The UAE continues to solidify its position as a start-up hub, with 557,000 SMEs contributing significantly to the non-oil GDP. With the government aiming to increase this number to 1 million by 2030, and AED4.3 billion in venture capital already flowing into start-ups, the competitive landscape demands strategic approaches to growth. Anastasiya Golovatenko, PR Director at Sherpa Communications, highlights essential strategies for scaling start-ups in a competitive market.
Small- and medium-sized enterprises (SMEs) are pivotal to the economic landscape of any country, and the UAE exemplifies this with remarkable clarity. As of mid-2022, the UAE was home to approximately 557,000 SMEs, which contributed to over 63.5% of the non-oil GDP. This significant impact is poised to expand, with projections suggesting the number of SMEs could rise to 1 million by 2030. In light of their vital role, it’ll be useful to dive into some essential communication strategies that can help SMEs effectively establish their market presence.
Understanding the market
The UAE has solidified its position as a leader in digital adoption, introducing a lot of initiatives and changes on the national level. This advancement has firmly placed the nation at the forefront of digital integration within the region. According to DataReportal’s 2024 study, The State of Digital in the United Arab Emirates, the country is experiencing a profound digital shift.
With a population nearing 10 million, an impressive 97% of its residents are Internet users, and social media penetration has soared to 112%, with many holding more than one account. Moreover, the mobile connection rate is an impressive 219.4%, identifying a society that is thoroughly digital and engaged.
Digital is king
During their business journey, it’s more crucial than ever for SMEs to establish a strong online presence. If your business can’t be easily discovered online, consider that it doesn’t exist. It is crucial not only for brands to have an online presence but also to rank highly in online searches for various customer requests. Moreover, considering most consumers won’t be familiar with a company’s name, it’s important for businesses to focus on appearing in searches for the most frequently researched keywords in their industry. Prioritising keyword optimisation (SEO) as part of your marketing strategy is essential. Marcom specialists who craft communication strategies with elements of digital marketing will be ahead of their competition, ensuring their business gains more visibility and leads.
In this context, content marketing and public relations are disciplines brands actively use to facilitate the creation of blog posts, articles, interviews or press announcements that seamlessly integrate trending keywords.
Backlink generation should also be integrated into this strategy, as materials given to the media and published with backlinks can significantly enhance the brand’s website ranking from Google’s perspective.
Leveraging social media
Many often underestimate the power of social media. Did you know that corporate social media profiles often appear in Google search results right after company’s website? Regular updates to these channels can offer potential customers more insights into brand’s expertise and pain points it can help address. According to a study by Demand Metric, 60% of customers consider enquiring about and purchasing a product after reading content about it, underscoring the significant impact of well-crafted content in driving consumer decisions.
In B2B environment, converting a prospect on the first interaction is highly unlikely, as sales process typically requires between five to seven contacts with a brand. The complexity of B2B purchases, involving a slower buying process and multiple decision-makers, intensifies this challenge. For effective conversion, it is crucial for businesses to consistently maintain visibility. This ensures that when prospects are ready to address their significant pain points, the brand remains top of mind.
Harnessing data
The evolution of Artificial Intelligence (AI) is transforming how companies monitor competitors and adapt to market changes, among other things. AI tools enable marketers to analyse huge datasets, identify key trends and predict customer behaviour. This technological edge can help brands tailor their marketing strategies, offering precisely crafted messages that not only capture attention but also meet the specific needs of their target audiences.
SMEs looking to leverage AI can gain substantial benefits by integrating this technology into their operations. AI can tailor product suggestions by analysing customer behaviours, mimicking the successful strategies of larger brands. It can also enhance operational efficiency by automating routine tasks such as accounting, some HR functions and industry monitoring, freeing up time for strategic growth initiatives.
For those who are worried about the complexity of integrating AI, the key is to start small. Identifying one or two critical areas where AI can have an immediate impact allows SMEs to manage the adoption process gradually, expanding as their familiarity and confidence grow. This approach ensures that brands can improve customer engagement and operational efficiency while making informed strategic decisions, thereby achieving sustainable growth.
The importance of executive profiling for scaling start-ups
In the competitive start-up landscape, executive profiling offers a unique advantage for scaling businesses. By consistently sharing insights and expertise online or through other channels, executives not only build their personal brand but also enhance their company’s credibility. This positions them as trusted industry leaders, fostering strong relationships with clients and stakeholders.
According to research by Statistic Brain, nearly 25% of start-ups fail in their first year, with the rate rising to 36% by the second year and over 70% by the tenth year. Many start-ups struggle with visibility and trust, as potential customers often remain unaware of their existence, and key brand touchpoints are underdeveloped. Founders and senior executives play a critical role in bridging this gap through active professional engagement and visibility. Focusing solely on operations or sales in the early years can limit growth, as customers need a clear understanding of the brand. In today’s digital age, a strong online presence is crucial for gaining an edge in a saturated market and driving long-term success.
Scaling a start-up in today’s competitive market demands a multifaceted approach. By staying adaptable and strategically embracing digital tools, start-ups can overcome common challenges and carve out their place in an increasingly crowded marketplace. Focusing on building trust, maintaining visibility and leveraging innovative technology are key components that ensure long-term success and resilience in a dynamic business environment.