Lack of adequate marketing affecting earnings of MSMEs - JBDC
The Jamaica Business Development Corporation (JBDC) is urging Micro, Small and Medium Enterprises (MSMEs) to take advantage of non-traditional platforms to market their products and services.
This appeal comes in the wake of research conducted by the JBDC which found that a majority of participating MSMEs were not being marketed enough and that this affected their earnings.
The research was conducted between March 2014 and November last year and involved 1,500 small businesses that were randomly selected from the database of the Companies Office of Jamaica.
Head of research and project management at JBDC, Lisa Taylor Stone, said the research revealed that more than 81 per cent of the participating MSMEs did not have a marketing plan.
And she says the research found that over 89 per cent of those who reported the greatest need for marketing assistance and marketing strategy were the ones more likely to earn less than J$5 million per year.
Taylor says this underscores the importance of marketing opportunities for revenue growth and development of the MSME sector.