MARKETING OF MICROFINANCE INSTITUTIONS WITH THE HELP OF SOCIAL MEDIA -AN ANALYSIS

Now Microfinance Institutions reach thousands of customers and have the opportunity to send out messages, get fast feedback, and experiment with offers at relatively low costs. Social media establish closer connections between consumers as more trustworthy sources of information regarding products and services than business-sponsored communications transmitted via the traditional elements of the promotion mix. Social media channels help to communicate and organize themselves together and allow them to reach out and relay their messages to a larger group of people to create awareness and promote a brand. This paper aims to investigate about social media platforms are being used by microfinance institutions as well as a communication tool with their customers and to identify how microfinance institutions use social media efforts to expand their opportunities in reaching their target market. This study also tries to measure the effectiveness of social media marketing in the development of microfinance institutions.