Ramadan just like Christmas has become a season of increased consumerism and attention to shopping. Marketers need to understand how to effectively market during this season in order to take advantage of many of the opportunities it contains and to avoid Ramadan marketing mistakes that could be costly. In this guide we briefly cover some of the various aspects of Ramadan marketing to help you be more successful with your seasonal marketing efforts in Muslim regions.
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In this guide, we will give an introduction to the world of the high net worth Arabs and ultra high net worth Arabs. We are concerned with how these individuals have achieved their great wealth, what types of projects, investments, and causes they spend their money on, and what type of foreign investments they are likely to hold or in which they are likely to take interest.
We will briefly analyze the spread of “HNW” (high net worth) Arabs throughout the Middle East (those holding liquid assets worth more than $1 million) and look at how their growth, methods of achieving wealth, and foreign investments differ from those of ultra-high net worth Arabs.. Throughout the article, we will make frequent reference to “UHNW Arabs” (ultra- high net worth Arabs) and “UHNWIs” (ultra-high net worth individuals). Ultra-high net worth individuals are defined as those who hold liquid assets exceeding $30 million. In this article, we will generally exclude from analysis those ultra-high net worth Arabs who hold wealth as government caretakers rather than as individuals – e.g., members of royal families. We will discuss the wealth and spread of UHNWIs in the Middle East, introduce some of the wealthiest individuals in the region, then delve into how they tend to spend their money and how this information could be of use to the marketer. Feel free to skip to sections that most interest you.
What is Influencer Marketing?
The strategy of influencer marketing uses a personality or celebrity to promote your brand to a larger audience, some well-known examples include Serena Williams for Gatorade and Jennifer Aniston for Emirates Airline. Hiring celebrities as brand ambassadors has been a successful marketing strategy for some time but as social media gains popularity, companies are choosing alternative ambassadors over the significant cost of A-list celebrities.
Across several channels, countless social media profiles have gained loyal followings. With thousands, sometimes millions of viewers, these profiles have significant power and influence, making them an attractive investment for companies looking to increase brand awareness and product sales. This practice is beginning to take off in the Middle East in particular, as social media usage is skyrocketing in the past five years. For the purpose of this article, we will look at YouTube, Instagram, and Snapchat and identify what makes these platforms opportunistic as well as looking at specific examples of users who are promoting brands on their accounts.
According to the Northwest University Qatar estimates in their Media Industries in the Middle East 2016, the total ad market in the Middle East was valued at 5.5 billion USD in 2015. While it only accounts for a small percentage of global ad spend in 2015, the market in the Middle East is ripe with opportunities for marketers to expand their advertising. Though the current market structure differs greatly from that of the global market, or even other underdeveloped markets, the MENA region is seeing a gradual shift into the modern era of digital marketing, an area especially pertinent to the region’s 141 million internet users.