Janine Fletcher-Taylor, manager of the Marketing Services Unit at Jamaica Business Development Corporation (JBDC), is cautioning producers against what she says is a concerning trend where producers are bypassing crucial research in their product development process and instead opting for a “hit or miss” approach by going straight to market.
She emphasises the dangers of this practice, noting that while producers may be innovating and creating new products, they are often failing to engage with the market to determine if there is actual demand for their offerings.
As a consequence of this approach, many products seeking entry into both local and international markets are falling short of the ‘market ready’ standard.
In the fiscal year ending March 2024, JBDC assessed a total of 445 products, with approximately 176 new products progressing to market testing, valued at $4,918,284.
Additionally, 32 clients were onboarded for market access through JBDC’s Things Jamaican™ store, recognized as the largest retailer of Brand Jamaica globally. Among these clients, an estimated 83 percent achieved validation, signifying that their products were in demand by customers after gaining market access.
Fletcher-Taylor stresses that market readiness extends beyond the product itself. She underscores the importance for entrepreneurs to recognize that success does not solely rely on having a quality product; rather, sustained success requires a comprehensive understanding of market dynamics and customer demand.
She continued, “But when an entrepreneur does a market readiness assessment with JBDC, our team of marketing officers look at the complete business behind the product – If the product is successful, will you be able to build out a business behind it to sustainably earn from it? You have to figure out where you’re going to get the inputs to continuously make this product. The capacity that you have now is the maximum you can make if it takes off. So, you do market readiness assessment to get into the market.”
The Market Ready Assessment tool takes the following criteria into account:
- If the product meets regulatory requirements
- Its relevance to the market;
- Competitiveness;
- Packaging and design;
- Consumption and risk to consumers.
Products that score below 70 per cent are deemed unready for the market.
Janine continued, “All of those things must be considered, not just ‘I have a great product’, which sometimes we fall in love with that concept. But we want to make sure that in addition to that, you are building a business that you can earn from. That’s it. So, we look for that business, the mindset of the person, the finishing of the product, the competitiveness of the product, and then we let the market speak back to us now on how to move forward.”
After the Market Readiness Assessment, market testing is done with the product before officially entering the marketplace. If products are found lacking, based on feedback, this is an opportunity to make corrections before going full-scale.
MSMEs interested in market readiness assessments are encouraged to book an appointment at JBDC’s website.
Source: Ourtoday – https://our.today/jbdc-improves-product-quality-through-market-readiness-assessment/
