Marketing support for factoring as an economic institution

Oleksii Sysoiev ()
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Oleksii Sysoiev: Borys Grinchenko Kyiv University

European scientific journal of Economic and Financial innovation, 2018, vol. 1, 58-66

Abstract: The article considers marketing support for factoring as an economic institute. The concept of marketing support for the development of the factoring institute is proposed, taken into accounts the goals of the Strategy for reforming the state regulation of non-bank financial services markets for 2015-2020. The provisions are based on the marketing strategies of the subjects of the factoring institute, previous experience of working with clients and revealing their latent needs. The subjects of factoring Institute can contribute to the goals and objectives stated in the Strategy, enabling enterprises to optimize their work with debtors and provide quality factoring services. In order to promote its services to the subjects of the factoring institute, it is necessary to apply new and progressive marketing concepts such as direct marketing, e-marketing and co-marketing. Direct marketing, as an effective way of direct advertising, can serve as a reliable means for attracting new and retaining the constant clients of factoring services, supporting the image of factoring organizations, implementing an individual approach to each client, and establishing cooperation. The new marketing tools offered to promote factoring services are common marketing tools, such as cross-marketing, dual branding and a coalitions loyalty program. The advantages of these tools are: the synergistic effect that can be obtained through the partnership of two brands, savings on advertising costs, the formation of a positive reputation through partnerships, the expansion of the client base and the target audience, exposed to marketing influence. It is shown that in the conditions of a globalization economy, a broad introduction takes on electronic factoring – “e-factoring”. E-factoring integrates all organizational structures of the factoring institute and promotes its development and operation efficiency. The development of e-factoring in Ukraine will improve the quality of factoring services and contribute to expanding the client base of banks – Factors, that, in turn, will bring additional benefits both for economic entities and for the economy of the country

Keywords: co-marketing; direct marketing; e-marketing; factoring; factoring market; factoring services marketing (search for similar items in EconPapers)
JEL-codes: M30 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:efn:journl:v:1:y:2018:p:58-66

DOI: 10.32750/2018-0107

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