Are You Satisfied?

What is satisfaction? How do we ask questions about satisfaction? Is there a best approach?

Love customers

Here we present some tips and best practices for asking satisfaction questions in a survey.

At Balcostics our mission is to empower leaders with the required data and information to make better decisions. Learn more about our full list of research outsourcing services for individuals and companies: Click here

Yes, there are opportunities in a depreciated Jamaican Dollar!

Public discussion surrounding the depreciating dollar have been one sided, looking only at the negatives associated with the decline. With the exception of Dr. Damian King (Senior Economist, UWI), I’m yet to see a different perspective on the implications.

Dr King views in summary:

Some Jamaicans (companies, individuals etc.) will lose from the depreciation in the dollar, while others will gain. Since both the winners and losers are Jamaicans operating in the economy, the country is not made worse off with a depreciated dollar.

 King went on to give an example, highlighting that Every purchase of foreign exchange is also a sale. Somebody is selling it. So if you have to pay me $150 for a US dollar, what you lose is exactly what I gain. You pay more, I get more. If the cost of haircuts suddenly rise to $1,500 a head, that is terrible for everyone else but it is great for barbers. The whole country is not worse off because barbers are part of the country. The identical thing is true for any other transaction, including US dollars.

Chinese

Can we follow the Chinese? China has come under pressure from the United States (US), for supposedly manipulating their currency to gain unfair trade advantages – it is widely agreed that the Chinese dollar (Yuan) is undervalued. The argument is that the Chinese keep their dollar undervalued so their goods and services will remain ‘cheap’ and competitive in foreign markets. An undervalued currency also allows for lower cost labour which has resulted in some major US companies moving their manufacturing to factories in China (e.g. Apple & Nike) – outsourcing.

This Chinese example, presents a model for Jamaica. We need to increase production of goods and services and use the depreciated dollar as our competitive advantage. We’re unlikely to compete with China’s manufacturing prowess but services (BPO, Tourism, etc.) could provide superfluous returns.

Outsourcing to Jamaica: As I write, Sutherland International (a US base outsourcing company) is looking to launch its operations on the UWI Mona campus. This venture is expected to see over 13,000 students and other professionals being employed full-time and part-time. A depreciated Jamaican dollar is as much a ‘problem’ as it is an ‘opportunity‘. It is an opportunity for us to embrace a more modern approach in participating in the global world and improving our competitiveness.

Some Opportunities:

  1. A cheaper Jamaican dollar will attract more investors who are looking to take advantage of Jamaica’s educated, yet highly unemployed labor force.
  2. Increase tourist visitors – It will be cheaper for tourists to visit Jamaica and as such more will come (The Land of Usain Bolt & Bob Marley)
  3. We will import less (due to a depreciated dollar) and hopefully increase local production
  4. Local goods & services will become more competitive in foreign markets – locally produced goods/ services will become cheaper.
Tourism Jamaica

Jamaica’s tourism industry (one of our main foreign exchange earners) could also benefit significantly from a depreciated dollar, especially with the expected tax hike for US consumers – what has been termed the Fiscal Cliff. Tax increase will reduce disposable income of US consumers and since tourism is classified as a luxury it will likely be first on consumers ‘cut-back-list’. A depreciated dollar could help Jamaica offset any repercussions to the industry in the event that the US Fiscal Cliff is realized.

Looking at Solutions:

We need to embrace the opportunities associated with a depreciating dollar and look to increase production, exports and services offered globally.

At Balcostics our mission is to empower leaders with the required data and information to make better decisions. Learn more about our full list of research outsourcing services for individuals and companies: Click here

SMEs & Market Research

Many Jamaican entrepreneurs (or entrepreneurs to be)  have asked/ or is still asking themselves’ the above question – is market research needed for my new idea?

We’ve found some external insights on the topic, which we hope will provide additional clarity.

 

Galleon (9)

Question as answered by Amy Shropshire on Quora:

Most of the mistakes I’ve seen businesses of any size make have been due to the thinking they know the market place rather than taking the time to actually find out.

For the past 15 years, I’ve been advising clients in the nonprofit and start up world. What I love about them is their eagerness to get going, get their product or service into the hands of their market, and see their dreams come true. The challenge comes when I ask them questions about their market and they can’t answer them. They know all about them, and nothing about their consumers. They expect to put their product out there, do “marketing,” and make millions.

I eventually created a workshop called “No One Cares About You.” where I explained that deep down, consumers don’t really care about you. They care about how you’re going to solve their problem/need/want/desire/etc. And that’s what market research tells you how to do.

I disagree with what Shashank PS says about a completely new product being unlikely benefited from market research. This is where research will benefit you the most – Who exactly is your market? Does the market even want your product/service? Does it fill a need they have? If they don’t know they need it, how can you convince them they do? What channels do they like to be reached on. How much would they be willing to pay? The questions are endless.

I find that most people want to find a way to skip the market research part because its seen as boring. They want to jump right into the fun stuff! But let me finish by saying that the better you know every facet of your market, the more they will want to know you. =)

Question as answered by Matt Bertuzzi on Quora:

There are compelling arguments here for both sides. I have 2 quick thoughts:

1) Market research can hugely beneficial – not unlike learning about the structure of the face and effects of physics. Market interactions are like getting punched in the mouth 1st hand. Imho, you learn more from the 1st and know more from the 2nd.

2) I had no idea I wanted 1k songs in my pocket until I heard Steve Jobs tell me I could have it. Similarly, I might have scoffed at the idea/concept of Twitter in a conference room. But after week 1 using it, I was hooked.

Just my $.02.

See more interesting answers to this question here

At Balcostics our mission is to empower leaders with the required data and information to make better decisions. Learn more about our full list of research outsourcing services for individuals and companies: Click here