Mandeville Weekly News

MSMES URGED TO UTILIZE NON-TRADITIONAL MARKETING

Posted by SR (riley) on Oct 19 2016 at 4:47 PM
Mandeville Weekly News >>

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 JBDC, Mrs. Lisa Taylor Stone said 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,” she added.

Noting that a number of entities were constrained by access to capital, Ms. Taylor Stone said that they could utilise different and cost-effective approaches, such as umbrella marketing and the cluster approach.  “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.

Mrs. Taylor Stone said that MSMEs can learn more about the support being offered by JBDC at the upcoming FOROMIC, which is the international forum on microfinance and financial innovation, to be held at the Montego Bay Convention Centre in St. James from October 24-26.

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