MSMEs urged to use non-tra­di­tional mar­ket­ing

Jamaica Gleaner - - SPCIAL -

THE JA­MAICA Busi­ness Devel­op­ment Cor­po­ra­tion (JBDC) is en­cour­ag­ing mi­cro, small and medium en­ter­prises (MSMEs) to take ad­van­tage of non-tra­di­tional plat­forms to mar­ket their prod­ucts and ser­vices.

This is in light of re­search con­ducted by the JBDC that shows the ma­jor­ity of MSMEs polled lacked ad­e­quate mar­ket­ing, which is af­fect­ing their earn­ings.

The re­search was con­ducted be­tween March 2014 and Novem­ber 2015 with 1,500 MSMEs that were ran­domly se­lected from the data­base of the Com­pa­nies Of­fice of Ja­maica. Head of Re­search and Project Man­age­ment at the JBDC Lisa Tay­lor Stone told JIS News that more than 81 per cent of the group that par­tic­i­pated in the re­search did not have a mar­ket­ing plan.

“We found that over 89 per cent of those who re­ported the great­est need in mar­ket­ing as­sis­tance and mar­ket­ing strat­egy and re­search were more likely to earn less than $5 mil­lion per an­num,” she noted. “This re­ally un­der­scores the im­por­tance of mar­ket­ing op­por­tu­ni­ties for rev­enue growth and devel­op­ment of the MSME sec­tor.” Not­ing that a num­ber of en­ti­ties were con­strained by ac­cess to cap­i­tal, Tay­lor Stone said they could utilise dif­fer­ent and cost­ef­fec­tive meth­ods such as um­brella mar­ket­ing and the clus­ter ap­proach.

SO­CIAL ME­DIA

“With the clus­ter ap­proach, com­pa­nies come to­gether and re­sources are pooled. With the pool­ing of re­sources, they are able to align them­selves to an es­tab­lished um­brella brand ... and in do­ing so, their prod­ucts get to mar­kets and they im­prove their rev­enue,” she ex­plained. Tay­lor Stone said they should also take ad­van­tage of niche mar­ket­ing, and utilise so­cial me­dia and free on­line re­sources.

Tay­lor Stone said that MSMEs can learn more about the sup­port be­ing of­fered by the JBDC at the up­com­ing FOROMIC, which is the in­ter­na­tional fo­rum on mi­cro fi­nance and fi­nan­cial in­no­va­tion, to be held at the Mon­tego Bay Con­ven­tion Cen­tre in St James from Oc­to­ber 24 to 26. To be high­lighted are the en­tity’s busi­ness mon­i­tor­ing pro­gramme and its MSME Re­search Devel­op­ment Ini­tia­tive. The pro­gramme is geared to­wards the growth of MSMEs and op­er­ates on a tiered ba­sis.

“The first step is where a di­ag­nos­tic test is done and the health of the or­gan­i­sa­tion is di­ag­nosed. There is an action plan that is de­vel­oped to move the com­pa­nies for­ward in terms of ca­pac­ity build­ing, whether it is prod­uct devel­op­ment, devel­op­ment of the busi­ness and the en­trepreneurs,” she out­lined. Mean­while the devel­op­ment ini­tia­tive is aimed at strength­en­ing the ca­pac­ity of small busi­nesses to con­duct re­search.

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