Our brilliant researcher did market research for an incense manufacturer. Moreover, he did second research regarding market strategy for cosmetics and perfumes.
iOud is a Saudi Arabian start-up in the intelligent incense industry. The company managed to achieve fantastic results in 2019, and now is in the process of making an important decision. That is, in order to plan and ensure the growth for 2020. They currently have a market presence in GCC as well as 3 countries outside GCC.
For this purpose, they needed market research for the GCC region, which would help them better understand the industry, market and competition. The main goal of the research is to support the decision-making process of the owners of the company.
Our proposed methodology consists of 3 areas of research:
Industry trends. As incense is not an industry on its own, it needs to be analyzed as part of different industries. As it can fall under “House accessories daily use”, “Perfume industry”, and “air refreshers”, we need to dig deeper and understand the incense trends, through the prism of each of these industries.
Competition analysis. Although iOud has a unique patented product, there are still many competitors (direct or indirect) that need to be reviewed.
Market analysis. When looking at the market, we will try to present a picture of how big is the market, what are biggest companies’ market share, (if we can find that info), as well as what kind of people are most commonly buying incense products.
Finally, our first research was for the incense, covering the Gulf countries, in regards to the industry, and market competition. And, the second research was for the creation of a market strategy for introducing perfumes and cosmetics exclusively for Saudi Arabia and Egypt.
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