Whether you are planning a start-up business or considering international expansion in this area, there are several important steps to adhere to in order to enter the UAE market successfully. In a complex economy where trends develop very fast, the only way to develop and sustain a competitive advantage is with a sound business plan that is structured based on a sound understanding of the market; Start Any Business consultancy explores the major steps involved in developing a successful UAE market penetration strategy to establish a profitable business in the UAE.
Market penetration refers to the methods or strategies that are proposed or adopted in order to be able to carve a niche in an already existing market. However, this can be done throughout the life of the business; it can be especially helpful in the primary stages of establishment. It helps in establishing the current situation of the business and in which direction it needs to expand to achieve the growth of the market. Successful results are produced by careful monitoring by key employees and leaders. Timing is vital for successful market development; it may all depend on the overall market wellbeing, competitors of the business, and current events.
Questions, brainstorming, and discussions can help determine whether this is the best time for a market to grow. These may include questions around increasing or decreasing market share. Sales may decline but show opportunities for business, which may be the right time to make changes to increase market share. Market penetration can also be helpful when sales are slowing, often requiring customers to revisit a company or be reminded why they need the company’s goods/ services. With less and less frequent, organizations need to constantly stay on top of competitors to stay relevant.
The Vital Steps That Help You in UAE Market Penetration
1. Carry Out in Depth Market Research
The UAE market is complex and unlike most other countries in the world. There is a diverse range of nationalities and a genuine culture of innovation led by recent government initiatives, which means that trends develop very quickly. Naturally, this all has significant implications for businesses trying to establish themselves in the region, and enterprises that are not necessarily profitable in the United Arab Emirates. As such, market research is an important step in setting up a business in the UAE and planning your entry into the Middle East market.
In its most basic form, market research is defined as collecting, analyzing, and interpreting information about a segment of specific market conditions, and will include research about the requirements and preferences of your competitors and your target consumer. Our business setup consultants at Start Any Business help you in UAE market research and provide you the best experience and solutions. Market research is important to:
- Understand the feasibility of a business
- Better understand the market within which you wish to trade.
- Determine the competition and how your business can sustain a benefit within the market.
- Identify opportunities within the market
- Establish brand positioning and messaging
- Identify and understand your target consumer
- Develop better products and services
2. Develop a business plan
A good understanding of the market conditions will make capable you to develop a clear plan and strategy for your business. As well as a high-level summary of your business products or services, the major elements of a business plan should include:
- A feasibility study – Determine whether the business is likely to be profitable in the current market conditions.
- Cost analysis – Understand all the costs included in maintaining and setting up the business and determine how you would raise finances if necessary; do you require to approach an investor? Setting up a business may involve some costs that you may not have considered, such as business license fees, visa costs, and government fees, so it is always worthwhile to seek initial advice from a business setup specialist.
- Sales and marketing strategy – Determine how you will successfully market and sell your product or service to your target consumer.
Understand the Applicable Laws and Regulations
The laws and regulations surrounding business in the UAE are very different from much of the world, and getting them wrong can be extremely costly. Partnering with a specialist such as Start Any Business (SAB) will simplify the setup procedure and eliminate any kind of risk of non-adherence.
A vital point of consideration at this phase is business etiquette, which again is very different in the Middle East. In a place where a significant percentage of business is done face to face, it is crucial to be aware of and respect the culture of the UAE.
How we can help you
Start Any Business is one of the top business setup consultancies with a prime objective to help entrepreneurs, business magnates, industrialists, and manufacturers transform their dream business into reality by offering the core business setup services that comprise incorporation, accounting, legal services, taxation.
We at Start Any Business understand your needs and customize our offerings accordingly. Our business professionals help you in the UAE market penetration without any trouble.