Evaluating Marketing Strategies for Gold Installment Products: An Islamic Business Model Canvas Approach At Bank Syariah Indonesia

Abstract

This study aims to assess the marketing strategy for Bank Syariah Indonesia's (BSI) gold installment product using the Islamic Business Model Canvas approach. Employing a qualitative descriptive method, the findings indicate that the marketing strategy targets customers with an average balance above IDR 10,000,000, particularly those financing Hajj trips. Marketing efforts are conducted through social media channels such as WhatsApp, Instagram, and Facebook, along with WhatsApp blasts, socialization, canvassing, and personal selling techniques. However, the evaluation using the Islamic Business Model Canvas reveals that the current customer segmentation could limit access to the product for individuals with balances below IDR 10,000,000. The value proposition emphasizes the high quality of gold, its liquidity, its annual increase in value, and the transparency provided through murabahah and rahn contracts. Maintaining customer relationships through WhatsApp blasts and direct meetings has proven effective but requires continuous effort to boost loyalty. There is also a need to strengthen partnerships with gold companies such as PT. Antam, PT. Procurement of Gallery 24, BMT Kubuk 006 (Cooperative), Hermaini Gold Shop Partners, and the customers. Additionally, BSI needs to allocate certain costs to promote marketing, including administrative costs, printing expenses (banners, brochures), customer gifts, guarantee insurance, and stamp duty, which is borne by the customer.