'Grassroots marketing is the competitive edge'- Stedman Graham Jr
The all day activity was held on the third floor of UP’s Cineplex in Road Town on the main island of Tortola and visitors had the opportunity not only to sample products and services of the various entrepreneurs and establishments which had booths, but to sit in on the rich knowledge which was shared at the many sessions.
Grassoots connections
Taking the stage at one of the seminars, business expert Stedman Graham told entrepreneurs that the best way to spread the word about their products and services is through grassroot contact.
He said that without this grassroot connection, getting on the internet will make little sense.
He said that it would take discipline, perseverance and determination to get through the course of running a successful business online. “So online doesn’t really work by itself...it is an integrated marketing system that works as it is not one way but many different ways,” he said.
“Grassroot marketing is the edge, you know why? Because I can spend a lot of time with friends and tell them about an idea or a product. Grassroots is the competitive edge because you can reach the person and talk directly to them and sell to them and they can use their Facebook and their Twitter and other social media to sell your product. So you are developing affinity marketing with all the people that believe in your product because you have introduced yourself to them and had a conversation with them,” he said.
He noted that for any business to be truly successful, the grassroots connection must go along with public relations and online presence. “It is a combination of all of them working together,” he said.
Important to get the banks' advice on business plan
At another forum hosted by a number of commercial banks in the territory, businesses were advised on what the banks are looking for when businesses come to them for financing. They said it was important for small businesses to have a conversation with the banks prior to preparing the business plan.
The managers at the forum explained the necessity of having good collateral which the bank can monetise in determining whether or not to lend you money and the importance of being open with the bank in telling them about the challenges that the business might be facing with a view to finding solutions.
They explained that it is always a plus to have a good working relationship with a bank, whether or not that business had sought financing before, as this would help to determine the strength of that customer in order to determine whether the loan could be approved.
In addition to the hard information regarding running a successful business, there were entertainment and other light events, including matinee shows for children.
All of the businesses will be judged as part of the competition to assess products, services and talents. Winners, whom will receive cash prizes, will be announced tomorrow May 2, 2016.
The MWM Business Startup 2016 and Entrepreneurial Forum was hosted by local business consultancy MWM Business Network.
The start-up programme was meant to be a platform for businesses to showcase their innovative ideas, products, services and talents under a competition format that rewards the best in class with funding, training and coaching opportunities to further develop and expand their innovation into successful businesses.
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