Dubai, the world’s second largest global economy, boasts of rising numbers in entrepreneurship. Its investor friendly business eco-system, ease in establishing companies and highly regulated company formation system allows entrepreneurs to have multiple ventures. While this has made the market competitive, the increasing number of small companies and entities has also saturated the market in many industries. Competition is healthy as it allows you to capitalize on your uniqueness. Yes, there is no denying the fact that your USP (unique selling proposition) matters when you are in a saturated market. Demand is another factor you must never ignore. The stronger the demand, the better are your chances of capitalizing. If the demand is lower, you have to invest time, resource and strategy in demand generation, which will again be heavy on your business growth.
Here are some useful ways in which you may succeed in this saturated Dubai business market environment:
If you are new to business or your business is a year or two old, you must look closely at the practices used by industry leaders as trying to do all on your own in your own way could be arduous. You can build a good relationship with a big name in your industry and get endorsements to vitalize your business reputation. A popular name with some great work should offer some backing to your company as it will help you in nailing it. A fair example is the recent Adidas and Ravi restaurant collaboration. It results in brining more attention towards Ravi restaurant.
Businesses are targeting different segments as nobody can sell to everybody. Among all the players in the market there will be some who are probably ignored. They will be a group whose needs are unmet despite all the noise. You need to check your competition is ignoring which segment. Usually the ‘ignored’ and ‘undeserved’ segment are the people you may leverage on as they could be genuinely interested in being addressed by a company. Shifting your target towards them is a healthy practice. Answer their needs and you will have a range of loyal customers.
What do you excel at? There has to be ONE thing that you do so well, it is unbeatable. Yes, the secret to rise in a saturated market successfully is to be exceptionally good at one thing so that you stand out and become known for it. It is hard for you to make a product line that is never made before by anyone in a saturated market, but what you can offer is unique experience or exceptional quality that is difficult to match.
Brand stories lie at the core of business. If your business has a powerful brand story that is relatable and can offer some common ground to your target audience, you will win. To build your brand narrative go back to your values and your purpose; tie these with some social cause that is larger and speaks to your audience. This will help you have a brand that is for the people. Moreover, you may allow your consumers to have activities with the brand that help them fulfill the purpose, this will add life to your business and people would want to be there with it to run it.
Saturated Dubai business market offers your different challenges, but, if you are ready to address consumers in your way and offer them other than what your competition offers, you will win. Marketing is evolving and consumer expectations are changing with every passing day, you need to set up your marketing strategy to fill market gaps. You will have to consciously work to stand out.