Business operators and entrepreneurs are encouraged to remain cognisant of the importance of market research in identifying customers’ needs, as this will inform how and when new products are introduced to the marketplace.
Speaking at a recently held ‘Jamaica Business Development Corporation (JBDC) Virtual Biz Zone’, Head of the Business Competitiveness Unit at the Organisation of Eastern Caribbean States (OECS) based in Dominica, Kareem Guiste, said entrepreneurs need to first understand their global landscape.
He shared that the global market for “big” data services is expected to increase from 162 billion to approximately 264 billion over the next four years.
Mr. Guiste said: “Once we look at that massive revenue-generating opportunity for big-business data, it tells you, as an entrepreneur, that there are people paying to learn more about your business. The basic idea of the appreciation of the market is to first understand who your customers are.”
Speaking under the theme ‘Using Research to Identify New Market Needs’, Mr. Guiste advised entrepreneurs and business operators to ensure that they are doing enough to stretch their “rubberband” towards success.
“In the Caribbean, we have a culture of not wanting to embrace risk taking. We need to be more inclusive in our approach and support of driving small businesses towards achieving greater success,” he advised.
Mr. Guiste said that we are to be deliberate in helping businesses understand how they can better position themselves, thereby identifying the current market in which they operate and the ones that they would like to expand into.
He reminded business operators that data gathered through research “allows for the enabling of better management, which leads to the development of a more refined and proactive approach to business.
The webinar is a two-part series that will continue on Tuesday (May 17) at 10:00 a.m. under the theme ‘Innovation: Funding new Business and Product Ideas’ and will be facilitated by Manager, Investor Relationship at the Development Bank of Jamaica (DBJ), Paul Chin.
He will focus on the varying financial solutions available through the DBJ and the approved financial institutions (API) that are accessible to micro, small, and medium-sized enterprises (MSMEs) at all stages of growth and development.