It is natural that competition will grow for those attractive deals when opening a business in a place with many chances. Consequently, it is essential to adopt a strategic mindset in order to outperform your competitors and maintain your market share.
A thriving startup culture and countless business prospects may be found in Dubai, a growing metropolis. It offers a top location for international trade, tax-free regulations, and infrastructure of the highest caliber. The International Monetary Fund (IMF) predicted back in 2016 that the planned World Expo 2020 will hasten the city’s economic growth during the following few years.
Competition, though, comes along with a wealth of opportunities. In order to succeed, firms must be smart in their approach and outmaneuver their competitors as they swarm to Dubai to establish their presence and claim a portion of the market. Hence, even if Dubai may provide a multitude of benefits for business owners, it’s essential to remain cautious and savvy in your transactions to keep one step ahead of the competition.
You need the following five abilities to do that:
1. Take the initiative to make contact
Being proactive and approaching potential customers is crucial to business success. Sales don’t usually come to you, so you need to generate opportunities by marketing your company and yourself. Author Wayne Root emphasizes the need for unrelenting sales and promotion in his book “The Power of Relentless”
Make it a daily ritual to connect with five people in your industry instead of waiting for the phone to ring. This can apply to both newly acquired and familiar acquaintances. Success requires networking and establishing business ties. Don’t be afraid to make introductions to the people you wish to do business with since they are significant.
Although hard-sell cold calling might not always work in Dubai, it’s always necessary to advertise your services and differentiate yourself from other business people. Human contact, whether on the phone or in person, can help you establish yourself in the market and is more memorable than emails. To generate prospects and expand your business, take the initiative and make the first contact.
2. Follow your instincts on the customer’s price comfort level
Building enduring relationships with clients is crucial to business development. Recurring clients are a dependable source of income and can support your business’s fervent advocacy. Finding a pricing point that is both affordable and in line with your client’s expectations is essential, though.
Pricing is even more significant in Dubai when establishing and sustaining client relationships. Overcharging can damage customer trust and ultimately loss the client. It’s crucial to consider your customers’ “pricing, comfort zone” and refrain from being overly stingy when setting rates.
If your customers are even slightly uncomfortable with the pricing, they can start exploring alternatives or even end their agreement with you. Therefore, it’s critical to understand your client’s expectations and budgets. It’s also critical to establish a pricing approach that upholds a long-term, mutually beneficial relationship.
3. Establish a mentality and strategy for cross-cultural communication
Although cultural sensitivity is widely acknowledged, there hasn’t been much in-depth research on the subject. Cultural sensitivity is the capacity to comprehend and understand an unfamiliar environment from an insider’s perspective. This is opposed to comparing it to your own culture, according to experts at Northeastern State University. The progression of new experiences to real partnerships can be observed in foreign businesspeople operating in a foreign culture. But making this transformation takes time and commitment. The researchers concluded that increased cultural sensitivity results in deeper, more personal trust for Western businesspeople.
In the United Arab Emirates, where the population is roughly 9 to 1 in favor of ex-pats compared to Emirati nationals, understanding cross-cultural knowledge is essential. Dubai and Abu Dhabi are home to a varied population, including people from India, Pakistan, the Philippines, Bangladesh, Sri Lanka, Russia, Iran, South Africa, Nepal, Malaysia, and Europe. They have 7.8 million foreigners and only 1.4 million Emiratis. Every culture has a distinctive viewpoint on difficulties, money, workloads, timeliness, and quality. So, it’s crucial to have a solid awareness of these cultural distinctions to be ready when conducting business in the UAE.
4. Be able to move quickly
Dubai moves so fast, with “rapid” being the accepted business tempo. Emerging markets continue to have opportunities despite their rapid growth, and those who act swiftly can seize them. Being the first to enter an untouched niche market has many advantages. These benefits, according to Strategic Management Journal, can be divided into three primary groups: asset pre-emption, technology leadership, and buyer switching costs. Low pricing for first movers allows them to establish themselves on the market before others, whereas proprietary technology acts as a barrier for rivals. Furthermore, it may be difficult for clients to switch to rivals without paying a fee.
5. Learn to focus your attention
Entrepreneurs’ incapacity to maintain concentration and carry one idea through is one of their major errors. This propensity to frequently change objectives or switch between concepts has been dubbed the “Dubai-second-rate-business sickness.” Researchers in neuroscience have discovered that when we switch tasks, our productivity and judgment suffer. In light of the fact that achieving our objectives calls for consistent determination, focus, and perseverance, it follows that frequently switching ideas may be detrimental to business success. Without this dedication, business owners may struggle to gain momentum and finish a project. Hence, it is crucial to keep your attention focused on a single concept to succeed in business.
Conclusion
Dubai is regarded as one of the most attractive destinations in the world to launch a business because of its welcoming climate. But, business people need a strong and flexible mindset to flourish in this cultural environment. This entails interacting with people regularly, learning about their needs, being respectful, and coming up with a confident business plan. Entrepreneurs can become market leaders by putting these crucial components into practice.