crm sales

The world of sales has undergone a profound transformation in recent years. Consumer behavior, driven by rapid technological advancements and shifting market dynamics, has evolved significantly. 

As entrepreneurs and businesses navigate this ever-changing landscape, the need for innovative sales techniques has never been more crucial.

In this article, we’ll delve into the challenges posed by changing consumer behavior and explore innovative sales approaches for the digital age. Let’s get started.

The Impact of Changing Consumer Behavior on Sales

Consumer behavior is the cornerstone of sales strategies. The compass guides businesses toward their target markets and influences how they approach potential customers.

However, in today’s fast-paced digital age, consumer behavior constantly evolves, driven by technological advancements, economic fluctuations, and global events. Understanding these changes and their impact on sales is the first step toward innovation.

For instance, the rise of e-commerce and mobile shopping has altered consumers’ purchasing decisions. Online reviews, social media influence, and the convenience of shopping from home have shifted the power dynamic in favor of consumers.

Businesses must adapt by creating seamless online shopping experiences, leveraging social proof, and ensuring their products and services align with changing consumer preferences.

Innovative Sales Techniques for the Digital Age

To thrive in this changing market, businesses must adopt innovative sales techniques tailored to the digital age. This includes embracing technologies like artificial intelligence (AI), chatbots, and predictive analytics to enhance customer experiences.

AI-driven chatbots can provide instant support and product recommendations. At the same time, predictive analytics can anticipate customer needs and suggest personalized offerings.

Additionally, sales teams can leverage data-driven insights to identify high-value leads, tailor their sales pitches, and optimize their sales funnels. These techniques streamline the sales process and foster stronger customer relationships.

Personalization and Customer Engagement Strategies

But wait, to innovate isn’t enough. Personalization is at the heart of successful sales techniques in the digital age. Consumers expect tailored experiences that cater to their individual needs and preferences.

And businesses that excel in personalization can significantly increase customer engagement and conversion rates. For instance, email marketing campaigns can be personalized based on customer behavior and demographics.

AI-driven recommendations can suggest products or services similar to previous purchases, increasing cross-selling and upselling opportunities. Further, personalized follow-ups and post-purchase communications can enhance customer loyalty.

CRM: Adapting Sales Techniques Based on Customer Data

A Customer Relationship Management (CRM) system plays a pivotal role in adapting sales techniques based on customer data. CRM software gives businesses valuable insights into customer behavior, preferences, and interactions.

It centralized customer data, making it accessible to sales teams for informed decision-making.

With CRM, businesses can do the following:

1. Segment Customer Data: CRM allows businesses to segment their customer base into distinct groups based on various criteria such as demographics, purchase history, and engagement level.
   
2. Automate Personalization: CRM systems can automate personalized communication, ensuring customers receive tailored messages and offers at the right time.
   
3. Track Customer Interactions: CRM records customer interactions across various touchpoints, enabling sales teams to pick up where they left off in the sales process.
   
4. Analyze Customer Insights: CRM provides analytics tools that help businesses identify trends, spot opportunities, and refine their sales strategies.
   

Success Stories of Businesses Embracing Innovative Sales Approaches

To illustrate the effectiveness of innovative sales techniques, let’s explore a few success stories:

1. Amazon

• Sophisticated Recommendation Algorithms: Amazon utilizes advanced recommendation algorithms powered by machine learning and artificial intelligence.
  
  These algorithms analyze vast data, including past purchase history, browsing behavior, and product reviews, to understand each user’s preferences.
• Personalized Product Suggestions: Amazon provides personalized product suggestions to users Based on the insights gained from these algorithms. When a customer visits the platform, they are presented with a tailored list of highly relevant products to their interests and needs.
• Dynamic and Real-Time: What sets Amazon’s recommendation system apart is its ability to make real-time adjustments. The system continuously adapts as users interact with the platform, ensuring that the product recommendations stay relevant and engaging.
• Sales Growth Impact: The impact of this personalized approach on Amazon’s sales growth cannot be understated. By providing users with products they are more likely to purchase, Amazon increases conversion rates and customer satisfaction, ultimately driving significant revenue growth.
  

2. Netflix

• Machine Learning-Driven Recommendations: Netflix’s recommendation system is a prime example of the power of machine learning. It analyzes a user’s viewing history, ratings, and even the time spent on each title to build a comprehensive understanding of their tastes and preferences.
• Personalized Content Suggestions: Netflix generates personalized content suggestions for each user using this data. When you log in to your Netflix account, you are greeted with a tailored list of movies and TV shows that are highly likely to pique your interest.
• Viewer Engagement and Retention: The effectiveness of this recommendation system is evident in its impact on viewer engagement and retention.
  
  Users are more likely to continue their subscription when they consistently discover content they love, resulting in reduced churn rates and increased revenue for Netflix.
• Content Investment Strategy: Netflix’s data-driven approach extends beyond recommendations. It also informs their content investment strategy, helping them identify and produce shows and movies likely to resonate with their audience, reducing content risk.
  

Conclusion

These success stories illustrate how leading companies leverage data, AI, and CRM technologies to enhance customer experiences, drive engagement, and ultimately achieve significant growth.

The common thread among these examples is the effective use of data and technology to understand customer behavior and tailor offerings accordingly, a strategy that can be applied across industries to thrive in a changing market.

Embracing innovative approaches, prioritizing personalization, and leveraging CRM systems are essential to thriving in this dynamic landscape. The success stories of industry leaders demonstrate that innovation in sales can lead to remarkable growth and customer satisfaction.

With CRM empowering businesses with valuable customer data and insights, they can confidently navigate the changing market, ensuring continued sales success. Learn more about CRM tools with our experts. Book a FREE demo below.

CRM (Customer Relationship Management) solutions play a critical part in sales management in today’s fast-paced commercial environment.

A properly implemented CRM may hold the secret to boosting client relationships, increasing productivity, and dramatically increasing sales. But maximizing its potential necessitates a calculated approach. 

In this article, we go into the finer points of using CRMs like Saphyte for successful sales management. We’ll arm you with the tools to take your sales performance to new heights, from lead monitoring and deal management to defining sales targets and utilizing automation. Let’s get started.

Tracking Leads and Deals: Navigating the Sales Terrain

Sales management begins with a clear understanding of your leads and deals. A CRM acts as your compass, helping you precisely navigate this intricate terrain. It’s imperative to meticulously input and categorize leads, keeping a finger on the pulse of their journey.

Each interaction matters, and a CRM allows you to log calls, emails, and notes, creating a comprehensive timeline that paints a vivid picture of your prospects’ engagement.

Incorporate Detailed Lead Information

A CRM like Saphyte empowers you to store not just contact details but a wealth of information that helps tailor your approach. From pain points to preferences, understanding your leads on a deeper level allows you to craft personalized pitches that resonate.

Segmentation for Targeted Outreach

Effective sales management hinges on targeted outreach. Segmentation, a gem within CRM systems, lets you group leads based on common characteristics. This means you can tailor your messaging to resonate with specific segments, enhancing your chances of striking a chord.

Setting Sales Goals: The North Star of Sales

Sales without direction are akin to a ship without a rudder. Enter sales goals – the North Star guiding your efforts. Your CRM isn’t just a data repository; it’s a powerful ally in goal-setting and attainment.

Define Clear Objectives

Utilize your CRM to set clear, achievable sales goals. Break down your targets into smaller, actionable steps. With Saphyte, you can assign these goals to specific team members, fostering accountability and motivation.

Monitor Progress with Visualizations

Visual representations within your CRM provide real-time insights into your progress. Dashboards and graphs give you an instant overview of sales performance, helping you course-correct if needed.

Streamlining with Automation: The Future of Sales

Automation has revolutionized sales management, and your CRM is at the forefront of this transformation. Manual tasks can be time-consuming and prone to errors, while automation ensures consistency and frees up valuable time.

Automated Follow-ups: Never miss a follow-up again. Set triggers in your CRM to send automated follow-up emails after a call or meeting. This personalized touch keeps your prospects engaged without straining your resources.

Workflow Automation: Mundane tasks can drain your team’s energy. With workflow automation, your CRM can seamlessly move leads through predefined stages, assigning tasks and sending notifications as needed. This enhances efficiency and ensures no lead falls through the cracks.

Leveraging Saphyte for Effective Sales Management

Saphyte, a cutting-edge CRM system, is tailor-made for effective sales management. Its intuitive interface and robust features make it a prized asset in your sales arsenal.

360-Degree View of Customers: Saphyte provides a comprehensive view of your customers. Access past interactions, purchase history, and preferences, enabling meaningful conversations that build rapport and trust.

Predictive Analytics: Anticipate customer needs with Saphyte’s predictive analytics. By analyzing historical data, the CRM offers insights into buying patterns and behaviors, enabling you to tailor your approach.

Unified Communication: Seamlessly communicate with leads through multiple channels within Saphyte. Email, social media, and messaging – all in one platform, creating an integrated and cohesive customer experience.

Conclusion

A CRM is more than a digital address book; it’s a strategic tool that can redefine your sales management. You unlock possibilities that can supercharge your sales efforts by effectively harnessing its features – from tracking leads and deals to setting goals and embracing automation. 

With Saphyte as your guiding light, the journey to effective sales management becomes attainable and exhilarating. Elevate your sales game, leave a lasting impact, and confidently embrace the future of sales.

Want to learn more about supercharging your sales and marketing? Talk to us. Book a FREE demo below.

Progressive profiling is a better way of collecting actionable customer data. Read on to find out what it is and why you need it.

Everyone has been a consumer once at least in their lives, including you. And you’ve always had that moment where you experienced good service that you want to return to, should the need arise. Then you ask yourself, what is in that service that made it so special, so memorable?

Many consumers agree that any service that matches their needs and preferences always stands out. It improves the customer experience which leads to customer loyalty. But how can companies offer personalized services? The answer lies in progressive profiling.

What is progressive profiling, why do you need it, and how can you start doing it? Read on to find out.

What is Progressive Profiling

Progressive profiling is a method of gradually collecting relevant information from your leads to build up a customer profile rather than asking them for too much information all at once.

A common example is when businesses ask for contact information first, such as the name and email address on the customer’s first signup, then ask for more data throughout their journey.

Benefits of Progressive Profiling

Below are the benefits of progressive profiling that many of our clients have experienced:

1. Increases the conversion rates for your landing pages
   Studies found that landing pages with only 3 fields have 5% higher conversion rates compared to those with more fields. This is why progressive profiling is a better strategy as it allows you to keep your forms short.
   
2. Improves the user experience for your potential customers
   Filling out a form that requires you to input long information is not only annoying, but it’s also discouraging. With progressive profiling, users won’t have to answer long forms and they won’t get repeatedly asked questions they’ve already answered.
   
3. Allows you to qualify your leads
   Progressive profiling allows you to gain important and more specific information along the way. This additional information helps you plan your approach to enhance your overall sales strategy.
   
4. Helps you implement better and more targeted lead nurturing
   Leads that provide additional information about themselves such as their needs, interests, and profiles let you learn more about them and how to be more responsive to them. This allows you to create lead nurturing campaigns that set you apart from the competition.

How to Implement Progressive Profiling

Many businesses found the following steps to be easy and effective:

1.   Identify what data you need from your customers

Before you implement your progressive profiling strategy, you have to first know what data you’ll need from your customers first. The common information businesses need from their customers are:

• Name
• Email
• Mobile number
• Company name
• Company position (or job role)
• Number of employees in the company
• Address

2.   Set up a lead journey and its conversion points

Visualize the journey that the lead has to take. After visiting your landing page, what’s next? Then set up the conversion points. What information should you get when the lead arrives at point A? What about in point B, then point C?

Then build your forms to collect the relevant information in these conversion points.

3.   Find a technology that allows you to prompt leads to fill out a form when visiting your website

The best way to implement this strategy is to automate it. Use a technology that allows you to automate user information collection. Digital ecosystems like Saphyte lets you set up forms and automatically prompt visitors to fill them out when visiting your landing pages.

4.   Organize the information you get meaningfully

The technology you use must allow you to organize the information you’ve collected meaningfully. That means you must be able to sort the important information and take action using said information.

For example, you must be able to filter leads with the role of CEOs or Presidents from those with supervisorial roles only. And automatically create a workflow, such as sending an email, based on these targeted roles.

5.   Set up a targeted campaign using the collected information

Using the information you’ve collected from your leads, you can then set up a targeted campaign for lead nurturing. Take it one step at a time. Leads at the early stages of the journey shouldn’t be overwhelmed with too much information right from the start.

You can first introduce your brand, what you do, and why it’s meaningful. You can then proceed to other content such as those that match the need or interest of your target lead. Then you can send more and more specific content based on the data you’ve collected.

It’s also best to automate this process so your sales and marketing team can focus on tasks that matter.

Find out how you can grow your business with email marketing here.

Start Progressive Profiling Now

Find out how you can start gradually collecting information from your leads with Saphyte now. Talk to our experts and book a free demo today.

There is so much benefit from utilizing sales data and completing your sales cycle with sales tools. Sales tools can give your team and organization the power to gather all the data required to close and maintain your customers.

If you think sales tools are too good to be true, sales and marketing teams find them compelling. In fact, according to Insights for Professionals, 79% of sales teams currently use sales tools to increase efficiency.

According to McKinsey, early adopters of sales automation are reported to increase customer-facing time consistently. They have higher customer satisfaction, efficiency improvements of 10 to 15%, and sales uplift potential of up to 10%.

Sales tools not only help your sales team in collecting and organizing personalized information, which is especially important when gathering data about specific prospects and transactions. So what are the other benefits of sales tools for your sales cycle?

4 Major Benefits Of Sales Tools for your Sales Cycle

Improves your Customer Data Quality

41% of companies cite that the biggest challenge in their sales cycles is inconsistent data across technologies.

This challenge goes to show that high-quality sales data is an essential factor when it comes to nurturing your business. Most companies don’t realize that 30% of their data becomes useless by the end of each year. This means that a lot of the data they’ve utilized in calculations could result in an inaccurate result. Using the wrong information could heavily affect revenue, so sales teams should ensure that data is gathered with the best sales tools.

Build better relationships with your customers

It is the salesperson’s responsibility to identify their customer’s wants and needs. To effectively build excellent customer relations, your sales team must be able to categorize the many values ​​that come with your customer.

Sales tools allow salespeople to streamline their communications with potential and existing customers. No more emails getting lost in the inbox, important details getting buried in spreadsheets or post-it notes, and more. Remember, better customer relations always equates to higher customer satisfaction.

Increased Lead Generation

A lot of companies often rely on sales to garner their revenue. However, it would be best if you also considered that an effective sales intelligence tool could further increase your revenue with lead generation. Gaining leads are also thriving on various social media platforms, which is why it has become a fantastic asset to utilize, especially considering an ongoing pandemic. Lead generation could also boost sales with the use of marketing campaigns as well as other advertising methods.

The Ability To Upsell Stocks

For many software services, it is considered a norm for such products to be dealt with as upselling, cross-sell, and even renewal to continue garnering revenue. When your team has the opportunity to generate more sales, you get more revenue. When your sales team has the advantage of continuing the cycle, you are also giving them the leverage to create more sales.

Conclusion

Your prospect or customer is more than just a sales opportunity.

You can offer the best products, but nothing will sell if you don’t treat your customers well! Building good relationships with them is a top priority in your business.

This is what a CRM does best:

Treat each customer as an individual.

Remember them.

Be there for them when they need them, helping them maintain good relationships.

Considering the many benefits that come with a sales tool, there shouldn’t be a reason for you to stray away from utilizing the many sales intelligence platforms.

Find ease and comfort with using sales software at the leisure of your home office. Contact Saphyte now to learn more.

With online shoppers expected to spend more post-pandemic, what can you do to attract customers online and gain a greater market share? Read on to find out.

According to a study, 73% of consumers in the UAE are shopping more online since the start of the pandemic. This means that we’d expect more online activities and sales now than ever. And businesses can take advantage of this.

But how can you attract customers online especially when your target customers are in the UAE? Here are a few tips.

1.   Provide a “virtual store experience”

A virtual store experience through virtual reality (VR) technologies can be especially useful to customers who are new or those apprehensive to try online shopping. It makes the transition easier as it provides an experience to shoppers similar to traditional shopping.

VR has been observed to make online stores appealing and provide a positive experience among customers.

2.   Make the checkout secure

Online payments are becoming more popular in the UAE. In 2020, card payments in online transactions in the UAE reached 39% of the total payments made.

But UAE online shoppers are becoming increasingly aware of security risks when purchasing online. That’s why around 57% of those surveyed said that a secure checkout was essential to have a good shopping experience.

When dealing with online customers in the UAE, it’s necessary to employ technologies that allow customer data to be protected and those that can prevent security breaches. Use trust badges on your websites to make customers feel more secure.

3.   Provide a fast shipping experience

In the UAE, 39% of online shoppers want products delivered the next day or less, and about one in five customers want products delivered to them on the same day. This means that for UAE online shoppers, a fast shipping experience is vital. Give them a bad experience and you won’t be able to retain them.

Below are examples of popular shipping companies in the UAE:

• Aramex
• DHL
• Naqel Express
• Fetchr
• SMSA Express

4.   Provide a personalized experience

UAE online customers, just like any other customer around the world, prefer a personalized experience. This means that any content, product offering, or advertisement they’re getting from you should match their needs and preferences.

There’s a way to learn more about your customers. You can set up your website to automatically prompt visitors to fill out a form, so you can gather important information about them. You can also do progressive profiling to gather more specific information about them once they’re already at a deeper level in your sales funnel.

All the information you have gathered can be used to send them sales and marketing offers that are personally tailored to their profiles. This improves customer satisfaction and experience, improving brand loyalty and customer retention.

Empower your sales and marketing teams

With Saphyte, you can equip your sales and marketing teams with the necessary tools so they can effortlessly provide a personalized experience to your customers. They can automate workflows to provide prompt responses and timely interactions with customers to help win them easily.

Want to learn more about Saphyte and how it can boost your sales and marketing teams? Help us help you! Book a FREE demo with us here at Saphyte.

Social media platforms are a rich source of leads. Read on to find out how you can generate leads effectively using these platforms.

Social media channels are one of the most lucrative channels for businesses looking to venture into the online market. With 3.6 billion social media users worldwide, social media platforms are a rich source for leads and customers of any profile.

But how can you generate leads using social media? Read on to find out.

How to Generate Leads Using Social Media

Below, we list down the tips to effectively generate leads using social media:

1.   Use timely and relevant lead magnets

Lead magnets are those free items or services given away to attract leads and encourage them to provide their contact details.

The most common examples of lead magnets are reports, white papers, free limited subscriptions, and free consultations.

When using lead magnets to generate leads on social media, it’s important to remember to make your lead magnets timely and relevant to capture the attention of target social media users, otherwise, it’s easy for them to scroll down and ignore your post.

For example, if you’re targeting customers looking for houses in California, make sure your lead magnets hit the needs and interests of these customers. You can send out a listicle about the top locations for houses in California, or houses under $X in the same state.

2.   Add social proofs

Social proofing in marketing refers to the phenomenon that consumers will copy or adapt to what other consumers are doing and that their decisions become credible and get validated through the behavior of others.

The most common examples of social proof are testimonials and customer reviews.

3.   Create targeted ads

Ads are a great way to boost your online presence, especially on social media. Most social media platforms allow for targeting, which means you can choose the audience to whom your ads will appear to.

When leads click on an ad, they can be redirected to a landing page that gathers their contact information, where the process of lead conversion can begin.

4.   Partner with influencers

Instead of using paid ads, you can also attract leads with the help of social media influencers. Most social media influencers work in a niche and have a rich follower base. They are often united by a common interest.

Partnering with influencers means you can sponsor their shows or pay them to talk about your brand, which may come across as more natural compared to regular ads.

Making influencers “experience” your brand is also a great way for your target audience to learn more about the benefits of your product or service, and for them to imagine using it. This helps accelerate the buyer’s decision-making process.

Get Leads from Social Media Now

Want to learn more about how your business can get leads from social media effortlessly? Talk to our experts at Saphyte and book a demo for FREE.

Learn how you can effortlessly create buyer personas for your business with the help of your customers.

A customer persona is a detailed description of your target customer. It is a product of deep research about your existing or target customer and represents a summary of their needs, preferences, and behavior, among others.

Customer personas help you channel your focus into qualified prospects, manage your product and services to suit the needs of target customers, and ensure that all workflows (from marketing to sales) are designed to match the customer personas.

Doing these help you attract leads and customers that provide high value to your business over time.

How to Create a Customer Persona

So how can you create a customer persona for your business? Check our tips below.

1.   Get your customers to participate in your research

Your customers are the most important element of your research. The entire strategy revolves around them and so it’s crucial that you’ll get input from them. Anyone— from the leads that visit your website to your repeat customers— can participate in this research.

You can also automate this process by configuring your website or landing pages to prompt visitors to fill out a form. You can also send emails to subscribers that let them participate in surveys or even interviews.

2.   Collect as much information as possible

Gather as much important and relevant information as needed for your research. You can start with demographic details such as their: Name, Email, Gender, Age, Company Position, and Company Name. Then you can move into more personal information such as their needs, buying habits, preferences, and online behavior, among others.

3.   Dig deeper

Sometimes you need to dig deeper into your customers’ profiles by asking more specific questions. Here, your sales and marketing teams must work together to identify the type of questions you need to ask to get the desired response from your target customers.

For example, identifying whether a product or service may suit a customer may require you to ask more than the standard “Would you like to try this product?” question.

It may be necessary to ask what the customer does on a daily basis, what they like or dislike, or what they prioritize right now to establish the necessary conclusions.

Further assessments and evaluations may be needed to validate the conclusion you’ve arrived at after conducting your research.

4.   Identify the appropriate messaging strategy for the personas created

Once you’ve created your personas, create a messaging strategy that suits these personas’ needs and preferences.

Everyone in your company must be able to speak the language that your personas are speaking, especially when they’re having direct conversations with them. This ensures that your messaging resonates well with your target audience.

Automate Your Data Collection

Effortlessly collect information about your leads and customers with their participation. Automate your workflows and have your sales and marketing teams access a rich database of customer information. Help them establish a solid customer persona which allows them to tailor the sales and marketing experience accordingly.

Need to know more about automating customer data collection? Talk to our experts at Saphyte and book a demo for FREE.

There has been a consistent increase in gross written premium (GWP) value in the UAE insurance market since 2016. Find out why this matters and what’s in store for the industry for 2022.

The insurance industry played a significant role during the pandemic. Many of their clients claimed life insurance due to the impact of COVID-19 on their lives. According to a survey, more than six out of 10 respondents were very or extremely worried about getting a severe illness in the future.

Find out what this means for the industry and what’s in store for the year 2022.

Gross written premium (GWP) of the UAE insurance market from 2016 to 2020 (in billion United Arab Emirates Dirham) Source: Statista

UAE insurance industry after COVID-19

In 2021, the total assets of UAE insurance companies increased by 10.0% to US$12.5 billion, with receivables also experiencing an increase of 42.1% to US$1.7 billion.

Many prominent trends emerged in the industry after the pandemic. Among these are:

Delays in premium settlement and increased risk of default

The impact of the disruption on the overall market is palpable. Many business owners suffered from revenue challenges, leading to delays in premium settlements.

More term life insurance policies

The consumer market in general has also become more aware of the importance of term life insurance, leading to its greater penetration in the UAE region.

Rise in travel insurance prices

With air travel resuming and rising in demand, travel insurance prices also experienced a sudden increase.

Growth in UAE Health Insurance Market in 2022

In 2021, the UAE health insurance market reached an estimated value of US$7.1 Billion. But reports claim that this market will reach US$11.1 Billion by 2027, with a CAGR of 7.5% during the forecast period of 2022 to 2027.

Another report found that Insurance companies in the UAE recorded a business value of AED 9.4 billion (US$2.56 billion) in 2022, depicting a growth of 7% during the first three months of the year compared with the same period of 2021.

However, this market is dominated by five insurance companies which account for nearly 60% of the overall market share.

What’s in store for UAE insurance companies

With the disruptions in the market, how should UAE insurance companies prepare for the challenges ahead?

Support vulnerable clients

Financial support packages must be provided to clients that are unable to promptly pay their premiums. Supplier payments for SMEs must be prioritized. And payment dates must be extended and penalties waived for a period.

Integrate digital technologies

The pandemic accelerated the use of digital technologies to improve the value provided by companies. Those that have integrated digital technologies during and after the pandemic has seen an increase in impact provided across their value chains. For example, AI-based scoring algorithms can be automated to offer clients personalized policies that best match their profiles.

Prepare the workforce

Some employees may opt to remain working securely from remote locations. Those

who can’t work remotely must be provided tools that allow them to engage prospects and clients without contact. Sales and marketing management tools must be used to seamlessly manage teams, prospects, and customers whatever the work setup is for the employees.

Upgrade your insurance company

Looking for ways to enhance your workflows and have an edge in the insurance industry? Talk to our experts at Saphyte and we’ll teach you how you can get started. Book a FREE demo now.

The consulting industry in the UAE has been largely affected by the pandemic. But recent reports show that it grew by an impressive rate of 16.6%, largely driven by the country’s desire to strongly recover from the pandemic.

Why the UAE Consulting Market Matters

The consuling market in the UAE is a huge market. Many of the consulting firms work with the public sector, helping governments to diversify their economies and reduce dependency on oil revenues.

In the UAE, annual consultancy revenues were reported to reach US$916 million in 2019. Massive and rapid changes in the region prompt the public and private sector to turn to the consulting industry for help, especially with complex and sophisticated technologies.

How the UAE Consulting Market was Affected by the Pandemic

Revenues were down on the onset of the pandemic especially with mobility restrictions set in place. Many clients in the industry stopped existing projects, especially when the project involves consultants working extensively in the clients’ office. New challenges emerged especially when supply chains were disrupted.

However, in a recent report by Source Global Research, clients were found to be more optimistic about the futures of their respective industries. About 41% of their clients said that the 2020 pandemic had a good impact on them and 14% saying they were unaffected.

Important UAE Consulting Market Statistics for 2022

UAE has the second biggest consulting market in the GCC region (second to Saudi Arabia), growing by 16.6% to US$736 million in 2021.

In the GCC in general, financial services and the public sector were the primary sources of overall revenue.

But the fastest growing consulting service is cybersecurity, with revenue up more than 28% to US$303m in 2021.

Demand for strategy consulting rose across the GCC region, with revenue rising more than 24% to US $838m in 2021.

And 59% of client organisations across the GCC said they expect to spend more on consulting support in 2022 than they did in 2021

Upgrade your Consulting Business Now

Want to learn how you can easily reach, engage, and turn potential clients into long-term clients using our software? Book a free demo with us here at Saphyte.

Check out all the pharmaceuticals UAE statistics in 2022 you need listed down below.

Summary:

In 2020, the UAE pharmaceutical market size was valued at $3.5 billion.

Its medical devices market size was valued at $2.4 billion, expected to grow at a CAGR of more than 3% during 2022-2027.

From 2016 to 2025, its health expenditure is expected to rise to US$27.78 billion, with a CAGR of 6.1%.

By 2025, the government’s total health expenditure will fall to 60.7% of the market share.

The UAE has one of the most advanced healthcare infrastructures in the world. Its hospitals and clinics have top-notch medical instruments and equipment often sourced from US corporations. During the COVID-19 pandemic, the government’s response has been lauded as swift, decisive, and among the best in the world in handling the crisis.

Below, we list statistics that give you insight into where the industry is now and where it’s headed.

Current Value of UAE Pharmaceutical Market

The UAE pharmaceutical market size was valued at $3.5 billion in 2020. In 2021, its medical devices market size was valued at $2.4 billion, expected to grow at a CAGR of more than 3% during 2022-2027.

Pharmaceutical Expenditure and Revenues in 2022

The UAE’s revenue from “human health and social work activities” is forecast to go up to US$5.9 billion by 2024.

During the years 2016 to 2025, health expenditure is expected to rise to AED 101.94bn (US$27.78 billion), with a CAGR of 6.1%.

The private sector will also have an increased market share by 2025 with the government’s encouragement of private sector investment. Because of this, the government’s total health expenditure will fall from 71.3% (2015) to 60.7% (2025).

Major private healthcare companies in the UAE include Al-Noor Medical Company, VPS Healthcare, Tumbay group, Al-Zahra Group, Belhoul Lifecare, Emirates Healthcare, Mediclinic Middle East, Aster DM Healthcare, Gulf Healthcare International, Gulf Medical Projects Company, Zulekha Hospital, Saudi German Hospital Group, and Aster DM Healthcare.

Government Initiatives by 2030

The government of the UAE will transform the pharmaceutical industry. With the Dubai Industrial Strategy 2030 and the Abu Dhabi Vision 2030 in sight, the pharmaceutical industry will experience disruptions, especially technological, over time.

In 2022, 8.4% or around US$1.33 billion of the UAE government’s federal budget amounting to US$15.8 billion (AED 58.931 billion) is dedicated to healthcare.

Technological Adoption

The UAE’s pharmaceutical and healthcare industry is one of the fastest in the world in terms of embracing technological advancement.

With the private sector competing for market share, technological adoption helps some companies make an impact and set themselves apart.

In 2022, McKinsey surveyed KSA and UAE consumers and found that they have high levels of interest and awareness in digital-health service technologies.

Transform Your Pharmaceutical Company

Because pharmaceutical and healthcare companies deal with cases of an emergency nature, they need to run on workflows that allow them to operate efficiently.

With proper software, your company can implement a system that lets you automatically collect and organize patient records. The system can also display previous patients’ health history and records, so your staff won’t have to repetitively ask questions.

Discover how you can transform your company. Book a free demo with us here at Saphyte.