Growth & Jobs | Entrepreneurs urged to use research data to grow business
Local Entrepreneurs are being encouraged to use qualitative and quantitative research methods to access data and information to grow their business on a budget.
Speaking at a Jamaica Business Development Corporation (JBDC) weekly online series, ‘JBDC Virtual Biz Zone’, last week, Chief Executive Officer of Blue Dot Insights, Larren Peart, said entrepreneurs should have a few specific objectives before embarking on research, be open to using non-traditional approaches, and be clear about the target groups.
Business owners were advised by Peart that cost-effective methods, such as observational research, can be used by businesses to access useful data.
“Every time you interact with a customer, that is insight you can use to develop or change a product. If you have a store, just simply observing where people go when they head into the store first, their behaviour when they interact with products, what they look at first, and based on these patterns, you can make adjustments,” he explained.
He also encouraged entrepreneurs to observe what products attract customers the most.
“Analyse dwelling times, facial expressions, what causes delight or disgust; do testing, so lower the price a little or increase it to see what the reaction is from the consumer and if it influences their decision to purchase,” he added.
Entrepreneurs were also advised by Peart to collect customer data through one-on-one interviews, focus groups, and also using sales information.
“Learn who purchases your products, what influences their purchasing decision, why are your products purchased over others, and the user’s opinions of your products,” he said.
The ‘Biz Zone’ is a weekly series of webinars organised by the JBDC to assist micro, small, and medium-sized enterprises (MSMEs) to further their development.
The JBDC is the Government’s business development agency that assists in the sustainable creation and development of MSMEs in Jamaica.