Entrepreneurs Urged To Conduct Extensive Market Research
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.