The Chinese Market needs a system whereby MicroFinance lenders can extend their reach deeper and deeper into the hidden market of rural households. GRND8 is an initiative that focuses primarily on bringing access to this market. Not only does GRND8 provide a platform for social interaction between customers and businesses but also a sensible, financial tracking system. This application allows customers to trace back through ongoing financial payments as well as monitoring their own finances in conjunction with finance lenders.

The need for these product/services is directly a result of critique from the Head of The Microfinance Association in China, who says that China needs a system that can be mass produced at a low cost to suit the needs of the customer. Such a system does not exist and GRND8 seeks to solve this problem by directly planting its roots into the Chinese Market.

GRND8 offers two accessible packages for customers/businesses. The business package allows customers to complete financial applications with a secure login interface. Both packages offer financial tracking, however the customer package is focused on the customer’s own personal finances as a whole with an all-inclusive calendar system to pinpoint and locate specific payments and expenses.

Funding would primarily go towards mass production of a computerised, mobile system as well as marketing and promotional advertising needed to export the product.

Awareness of Market

The most essential part of developing an application package for the Chinese Market will be the inclusion of the Chinese language itself. Without any prior knowledge of the chinese language I will need to either use Google’s translating system or consult a forum that could aid in my development.

Marketing the Product/Service

In order to do comparable research into how microfinance lenders market their products and services I, once again, looked into the Barclays campaign. Although a banking corporation as well their marketing campaign is suited to all audiences with extensive television placements as well as sponsorships.

For instance Barclays sponsors the English Premier League as well as providing a more educational set of television adverts ‘Barclay’s Life Skills’ that encourage young people to develop their CV’s according to professionals and what to avoid.

Similarly, give the target market, I would like to market the product in a positively prosperous way. This would primarily include promoting on television and well as with linked sponsorships with chosen companies. These prospects need to harmonise with the main target market of rural Chinese households. Given the demographic that 30% of users in rural households have smartphones I would like to target the popular Chinese equivalent of Facebook, Weibo, in order to target this small percentage of users.

Alongside word-of-mouth, any door-to-door selling opportunities would be welcomed in order to target a market that could not necessarily have access to televisions or smartphones. Therefore I would be able to target the remaining 70% of households without the need for an extensive, viral marketing campaign.