Cayman Islands Business Growth Tips by Jaci Patrick Miss World Cayman and Qamar Zaman

Good morning, Cayman. My name is JC Patrick, and I am here with Kamar Zaman. We're here to wow Cayman Islands business small businesses with our daily dose of business energy on Coffee with Q, and yours faithfully, JC. Our topic for today is market research. Our goal is to teach businesses and entrepreneurs in the Cayman Islands the importance of market research and digital marketing. So without further ado, I have Qamar here that will answer some great questions and will give feedback. So Qamar, a common challenge among small businesses in the Cayman Islands Is that they're not getting notice on large media platforms. Kumar, how can small businesses gain more exposure on media platforms such as Google and Yahoo, for example?

Great question, JC. Thanks for having me. The challenge with small businesses, even for the big businesses, is that Cayman is still way behind in The digital technology, it's getting there, but it's not there.

Yeah.

And because everybody consumes content locally, like on the local newspapers or local newspapers digitally, they think this is it, you know. But the traffic that Cayman gets is really coming from overseas, from North America, United Kingdom, and any place else. So when people are actually searching you know, these big mediums like Google News, Yahoo News, and all the other newspapers that people read. They usually go to Google and they start searching, and when they search, you know, they don't find other than the LinkedIn profiles, etc. So one thing Qaymaan needs to do is get more exposure by creating more content, then hire a news distribution agency that does very well That's one thing we do. And we have— I have built a platform where it connects to 1,000 news outlets. So when we do that, as you have seen, we are in the news within 5 minutes of the announcement.

That's amazing, Qamar. And I can really see how that would be a great way to really build up small businesses on large media platforms, especially like, you Yahoo, and Google. Those are going to be the biggest platforms that you can use to be able to be seen. Another common, common struggle that I find in a lot of businesses in the Cayman Islands is that they have an ineffective web presence. So what can they do to improve their web presence and get more notice online?

The problem with ineffective web presence is that most people are still thinking that I need to have a website, so they spend the money on the website, but they think from a design perspective, you know, the appeal perspective.

Yeah.

But the website is just there, so you can't— if your website is not found, it's really an expensive billboard. that you paid for that nobody sees. So let's say you build an expensive billboard, put all the sizzle into it, but you put it— put that billboard behind your home in the backyard, then how many people are going to see that, right?

Yeah.

So it's the same thing. Internet is a big highway. On the highway, you need a lot of billboards. So a website is a place. So what you have to do is advertise your business on digital platforms. It's called paid media. So when you advertise on that, you are going to be able to see that. I see a lot of realtors do that. So they understand that situation.

Mm-hmm.

So when I open up, you know, CNN, for example, if I'm reading a story on CNN or Forbes, etc., because that's the content I consume, I see their ads running on, you know, Century 21 runs an ad and they run their ad. So I see that. But I don't see coffee shops doing that. Why not? You know, they should be doing that too. So that's one way of— so it's called display marketing. Once you market on display, you are being able to see that.

Thank you, Qamar. Thank you for that insight. So what would you say would be the best media platform? So for small businesses really looking to get noticed and to have a great web presence, do you think that Um, a website is more effective, um, effective, or using social media such as Instagram, TikTok, Facebook? Which would you say would have a bigger impact of reaching a larger audience?

Your website is important because, you know, you can get shut down by Instagram for violation or Facebook. So then where are you going to go? So your website is important. Now once you have a website, your channels like your Facebook and your Instagram and your LinkedIn, they are kind of like— I give an analogy of a red telephone. So there are different telephones in the place, you know. Let's say Instagram is one of the places, so the phone rings, you know. Facebook is another red telephone. So what you have to do is you have to advertise on different platforms where your audience is. So if you're a coffee shop, your audience is Instagram and Facebook. You know, not LinkedIn. If you're a law firm, your audience is in LinkedIn, not so much Instagram. So it all depends on where your audience is. A good analogy in Cayman is if you want to go fishing, where would you go? Which bank would you go?

Yeah.

So that's where you will go. Yeah.

Great. Thank you, Qamar. So connecting with new customers and gaining their loyalty is very much a challenge that small businesses have. And how can businesses better connect with existing customers and how can they gain new ones?

So acquiring a new customer is hard, as you said. So the first step is to build a customer journey so they can come to you and, and they raise their hand and you give them something, you know, that keeps them coming back. Now once they're there, you want to make sure that They keep coming back again and again.

Yeah.

A great example yesterday, I was having coffee at Café del Sol, my typical place, and Gary has been in business. He's a local brand, you know, Café del Sol is a local brand for 21 years, but they only provide things that customers want. They don't provide toothpaste, right? Why don't they sell toothpaste? Because customers are not going to buy toothpaste from Café del Sol.

Yeah.

So you have to think what the customers want. So customers want coffee, they want sandwiches, but Café del Sol does not sell the veggie patties or the Jamaican patties. Why don't they do that? Because the customer doesn't want that. If they want to eat a patty, they will go to Foster's or some other tuck shop. So you have to be really careful what your customer wants. So your customer will make you fail if you make them change. See, so that's exactly what you want to do.

Yeah. Awesome. Thank you. Yeah. And I find that when you market your service or your product, you have to find what your customer is looking for. And, you know, personally, I think it's good when you are able to find your target audience and be able to have services towards that specific group, because I find that a lot of businesses try to cater to everyone. But that's such a large spectrum. So being able to really zone in on a specific group, I think, allows the business to not only know their target audience, but to be able to, you know, make profit from being able to have a specific group that they can sell to. So Qamar, a lot of business owners struggle with financing. So being able to fund their business, and oftentimes small business owners will use loans or they will actually take from their personal savings. Now, can small businesses actually last and survive long-term in the Cayman Islands?

I think they can. If any business can survive if you have something unique, so you have to have a unique selling proposition. Why should they keep coming to you?

Yeah.

Because Cayman is small, the demographic is still small, you know, they have to rely on international travel. So if you are, for example, a small business boat operator, you have to be really unique and cutting edge to make yourself stand out. Before you even go marketing, make yourself stand out. What is your uniqueness that people should book you? Because if you— everywhere you turn around, there's a charter company. So which one should I go to? So now then, if I have too many choices, I'm going to narrow my choices by looking at the brands, local brands that are going to be, you know, something different. So look at the reviews. They should have Google reviews. Look at Trustpilot reviews, Expedia reviews, etc., and then offer something unique that is going to wow. So there is a marketing, they say That if you want to see what John Smith buys, you know, or JC Patrick buys, you have to see the world through her eyes.

Yeah.

So you have to see, you have to again target the avatar. Who is my avatar? Who's my target customer? And once you identify that, you can start doing that. So running a business is a marathon. It's not a sprint. So what people do is they go into too many directions. And by the time they're getting successful, they give up, you know, like in— it's a mindset thing, right? So there are many stories on that. So I think the way to do that is to focus on one niche market and keep at it, you know?

Yeah, absolutely. And I think a lot of businesses are now really kind of giving that insight into having, like I said, a specific group of people and focusing on one aesthetic or niche. And I find that a lot of businesses that do that actually gain more exposure than the ones that are trying to cater to everyone. Going back to small business owners and trying to fund their business, is there a kind of easier way or a way that they can fund their business without putting too much strain on their personal life or their personal finances?

Unfortunately, Cayman is not set for small venture capital. There are your traditional banks. They would give it to you on your personal guarantee, so they will finance you based on what your personal you know reputation is. So that's one way to do it. If you're starting a small business, they might give you ten, twenty-five thousand, whatever that is. So Cayman does need startup capital. They need startups that are funded by VCs, etc. And Enterprise City is doing a great job. They have the lab. They teach Cayman Islands Development Bank Project. That's another one that is doing some work. So, there are local incubators that are creating. One of the ways to finance the project is to be your own bank. And what I mean by that is that create a product that has cash flow. When I started my business, I didn't go to the bank because I felt like borrowing money was not something I wanted to do. stress me up. So I created a product that would bring cash. So if you have a product that generates cash on a day-to-day basis, then you just need that 3 to 6 months working capital. So while you build your brand, you have enough money, but then your product brings enough cash. And typically, if you're selling, you know, a $30 product, you know, your cost is $10, your expenses are $10, and $10 is profit. You know, that's typical way people do things. So if you keep the money and don't go and buy the expensive car, you know, and take money from the operations, you know, you have to plow back money in your business to retain that. So that's the way to do it. I don't recommend small business to use big leverage, but that's the way to do it. So those are the few things one can do. And, you know, as more businesses become successful, I think there'll be more opportunities for small venture capitalists like the Shark Tanks of the world to come in. Yeah.

Great, thank you. So along with financing, a lot of small business owners find it very difficult to manage their website and social media platforms. So what tools and techniques can you recommend for them to be able to find an easier way to manage these platforms?

To manage a website and social media platforms, the best way is to— there are many tools out there. I wouldn't be able to recommend any because I'm not a big tool person. There are many tools and then you have to have a learning curve. My best thing is to— because you're a small business, you don't want to put too much money into technology and then don't even know if that is going to work. So the best thing is you know, your native tool. Instagram is easy to use. You can upload your content, you can schedule the content. Then you have, you know, your website. Whoever is managing your website, they manage it for you. Just need a good reliable agency that's not too expensive, and they work with you. So they offer you a turnkey solution. You pay them a fixed fee and they do the work. So instead of doing it all yourself, Bring— that's one thing small businesses go wrong on, that, you know, they will spend $10,000 to build a website or $5,000 to build a website, but then they won't spend any money on marketing. So instead of doing that, spend $500 to build a website, you know, and then spend the next $500 on marketing, spend the next $500 on social media. I think that's the way to do it.

Thank you, Qamar. And I think also having someone come in and manage like a website and social media, that's actually a way for small business owners to be able to kind of lessen that strain that they have. I know a lot of business owners kind of lack the time and the freedom in their personal life, and that's something that I think a lot of business owners are really trying to get back because like you said, you have a lot of responsibility and You have a lot of steps when it, when it comes to running a business. So for business owners that are lacking the time or freedom in their personal life, what would you say would be the best way to not just run a business but to have that work-life balance?

Small businesses that start a business are typically personal brands that feel that, you know, they know something Uh, that they are very good at, okay? But they're not good at the tech stack. In other words, if you're a hairstylist, you're very good at hairstyling, but are you good at social media? Maybe Instagram, but not website SEO, etc. So I think they should partner with tech digital marketing companies in some way, shape, or form based on their budget and let them do their marketing. Just like I cannot cut hair You know, but I can go for a haircut, I can build a nice website, and I can build social media campaigns and get them successful. That's the leverage you want to use. You never want to be a specialist in everything. You want to be a specialist in your core area.

Yeah.

Your unique ikigai, and then you want to have other people do it for you. That's the best way to do it.

Absolutely. Well, thank you so much, Qamar. I think you answered all of my questions that I had for you today. Thank you so much for coming on and talking about market research and social media marketing, digital marketing, and also how small businesses can grow their business but still have time in their personal life. So thank you. Thank you to all of our listeners in the Cayman Islands and globally. We want to just remind you that we will continue having these episodes on not just market research, but some amazing topics on business, on social media, digital media. We have a ton of episodes coming up, so stay tuned and we look forward to seeing you again. Thank you.

One thing I want to say to you, if you do not do your market research, You will be always searching.

Yeah.

Okay. So the best thing is to spend the time on the research so you're not searching. Market research, searching. So always do market research.

Thank you, Qamar. That was great insight.

Thank you.

Thank you.