Importance Of Market Research In UAE

Strategically located at the crossroads of the Middle East and Asia, UAE is touted among the most sought-after global destinations of trade and commerce. The state-of-the-art infrastructure coupled with business-friendly governance and cosmopolitan cultural appeal further incentivize businesses to set their base in the country. The UAE is also known for its highly competitive environment where businesses compete on quality, price and most importantly market information. Therefore, conducting market research in UAE is important to a 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 effective business strategies.

Understanding Market & Competition – Market research helps companies analyze the latest market trends, competition and consumer behavior in Dubai, UAE and the GCC region.

Understanding Consumer Behavior – Market research helps companies understand 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, effective market research allows businesses to understand the following:

• Target Audience Profiling – Identify customers
• Market Segmentation – Identify niche / segment in the market
• Market Positioning – Position business considering the 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 better understand returns on their investments. By evaluating the market demand for 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 / Trends / 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 myriad socio-economic, business and competitive forces keep on unfolding in the background. It is the interplay of these forces that plays an influential role in the growth trajectory of business ventures. Partnering with the right market research company will help businesses to understand their overall impact and based on that, make the right decision.

By imparting the right knowledge and suggesting practical solutions, market research companies can enable businesses 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.