How to Conduct Market Research for your business?

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To build a business – you need to know your customers. To know your customers –market research is crucial. Market Research is nothing but gathering data to learn more about your target demographics and consumers – to effectively succeed in the market. Whether you are a B2B or B2C firm – Market Research is vital, again, not just for entering a new market, but also for identifying opportunities within your existing customers.

Below are a couple of ways to conduct Market Research in the UAE:

  • Define the purpose: First and foremost, determine the purpose of your market research, as it will help you stay on track, and find focused answers – which is important when your market is wide.
  • Look at the industry as a whole: As an outsider – what is your perception of the industry, where is it heading, having relevant data will let your investors understand the research you have done, and whether it is worth their time and money.
  • Know your target customers: Age, Income, Gender, Location, Occupation, Education Level, Family Status, and more. You need to define all of it, and once you are aware of your prospective customer, find out their needs, interests, personalities, and demographics
  • Competition Comparison: It’s important to know where your competition stands on this scale. See their offerings, location, targeted customers, determine their strengths and weaknesses, and find your leverage over them.

An unbiased, independent, and objective study will contain a detailed analysis of the state of the segment in which the product is likely to operate, existing competition, pricing factors, challenges and risks, and other such factors which will determine the success or otherwise of the proposed entrant. This objective review is likely to point out why the product or service will be successful or not and what steps may have to be considered by the promoter for its success.

Are you looking for a market research company in Abu Dhabi? Reach out to the team at PKF UAE. Their feasibility consultants take all the key parameters into consideration while assessing the situation and obtain a deep insight into macroeconomic parameters and industry movements. Based on these analyses, they prepare detailed reports on how a project can be expected to perform in the current and projected economic environment.

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