- May 11, 2020
- Posted by: Waqas Siddiqui
- Category: Others
Importance of Market Research in Post COVID-19 Pandemic
The COVID-19 has impacted almost all the sectors and has made the market highly uncertain. The unpredictable conditions have further increased the need to conduct market research to understand the market, consumer and economy while making investment decisions or important business decisions.
Dubai – The Land Of Opportunity
Strategically located on the crossroads of Middle East (ME) and Asia, Dubai is touted amongst the most sought after global destinations of trade and commerce. MNCs, SMEs and Startups prefer to make Market Research in Dubai as its focal point and tap into local and regional markets. The state of the art infrastructure coupled with business-friendly governance and cosmopolitan cultural appeal further incentivize businesses to set their base in Dubai, UAE.
Importance Of Market Research In Dubai
Dubai is also known for its highly competitive environment where businesses compete on quality, price and most importantly the market information. Therefore, to succeed in Dubai, better understanding of consumers, market and competition is required for companies (new and existing) to make key business decisions.
Market Research Advantages And Benefits
Devising Effective Strategies – With the help of a comprehensive market research exercise i.e. surveys & interviews, business plan and feasibility study etc., companies can identify potential opportunities, evaluate market demand and devise an effective business strategies.
Understanding Market & Competition – Market research helps companies in analyzing the latest market trends, competition and consumer behavior in Dubai, UAE and the GCC region.
Understanding Consumer Behavior – Market research helps companies in understanding consumer behavior and trends better. With the help of market research, businesses can better understand consumer needs and wants and accordingly position themselves in the market. Most importantly, an effective market research allow businesses to understand the following:
Target Audience Profiling – Identify customers
Market Segmentation – Identify niche / segment in the market
Market Positioning – Position business considering target audience / market segment
Marketing Mix – Plan effective product / service offering
Pricing Strategy – Understand key price points
Evaluating Return on Investment (ROI) – Market research in Dubai helps companies in better understanding return on their investments. By evaluating the market demand of products and services and through competitor scanning, market research allows companies to ascertain the business potential. Through in-depth market research, companies (existing and new) can not only reduce the risks associated with the investments but also benefit from increased revenues and profitability.
Types of Market Research
Economic Overview – Understand Economic Growth / Trends / Opportunities
Market Overview – Understand Market Size / Growth / Tends / Opportunities
Consumer Overview – Understand Customers through Surveys / Interviews
Competitor Overview – Understand Competitors / Market Share / Pricing Strategies / Competitive Advantages
Feasibility Study – Understand Market Entry Strategy (SWOT & PORTER Analysis)
Business Plan Development – Understand Business Setup (Licensing / Location / Operations / Financial / Sales & Marketing Analysis)
Benefits of Market Research In Dubai
Dubai is a unique market in itself and there are myriad of socio-economic, business and competitive forces that keep on unfolding in the background. It is the interplay of these forces that play an influential role on the growth trajectory of business ventures. Partnering with a right market research company will help businesses to understand their overall impact and based on that, take the right decision.
By imparting right knowledge and suggesting practical solutions, market research companies can enable business not just to accelerate their growth but also mitigate potential business risks. Therefore, it becomes essential for businesses (new and existing) to conduct in-depth market research and use information / insights to make key business decisions.
Research Konnection is a market research company in Dubai that assists local and international companies to setup or expand businesses in Dubai, Abu Dhabi and UAE. At Research Konnection, we specialize in Market Research, Feasibility Studies and Business Plan Developments. Feel free to reach out to us on firstname.lastname@example.org