Since 2009, the United Arab Emirates (UAE) has been the largest market for American exports to the Middle East and Africa. More than 1,500 American businesses operate out of the UAE, which serves as a worldwide center for trade with the Middle East, Africa, Europe, and Asia. The economy of the United Arab Emirates is vibrant and rapidly diversifying as it strives to become a knowledge economy.
Almost every market niche in the UAE is expecting a boom in the coming years. The fragrance market, genetic testing market, ICT market, and of course, the fashion industry. UAE is the global market hub of the future, and you want to be here for it. The competition for market share in the coming years will be fierce. Everyone wants their business to survive. But you need yours to live. That’s why you’re here. You need in-depth industry research to tackle all the challenges that might arise.
The COVID-19 pandemic is always going to come up in a conversation about the current state of the economy. Nations all around the world implemented fresh and creative strategies to address the economic obstacles that result from the lockdown. The governments of the six Gulf Cooperation Council (GCC) economies—among which the UAE is one—showed a renewed sense of urgency to advance their agendas of economic diversification, expansion, and competitiveness.
The UAE has led the way in implementing programs to support SMEs, entrepreneurship, and private company investments—particularly foreign investment—in order to achieve its objectives for economic diversification. In the Global Entrepreneurship Index (GEI) 2020, the UAE ranked first in the Middle East and fourth worldwide as a result of these initiatives.
Surprisingly, the UAE has outperformed a number of important international economies, including those of the US, Canada, the UK, Australia, China, Japan, and South Korea.
Industry market research is a comprehensive examination of a particular sector, providing a detailed understanding of its dynamics, challenges, and opportunities. With the state of economical development in the UAE, you need the competitive edge. Especially if your business is in sectors like real estate, tourism, and technology.
Conducting industry research involves evaluating the:
- Market size,
- Key players,
- Regulatory frameworks, and
- Emerging trends.
Industry research reports offer structured insights derived from meticulous analysis. These reports encapsulate the current state of an industry and shed light on critical aspects that shape strategic decision-making. They provide you with –
- Actionable intelligence,
- Insights into market trends,
- Insights into arising challenges, and
- Firsthand knowledge on emerging opportunities.
When market research organizations first started out, they would ask random individuals on the street about the periodicals and newspapers they usually read. They’d ask whether these people could remember any advertisements or brands that were featured in the papers. And this is the origin story of Industry Market Research. Information gathered from these interviews were contrasted with the circulation of the paper. This was done to gauge the effectiveness of those advertisements.
This is a small group of representative customers selected to view an advertisement or test out a product. The group is then questioned about their opinions on the product, the company’s brand, or rival items.
After that, the business considers the information and decides whether to release the goods or services, make adjustments, or give up on it completely.
The telephone interview quickly replaced the man-on-the-street method of interviewing candidates. An information gatherer by phone could do the job more quickly and affordably.
For many years, a market researcher’s favored method was phone research. However, as landline phone coverage has decreased and been replaced by mobile phones, it has gotten considerably harder. Phone numbers are not as accessible as they used to be.
Surveys are a more affordable option than focus groups for finding out what consumers think without having to do in-person interviews. Surveys are mailed to customers, typically together with a discount code or voucher to encourage response. These polls aid in ascertaining consumer sentiment regarding the brand, product, and pricing range.
Market research efforts have moved online as more individuals spend time on the internet. A survey-style form is still used for data collection. However, anyone can opt to sign up, complete surveys, and provide feedback whenever they have time, rather than businesses actively seeking participants by locating them on the street or by cold contacting them on the phone.
Powerful market research survey software is used by researchers today to perform thorough research under a single platform. This allows you to extract m actionable findings more quickly and with fewer issues. The procedures for carrying out efficient market research are as follows.
Always ask yourself questions if your research topic is clearly stated. To determine whether the questions are going to be clear and sufficient to produce insightful results, run a small-group marketing test first. A clear and concise description of the information required, together with a plan for obtaining it, should be included in your research objectives. You ought to be able to respond to the query, “Why are we conducting the research?”
Use a representative sample gathered using a variety of sampling procedures, to conduct market research. A representative sample is a small group of individuals who, to the best of their ability, represent a broader group.
You will need a tool for collecting data to carry out this step. Errors in the research results from failure to complete or insufficient response to a survey. This can be avoided with proper data collecting.
Every step in the market research process is connected to every other step. Even if everything above is done perfectly, if the outcomes are not accurately analyzed, the decisions that follow will not be the right ones. Finding answers requires in-depth research that is done without leaving any gaps.
When presenting the findings, concentrate on the following: what is the purpose of this research report? A common mistake made by researchers is to display the reports in the same sequence as their questions. Storytelling has more potential to pass your message across.
Once all the steps above have been executed diligently, your report is ready and the next step is to act and implement what you found out!
Our business landscape is evolving, and as we have seen, it’s evolving much faster in the UAE. Don’t put yourself at risk by playing “tag in the dark” with your business. Make informed decisions and secure your future in the industry.
Contact the experts at Researchers.me — a solution is always right around the corner.