The past two years have been very different for businesses with the pandemic affecting all aspects of doing business. Arab entrepreneurs, just like others, have been greatly affected by these exceptional circumstances.
Life and markets have changed a lot. People are staying home significantly more and visiting public places much less frequently. Employees work and collaborate from home.
This means businesses in general and startups in specific need to adapt to these changes effectively. Even better would be to use these special circumstances for their advantage.
In this article, we discuss three major changes in the market that Arab entrepreneurs need to understand and how to adapt to them and utilize them for business advantage.
One of the biggest trends in entrepreneurship is building personal brands. Entrepreneurs need personal brands to be able to market their business ideas and build trust with customers.
Personal brands can help entrepreneurs in their fundraising activities. Investors would prefer a more authentic entrepreneur with a personal identity.
Another aspect affected by personal branding is selling to customers. A brand has better chances to succeed when there's an authentic person behind it, that people can build a relationship with.
Buying from Apple years back was strongly associated with Steve Job's personal brand. Steve Jobs had a really unique personality and a powerful personal brand.
Elon Musk is someone who continuously tries to communicate in social media. Keeping his name behind groundbreaking projects has clearly its reasons.
One of the simplest ways to build personal brands is using videos. More and more entrepreneurs use videos, mainly on YouTube and LinkedIn, to expand the reach of their brand.
Videos typically suit personal branding, and it is not different for entrepreneurs. Studies confirm that you can boost your personal brand by sharing experiences on social media.
Current trends show that investing in a personal brand is becoming more of an urgent need rather than an extra practice.
Adapting to remote work started becoming important in 2020. All of the sudden coronavirus pandemic enforced many companies to enable some or all of their employees to work remotely.
Adapting to remote work starts by using the right technologies and more importantly by adapting to the new work culture.
Startups need to invest in making their processes more optimized for remote work. And they should start taking advantage of the benefits it can bring for businesses.
Optimizing business processes for remote work can rely on two aspects. First one is better communication and documentation of business processes. This improves efficiency and minimizes errors.
The second aspect is automation. The more your processes and workflows are automated, the more they become optimized for remote work. This also improves efficiency.
Having a remote work option means your startup will have access to a larger pool of talents around the world. This will expand your options while giving your employees more flexibility.
If you are not investing in building strong relationship with your customers, then you should know that your competitors may be having a big advantage over you.
Building strong relationship with customers is not just an optional tactic to get more sales, but an essential tool for your business to survive.
Nowadays, businesses offer more free products and services than ever. The purpose is to let people know more about the products and services and build a relationship with potential customers.
Investing in customer relationship is not just about free offerings. It's more about providing good and memorable customer service before and after purchase, as well as maintaining positive impression of the business.
Market environments are constantly changing. There are always new challenges your business will need to adapt to.
The points we discussed here should be among your top tools to prepare your business for an ever chaning world.