Entrepreneurs are being encouraged to conduct market research in order to improve their products and services and increase sales.
“It is important for small businesses to use market research. It can be used to determine how a product may be marketed, why persons may purchase a product or how often they could purchase the product,” said Chief Executive Officer of Verb Communication, Kalando Wilmoth.
He was speaking recently, at the Jamaica Business Development Corporation (JBDC) virtual weekly series, ‘JBDC Biz Zone’, under the theme ‘Research: The Competitive Edge’.
Mr. Wilmot, in his presentation, noted that primary research tools, such as All Media Survey, along with demographics, can provide information on how many people are listening to a radio station.
He said that a number of entities could collaborate to share the costs of such research.
Mr. Wilmot also suggested utilising secondary research such as surveys from the Statistical Institute of Jamaica (STATIN), Consumer Affairs Commission (CAC), Electoral Office of Jamaica (EOJ), Social Development Commission (SDC) and Planning Institute of Jamaica (PIOJ) as a cost-effective way to attain useful data.
“These surveys provide information that can inform your decisions about products or services, as [they show] information such as the state of the economy, productivity, the profiles of community, and living conditions. This type of research can inform you of your options, the issues of your consumers and, therefore, indicate how you can access your desired demographic,” he explained.
Mr Wilmot further encouraged small business owners to engage with content on podcasts and platforms such as YouTube and LinkedIn to consistently learn more about brand services, event experiences and to have various perspectives on the development of products or services as they aim to expand their market share.
The JBDC Biz Zone is a weekly series of webinars organised by the JBDC to assist micro, small, and medium-sized enterprises (MSMEs) to further their development.
The JBDC is the Government’s business development agency that assists in the sustainable creation and development of MSMEs in Jamaica.