Background
Middle East markets are run on relationship and reputation. This is not competition based market, rather trust led. Let us explain.
PROBLEM / OPPORTUNITY STATEMENT
Penetrating into Middle East market requires something already recognizable, assuming you're aiming for sustained business growth in this market. Majority of the IT service providers carry partnership with recognizable brands such as Microsoft, Oracle, Hubspot and aim for mid market to high value enterprise markets to do business. Entering the market without any such partnership in tow and trying to establish your business takes a lot of qualification based approach.
CRITICAL CONSTRAINTS
Trust is a commodity in the Middle East markets, people usually buy into your services based on where you are registered, how you are conducting your work and who makes up your workforce.
KEY OBSERVATIONS
If you are unprepared to invest a few hundred thousand dollars into building the infrastructure and operations for your business, you should venture to this market.
SOLUTION
Build a recognizable brand requires high investments, however, a planned approach to capture some marquee clients or reference network of clients is the main path to gaining the "trust" factor in Middle East market.
APPROACH TO SOLUTION
Since the market is highly competitive and equally lacking in the trust component, anything that is purely performance driven and clearly demonstrative of your skin in the game makes the business succeed in gaining the initial few contracts.
KEY SOLUTION METRICS
Targeting and attaining upto five reputed clients could mean the difference between long and prosperous growth and no growth. If the target is met and retained between 12 -36 months, your business is assured success in the region.
SOLUTION LIMITATIONS
The market requires high cost of investment and slow growth rate in comparison to US and UK markets.
PROCESS APPLIED
Performance market led approach to solicit customers, prospecting and active follow with clients in person helps establish much needed relationship metrics.
REVENUE IMPACT
The market offers competitive and in some occasions, better pricing than US or UK markets. This market has some of the richest people the world has ever seen and can afford to pay premium for high quality services.
AD-HOC CONTRIBUTORS
Being established in Middle East acts as a confidence booster for business located in other parts of the world for specific kinds of services, especially in the Branding and Marketing space.
KEY BENEFITS OF SOLUTION
A very wide and accepting market, if you have good products and solutions, can bleed money for well over a period of 12-36 months, success is assured.