Whether it is Saudia Arabia or the United States, market research is fundamental to any entrepreneurial step. It provides decision-makers important takeaways vis-à-vis the company’s ensuing trajectory, product launch, competitor analysis, trend alert, and more. The fact that global market research is a 47.36 billion dollar industry aptly reflects its contemporary prowess and future scope. Although market research has sweeping benefits, its relevance in Saudi Arabia has a special nitty-gritty. What are they? Let us find out!
Importance of Market Research before Making Business Decisions in Saudi Arabia
Market research in the Kingdom of Saudi Arabia is becoming increasingly important for various reasons. Nowadays, making any business decision with a preemptive bias and guesswork can have catastrophic consequences, especially in the dynamic landscape that Saudi Arabia is currently experiencing. Some of the tangible reasons why market research is significant in Saudi Arabia are –
- Shifting Demographic – The population of Saudi Arabia is growing with a significant shift to the younger generation of Millenials and Generation Z. A change in demographic trends is bound to usher in colossal shifts to the way enterprises function and people’s expectations and aspirations vis-à-vis brands, products, prices, etc.
- The Economy Of Saudi Arabia Is Moving Away From Its Dependence On Oil – The economy of Saudi Arabia is at the behest of some monumental changes, as the country is now inclining toward non-oil sectors. For instance, Dubai, the Emirati capital, focuses on technology, IT, and tourism as its hallmark. For instance, the Sheikh of Dubai plans to transform Dubai into the next IT hub of the world, similar to the USA’s Silicon Valley or India’s Bangalore. Likewise, the efforts at making Dubai an international luxury holiday destination have also borne fruit.
- Efforts at Economic Diversification – There is a wide gap in Saudi Arabia’s local economy, and efforts are being made to make small manufacturers the flagbearers of change. For instance, an inward-looking policy, interest in an alternative energy source, advancement of mining technologies, etc., create conditions conducive to massive entrepreneurial changes and shifts. To stay above such dynamism and precarity, market research becomes indispensable.
Now that we know why market research is important before making any business decision in Saudi Arabia, let us examine the benefits of the mechanism.
Benefits of Conducting Market Research in Saudi Arabia
- Improved Introspection: You Understand Your Strength and Weakness
Accurate market research helps recognize business areas that are performing well in Saudi Arabia and those that have the potential to flourish in the near future. For instance, mining is already an established sector in Saudi Arabia, but there is accelerating demand for processing technology and equipment. Thus, the time might be ripe for consulting engineering companies to tread into the country.
- Understand Customers’ Needs
As we have already established, the demography and population of Saudi Arabia are experiencing sweeping changes. For instance, a vast majority of the working population is now Millennial and Gen Z. Besides, other social changes pertaining to demography, like women being allowed to drive, focus on STEM in educational institutions, etc., mean that businesses can no longer base their decision on the pretext of being acquainted with Saudi Arabian landscape. The new and modern consumers of Saudi Arabia are looking for novelty, uniqueness, and likewise. To remain attuned to their capricious needs, robust market research becomes crucial.
- Gain a Competitive Edge
The business acumen of Saudi Arabia is experiencing an unprecedented boom. Since Saudi Arabia is the ‘goose that lays golden eggs’ in the Middle East, enterprises of all scales and types are on their haunches to invest in the region. For instance, the Golden Visa that people can buy for USD 2.7 million and bring their office and entourage to the country has lured many millionaires into making Dubai their new home. Thus, the competition is fierce in the Saudi entrepreneurial landscape. To stand out and stay afloat, market research is the only viable trajectory.
Conclusion
Optimal business decisions begin with the investigation and preemptive knowledge. The ideal way to find a footing for oneself in the changing economic and entrepreneurial landscape of Saudi Arabia is by partaking in market research. At Consumer Opinion (C-O), you can get the most sought-after resources to conduct thorough market research of Saudi Arabia.
