Diversification
Process
The Pre-Screening Stage of the diversification process for every company that has an interest to diversify into the Middle East, involves conducting thorough research and analysis to assess the potential viability and risks associated with the expansion of the company into the region.
When assessing the potential of diversifying a company into the Middle East, Consultics considers various criteria to evaluate the viability and suitability of the expansion. It is essential to assess the market potential, the competitive landscape, the regulatory environment, the cultural fit, the economic stability, the distribution channels, the financial viability, the risks, the resource capacity and capability and the strategic company goals and objectives.
By completing the pre-screening assessment, a company can gain a comprehensive understanding of the potential opportunities and challenges associated with diversifying into the Middle East market, and the way of business for entering a business relationship with Consultics.
The Briefing Stage is the most important step of the diversification process when it comes to the processes and procedures, as is the path to a clear understanding of the ‘Voice of Customer’. Through well-defined tools on extracting and extrapolating information from the customer, will lead to uncovering creative strategic insights, the objectives, potential challenges associated with the diversification, recommendations, and tailored solutions.
This stage is essential to the overall success of the set objectives put forth and it would create the basis for the new vision to be developed as per the objective to diversify into the Middle East.
The Engagement Stage is an impactful and recognizable stage in providing the opportunity to connect and reach the client in the terms of understanding, assessing, and confirming all the necessary requirements for market entry, qualification, and accreditation.
Assessing the scope in which the client would be targeting its efforts to diversify into the Middle East, Consultics will define, determine, and differentiate the value proposition of the client in connection to the opportunities in hand.
It will involve actively initiating and establishing relationships with key stakeholders in the region. It focuses on building and expanding existing networks, partnerships, and collaborations necessary for successful market entry and expansion. The experienced backgrounds in practice and industry areas signify that Consultics will unlock opportunities in the market and provide the client all the options that would be available and are catered and bespoke oriented to fulfil the ‘Voice of Customer’ and the needs of the market.
This Stage will provide all the answers set forth by the client, on how they would engage in the market of interest considering key elements such as local market entry strategies, partner identification and due diligence, localization and adaptation, government and regulatory engagement, customer engagement and market validation, marketing and branding, talent acquisition, etc.
The Engagement Stage is crucial for establishing a strong foundation in the Middle East market and building relationships that will support the company’s long-term success. By actively engaging with stakeholders and adapting to local market dynamics, the company can position itself for growth and profitability in the region.
The Implementation Stage involves executing all critical steps and requirements and all the planned strategies and actions to enter and establish a presence in the Middle East market. It focuses on translating the company’s plans into action and operationalizing the necessary activities.
All the right steps are mapped out clearly on minimizing risks at a well timeframe, saving money and effort. Through this Stage several elements are to be considered such as market entry execution, logistics, sales and marketing, talent recruitment, operational efficiency, compliance and risk management, performance measurement, adaptation and flexibility, and many others.
This Stage requires effective project management, coordination and monitoring to ensure a smooth transition into the Middle East market. By executing the bespoke strategies and actions efficiently, the company can establish a strong foothold and maximize its chances of success in the region.
Diversifying a company into the Middle East can lead to several Unique Outcomes that will contribute to the company’s growth and success.
By diversifying a company into the Middle East, the company gains:
- Access to a growing market which is experiencing significant economic growth and urbanization and can provide access to a growing consumer market with increasing purchasing power
- Geographic expansion reducing dependence on existing markets
- Cultural exchange and learning which can allow the company to gain insights into different cultural practices, customers, and business etiquettes. This exposure can enhance the company’s cultural competency and broaden its perspective, benefiting its overall global operations
- Strategic partnerships and alliances which can provide valuable market knowledge, distribution networks and access to resources, helping the company navigate the local business landscape more effectively
- Brand reputation and global presence whereby operating in a diverse and dynamic market can showcase the company’s ability to adapt and cater to different customer needs and preferences. This can strengthen the company’s brand image and credibility on a global scale
- And many more…
It is essential to note that the unique outcomes of diversification into the Middle East can vary depending on the specific industry, market dynamics, and the company’s strategic approach. Conducting thorough market research and strategic planning is crucial to maximizing the unique outcomes and potential benefits of diversifying into the Middle East.
Saudi Arabia
Saudi Arabia, the largest economy in the Middle East, presents an enticing landscape of opportunities for businesses seeking to expand their operations in the region. At Consultics, we recognize the significance of this thriving market and offer specialized services tailored to help you navigate the complexities of expanding in Saudi Arabia.
Read MoreQatar
Qatar, with its strategic location, burgeoning economy, and dynamic business environment, offers a wealth of opportunities for companies seeking to expand their footprint in the Middle East. At Consultics, we recognize the immense potential of the Qatari market and provide specialized services to guide you through a successful expansion journey.
Read MoreDuring my time in private and corporate banking, I worked with Consultics to help bring two seemingly unlikely partners into doing business together: a high-growth telecom company in the Middle East region with a specialist cloud-computing and cybersecurity firm based in Switzerland. The resulting collaboration was mutually rewarding as both parties in the transaction sought to maximize their relative strengths with a common goal in sight: deliver a best-in-class product to end customers. Consultics excels at optimizing such cross-regional partnerships and bringing them to market.
Georgios Georgiou
Global Head Fixed Income Product Specialists, Allianz Global Investments, Frankfurt am Main, Germany
The team at Consultics has the experience and knowledge to help you achieve your goals in diversifying your business. They can help you formulate the right goals and identify appropriate and real opportunities and leads in the Middle East. I would confidently recommend them and their platform to businesses looking to work in the Middle East.
Eleni Simeou Askim
CEO, Flexible Education Norway
Qobo Group has consulted with Consultics several times over the course of the last few years and can testify to the organisation’s expertise in the diversification of companies into the Middle East. Their knowledge of this process is extensive and has assisted many enterprises with expansion into this region. To further enhance the value that they deliver to their clients, Consultics has recently integrated advanced digital technology into their service offering with the creation of a unique digital platform that will automate the process of bringing businesses closer to potential opportunities across the globe. This platform aims to help businesses grow exponentially in their desired markets using algorithmic tools that match needs to leads. We’re grateful to Consultics for their extensive analytical assistance in the diversifications of Qobo Group’s activities in the Middle East.
Anthony Nathanael
CEO at QOBO GROUP
Consultics’ Digital transformation of their Diversification of businesses to the Middle East service is another clear sign of commitment to innovation and constant improvement. The new platform will accelerate and enhance Consultics customers efforts in engaging with this exciting, but neverless challenging, part of the world. Consultics is a true partner in growth for your business, from the first accurate assessment of business requirements to defining the evolution of your business in the Middle East. The platform is enhanced by Consultics credibility and experience in delivering results. We have worked closely with Consultics on numerous opportunities and their contribution has had significant impact upon both viability and success.
Gordon Campbell
Stefanos is a brilliant strategist and together with his team helped us immensely on analyzing our company in a way we wouldn’t have done without him and refocusing on the areas that are important to us! The pinpointing and understanding of the real needs of the business in parallel to the needs of the region is the winning formula on building the right strategy for the business which ultimately would bring growth. Alternatively, when it comes to the Consultics Middle East Platform, the application of data provisions as well as the creative infrastructure on embracing and enabling the needs of every client wishing to assess & access its Business Opportunities within the Middle Eastern region, is the best considerable choice for our business which through a realistic budget, time utilization & allocation, know-how, and indefinite process makes it easier to bench mark optimal growth.
Melina Pyrgou
Managing Director / Partner
at Pyrgou Vakis Advocates & Partners
The Middle East is a very exciting and interesting region to work in. Opportunities in the region are endless, nevertheless, one of the most important elements is on how these opportunities are unlocked. Consultics, has been defining the needs of the market for some time now, and through the strategic inclination as well as its understanding of how the world works provides the perfect basis and platform on taking a complicated journey and transforming it into a sustainable, applicable and manageable scope which can be comprehended by every business whom has the right criteria and characteristics to enter the region and be successful.
Andreas Phillipou
CEO, Philippou Auditors
Since connecting with Consultics team, it has felt like I'm blessed to be part of a whole new family. Professionally , their attention to detail, innovative ideas and comprehensive solutions are not only ground-breaking but globally effective. They are rebranding my business and having experienced working with three different agencies before Consultics, they are clearly the only ones who walk the same as they talk. Personally, they have been awesome. Always attentive to detail and understanding of how family life now integrates with workspaces in the new remote business model. To feel so comfortable with strangers so quickly is a rare gift to share. I'm looking forward to many years working alongside them. I recommend that you do so too.
