STRATEGY FORMULATION FOR CUSTOMER ACQUISITION IN SHARIA BUSINESS (CASE: PT LAJNAH BISNIS SYARIAH)

• Main Author: Zakiy Ramadhan, Laksamana
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/46622
• Institution: Institut Teknologi Bandung

Indonesia’s sharia economy is growing in the last decade. A lot of contributing factors are growing of Muslim population and support from government to increase financial literacy. Looking at this trend, PT Lajnah Bisnis Syariah (LBS) is providing one-stop sharia services of financing in Indonesia. Their aim is to conduct a sharia financing that comply with Al-Qur’an and Hadith with companion understanding. Customer acquisition is one of the most important factors for the company. Without its customers, the company could go out of business. Since its establishment in 2018, LBS has made several efforts in order to acquire more customer. Most of the methods are through education, the education is becoming a bridge for customer to enter the LBS ecosystem of services. During that time only few customers that are acquired with that method, this indicates that the current method is not efficient and optimal. Other problem that occur is internal processing system of a company, lack of system and organizational structure might contribute to this problem. In order to create a customer acquisition strategy, this research was conducted with interview of top management and perform observation of the company. Business issue exploration was done by using internal and external assessment of the company. VRIO and Existing customer acquisition strategy was used for internal assessment, and Porter Five Forces were used for external assessment. The result shows that the problems that occur are social and technical problem inside the company. Social problem such as Education in business professionalism and Sharia knowledge are requiring high effort but result small direct-impact to the company. Technical problems including Customer funnel bottleneck and Human resource problem are affecting the internal processing system of the company. Based on the analysis, LBS could create a focused differentiation business strategy that involves creating strategic alliances with institutions, utilizing social media, utilizing education channel, prioritization of customer, and using Herzberg’s two factor method. Other than that, different product features and complementary should be implemented in order to increase the value offered by LBS.