technology companies
    • Any new MFI - look for local support - if local support exists, they make decision 
  • Esther:
    • Googled MFI software and found a couple, then looked at website
    • Did own requirements sheet and sent it VasTech - what can you do and not do and sent it to VasTech
      • Went with Octopus because VasTech was local
    • SEO - want to pop up immediately
  • Amit:
    • Feedback from nearby MFIs - need feedback/validation - this feedback is good for sales and all
    • Need to have list of customers so people can reach out to them as references
    • Need testimonials, Multiplicity is priceless
  • Three or 4 local small implementations of Mifos in Jaipur - all trust in Amit.
    • Collect feedback from all MFIs - make it accessible from Google 
    • Need list of references - email address or contact info to speak to the MFI 

From Specialist Perspective

  • Zayyad:
    • Main challenge in East African Market is awareness
    • Specialists don't have an idea of how to market Mifos
    • Very small budget of how to do marketing
    • Other think that anyone can deploy Mifos - no formal specialist program.
      • Even to have an edge of putting Mifos on website
      • i.e. on homepage of Intrasoft - put Mifos as one of the products they offer on website
        • Received a call from a SACCO looking for new software
      • Main challenge is marketing - how best can help. 
  • Amit: Mifos transition is the top news on Google about Mifos shutting down. -- need to address this. 
  • Is it true that MFIs don't know software in general?
    • Indian Microfinance sites - this type of knowledge around Mifos X is not web 
    • Semba had to explain this to his management.
    • Zayyad:
      • Bankers realm very familiar because of large bank installation, Octopus not very common in Kenya
    • From MFI perspective
      • Have conferences where most MFIs meet and share knowledge on common systems being used - mention Mifos in these places - 
    • Microfinance Network Organizations:
      • Need to register with them
        • Octopus has tied up directly with the association in Ghana
    • Raj: Ministry of Microfinance as well 
    • Amit: 
      • Impression they have is download and install  
      • Lacking of specialist - not possible to download and host on their own servers
      • If targeting small MFIs, don't know how to install.
      • Requires a specialist, specialist team needs to be tightened before making any sales
    • Important about presentation of Mifos
    • Octopus is easy to install (OS and Enterprise Edition)
  • Nayan: previously the biggest selling point was the backing by Grameen Foundation
    • Shiva: few financial inclusion orgs that could promote Mifos
      • Basic, Access Development Services
  • Basics: provides access to fund
    • Software - need a corresponding fund as well - want a donor to be promoting a product
    • Lost order to basics
    • MFIs are aware of the funding services
  • MFIs know how to apply funding - spends on technology only when insists on spending on technology
    • Shiva: Driving force should be donor and not the MFI - they would push the spend on technology 
  • Craig: Do Specialist present to the donors?
    • Shiva: was talking to MF network from Ghana.
    • Shiva: tried to reach CARE inda
  • Craig: Is grant open to any technology or is specified to a software?
    • Shiva: Grant is allocated for technology and doesn't specify a vendor - usually MFI just spends it on something outside of technology. 
  • Kazeem:
    • When donor pushes a money for software installation - rely on consultant for advice - consultant has the latitude to say go with this.
    • If donor has a software to promote, they will put that software in there. 
    • Need to promote Mifos among consultant network
      • CGAP IS platform, World Bank Platform
      • Promote Mifos among these consultants
    • To get that funding, just find consultants who would be comfortable deploying 
      • Polly: Easier to get funding from existing partners who have given funding for other hardware
  • Craig: 
    • Is it better to sell to donors and capacity building network rather than MFIs?
    • Kazeem - more leveraged channel would be to have a meeting at GAMFI
      • Concentration of decision makers all in one room
    • Go to Systems Director of Central Bank of Nigeria in charge of 900 MFIs
      • Defer to them for guidance
    • MF Banks in Ethiopia - looking for common system of 900
      • Easier to sit with Dr Waldi
    • Raj: Bank of Uganda for regulation purposes wasn't at all familiar with Mifos
      • More comfortable with systems they always have approval from them.
    • Amit: Fruitseller is not telling he's selling fruit
      • Need to speak loudly from all the channels, tell your story.
      • First need a team of specialists, how you use it, what are the benefits, why is Mifos better than all the other products?
      • If we then speak loudly - what is Mifos
      • Need to generate the interest in the software which is lacking.
    • Polly: CBK had a list of requirements and a list of systems
      • Fact that Mifos was not listed there - disqualifies it automatically, not confident.
      • Amit: need to tell the future of Mifos. 
        • Need to make the specialists capable of selling the product. 
  • Zayyad:
    • Functionalities:
      • Many would not sell it to central banks because current functionalities that do not conform to central banking requirements
        • Accounting functions
        • Audit Trails
        • Stakeholder Reports
      • Once all these are in place - should be able to market to central banks.
    • Raj: central banks play a strong advisory role - if they're not 
  • Kazeem
    • Change paternity of Mifos - Grameen to COSM
      • Redirecting Grameen searches to Mifos
      • Communication of COSM to all users
      • SEO for Mifos & COSM
    • West Africa
      • Trying to promote a common platform - multi-million bid for one hosted application for 900 MFIs
        • Amit: if want hundreds and thousands
          • No mission to reach there - don't have sales team
          • All in summit because we know each other for a long time
          • Amit: offer local sessions for MFIs - put in newspaper so people can join.
          • Call MFIs from local market to be there.
            • Spread the 
    • Arun: realize that Mifos may not be the answer for every single MFI, in every single geography
      • Really understand the target segment
        • Focus on low-cost sort of software for software or do we get into complexities of larger MFI with bigger lines and 
        • Specialists then need to know what they should talk about it when looking to clients.
      • Mifos user conference
    • Shiva: could promote Mifos in magazines
    • Central Bank of Nigeria, Uganda and other African countries could influence many many sales
      • Not as strong in India - not 
Pricing Discussion:

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