Saudi Arabia is a wealthy nation with many business opportunities. For your business to reach this market, you’ll need to create and market high quality products or services that stands out in this competitive market. In this article, we’ll share three of the best ways to reach the monied people in this country.
There is a lot of business potential as Saudi Arabia is in the process of redefining its economy beyond its oil reserves. This diversification encourages foreign investment and the expansion of energy, construction, and finance sectors, to name but a few.
It is an attractive nation to invest in, thanks to its stability over the years, both in politics and its currency. It is also an attractive market thanks to the fiscal freedoms and beneficial tax systems. Foreign businesses can conduct deals with the private sector, though this is not usually the path followed.
In fact, many foreign businesses who enter Saudi Arabia work with a local agent. This can help your business enter the market from a knowledgeable position and provide you with valuable contacts that you’ll need. Working with an agent is also beneficial as they can help you understand and abide by the regulations and stipulations for entering and operating in the country.
Before we dive into the specifics of reaching wealthy people within the country, a distinction needs to be made: you’re likely going to reach wealthy consumers rather than B2Bs as the governmental tenders are awarded to locals. The only way to work around this is to work with a local distributing representative in a relationship regulated by the Ministry of Commerce.
In a final note about doing business in Saudi Arabia to reach its wealthier population, you’ll need to ensure that your business fits in with the dynamics and culture of the country, with these three practices being key:
Exhibiting at an event is a great way to enter the market and reach people. Most exhibitions happen in Jeddah, a port and trading city. These events are held at the Jeddah Centre for Forums and Events. Also keep an eye out for events in Riyadh, the nations capital city and business centre.
Work with an agent who can help you ensure your materials arrive at least 4 weeks before the exhibit, with their country of origin exhibitions, and make it through the customs clearance. Note that all content is screened by the Ministry of Information first.
E-commerce is a budding retail sector in Saudi Arabia and one of the best ways to reach affluent individuals. Capitalize on the novelty of ordering online by providing high-quality products and services to your customers. Even though this market is monied, you’ll find that online deals work well in the region, and offering cash on delivery as an option is a necessity. Using a CRM system such as HubSpot can help streamline your business operations and improve the customer experience. When it comes to providing luxury experiences online, ensuring that your communications are timely and personalized, for instance, is vital, and this is precisely what a CRM system helps businesses to achieve. It will also help you with in-depth analytics, which will help you make necessary adjustments and improvements.
When it comes to reaching the population en masse, traditional marketing is the way to go. Advertise on TV and billboards and in newspapers and magazines. This can, however, bear high costs and may not be the most direct way to reach your target audience. To be more savvy and precise, you’ll need to create a digital marketing strategy.
Before we discuss the main types of digital marketing that can help you reach these audiences, it is important to focus on branding. Building a brand in Saudi Arabia takes time, as you will need to earn trust and favor before audiences become loyal. If you want to reach high-earning individuals, your business will have to provide a top-notch brand experience that your customers will then recommend to others in their network. Develop a brand that is consistent and coveted, which appeals to the target personas you have developed.
Digital marketing continues to grow in Saudi Arabia, with marketers targeting the population who use the internet and social media for extensive periods of time daily. The key is to build your brand’s presence online and grow it through concerted efforts, including interacting with your customers and publishing content. Here are the main aspects your business should be carrying out to reach these audiences:
Saudi Arabia is a wealthy nation with a general population of middle to upper-class citizens. To reach this market, your business will first need to know how to enter the market and conduct business in the country. Once you’ve got your game plan sorted, you can reach your audience through exhibitions, e-commerce, and marketing.
We at Nexa are a digital marketing agency with experience throughout the MENA region, including a list of clients who target Saudi Arabian audiences. Book a meeting with us to discuss what we can do for you.