Qatar is a country that offers lots of opportunities for foreign companies to do business. Like with any other market, entering the market of Qatar requires knowledge and strategies. Here in this article, we will tell you the market penetration strategy to help you penetrate the Qatar market.
Visit the Country
The first strategy is to visit the country. Conducting business in Qatar, similar to in many Middle Eastern countries, need personal engagements with not only your potential agents but also potential business partners as well.
That can only be done by visiting the country, which is why it is an important thing to do. Make sure to set your schedule first and prepare the permit requirements necessary due to the pandemic.
Get a Good Legal Representation
The next market entry strategy is to acquire good legal representation in the country. You need to hire a business lawyer for this. By having good legal representation, establishing and maintain good business relationships with your partners will be easier.
A business lawyer can also help with issues a company facing, such as delayed payments. Because of its importance for entering the market, a company should hire a business lawyer before concluding their local business partners.
Market Penetration Strategy: Do a Feasibility Study
When a foreign company enters the Qatar market, said business should conduct a feasibility study. The study should be based on several factors such as local tastes, existing competition, and market channels.
Market research reports and customized market research can be used as a foundation for a viable feasibility study. If you are from the U.S., both of these are offered by the Commercial Service.
Carefully Vet and Identify Business Partners
To conduct business, a company needs business partners. The company should not partner with any companies in the country, however. For a company to succeed, it must carefully vet the business partners before conducting business.
If you are from the U.S., you can ask for assistance from the U.S. Embassy. The embassy offers services to help companies thoroughly vet and identify potential business partners from Qatar.
Maintain the Company’s Independence
Although a reliable local partner is necessary, a company should not rely too much on their local partner. This is particularly so when it comes to contacts and market intelligence that affect the business. Even if a company has a reliable local partner, it should still maintain independence in conducting business.
Learn to Adapt
The last Qatar market entry strategy is to adapt to. A company that cannot adapt will not be able to penetrate the Qatar market, let alone succeed. Successful companies share many things in common. One of them is adaptation.
Doing business always creates challenges, regardless of the place. Qatar is no exception. A company must learn to adapt to the Qatar market, adapt to its laws and procedures so that it can face challenges. To make it easier for the company to adapt, you should introduce flexibility in your business plan.
To thrive in the Qatar market, a business must apply the proper market penetration strategy. As we have explained, there are six things a company can do to increase its likelihood of success entering the Qatar market: visit the country, get a lawyer, do a feasibility study, vet business partners, and adapt.