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Strengthen Your Organization’s Position by Conducting Market Research

Role of D&B in Market Research

By Fiyok AntonyPublished 2 years ago 3 min read
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What is Market Research?

Market research is the process of actively interviewing potential customers to determine the viability of a new service or product, allowing a company to pinpoint its target market, develop a marketing strategy, and obtain comments from customers about their interest in a product or service. It can be used to not only learn about the current situation of the market but also to predict future client needs. Businesses can then make the required changes to their product portfolios and output levels to stay successful.

Every market is unique. It's possible that what works in one place may not work in another.This is especially true in the UAE, which has a truly multi-racial, multi-national population that wants the best in terms of services and products. Two products from opposite ends of the globe that failed to make an impact here are a famed English fish and chip chain and an iconic Indian herbal product line. Both are giants in their own nations, but are disliked in this country despite the fact that Brits and Indians make up a sizable portion of the migrant population.

If you are into business in UAE, multiple things make UAE an apt place for a business like the limitless profit transfer, abundant resources, and the fact that you don’t have to worry about any corporate or personal income taxes. The UAE's high percentage of thriving people also boost businesses and the competition is increasing daily. Hence, to thrive as a businessman, market research in UAE is mandatory. It is always the best industry practice to do thorough market research before embracing anything really new or unusual that requires a market response. This is especially required in a place like the UAE, where consumer dynamics are distinct.

Why Should Organizations Perform Market Research ?

The primary motivation for organizations to conduct marketing research is to monitor performance, such as ad tracking, brand awareness, viewing figures, usage, customer satisfaction, mystery shopping, and shopping. It aids in the strengthening of a company's position. Industry research also helps you obtain a better understanding of your market or target audience and keep your company ahead of the competition, thereby reducing the risk of your business investors.

For efficient market research, you need accurate commercial data, analytics, and insights. Collecting these data can be tedious and this is where D&B comes into the picture and supports organizations.To analyze a new opportunity or evaluate the effectiveness of a policy, data is always required. The more precise the data, the better the chances of making the best selections. As is well known, data has the greatest value when it is transformed into useful information, and this is what D&B excels at.

D&B gives clients the data, the expertise, and the tools they need to make informed decisions and enables clients to swiftly access objective, global data whenever and wherever they need it. D&B Market Insight is a cutting-edge data visualization and analysis solution that helps you better understand your consumers and opportunities. D&B provides ratings that are important because other businesses may use them to determine whether or not to do business with you. Businesses in need of funding require payment history and credit scores. These are included in the D&B report to assist lenders in determining a company's creditworthiness.

In the UAE, all industries and marketplaces are constantly evolving, and private and public sector companies are striving to stay ahead of the curve. Understanding the market-related needs and wants is critical for any successful firm and hence market research in UAE should become an inevitable part of any firm’s business journey.

For more details:

https://dnbuae.com/risk-management-solutions/industrial-and-sectoral-report/

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