How KSA based Conglomerate understood the viability and ROI of the Entertainment Super Structure Project
Background and Challenge
- A leading Saudi Arabia based Veteran Business Company, comprises diversified business of independent entities with deep roots in the MENA and Turkey regions. With Operations in over 30 countries, the company deals in major industry sectors such as auto parts manufacturing, financial services, real estate, media services and many more
Challenges Faced by Client:
- Difficulties in Accessing Proper Demographics of UAE: The Client recognized the difficulties in exploring the accurate demographics, Tourists Statistics along with taxations and governments regulations regarding mega projects in Saudi Arabia. Hence, they contacted Ken Research and Strategy Advisory to identify the Accurate Population and Tourism Statistics in Saudi Arabia with regulatory framework accounted for constructing mega projects.
- Challenges Faced in Selecting Ideal Giant Projects around the World for Study: The client faced dilemma choosing the Giant Projects ideal for their study purpose, hence they outsourced this activity to Ken Research.
Saudi Arabia Tourism Industry at Glance:
- Saudi Arabia is the second biggest tourist destination in the Middle East Region.
- Youth Population in Saudi Arabia would serve as a Major Target Demographic for the Entertainment Businesses such as Movies, Athletic Events, Amusement/Theme Parks, and Other Activities
- The Kingdom’s Vision 2030 aims to enforce an abundant amount of efforts and investments into the tourism sector.
Approach and Recommendations
Phase 1: To evaluate accurate Population and Tourist Statistics in Saudi Arabia for the Client
- Ken collaborated with its client to identify the major consumer segments with respect to population and tourism statistics across KSA.
- Saudi Arabia Demographics, Tourism Statistics including inbound/outbound and domestic/international; and government regulations regarding construction of mega projects were all indicated thoroughly by KEN Research.
- These discussions gave the client possible opportunity windows to know-how the demands side for the Giant Structure Project.
Phase 2: To identify and Analyse top 6 Giant Structure Projects for Case Study for Client
- The second phase of work focused on identifying a comprehensive list of top 6 Giant Structure Projects around the world ideal for their study.
- In-depth and detailed discussions were carried out with the top decision making authorities such as Architects and Civil Engineering Heads & Tourism Corporations.
- This helped the Client to see through the overview and Operational model for Giant Projects along with their Design, Construction and Financial KPIs such as Capex and Funding involved with the chosen Giant Structures.
Phase 3: Recommended USPs And Revenue Streams for the Client
- After identifying and analyzing the chosen Giant Structure Projects, Ken provided quality recommendations to the client for the in terms of Recommended USPs and Revenue Streams.
- Visitors journey and pricing adoption strategies were included to highlight major entertainment services that can be provided along with the sight visit.
- These Recommendations also included the comparison of Target Audience basis target age, gender split and tentative spending percentage by customers along with the comparison of chosen set of Giant Projects to improve Operational Expenses.
Result and Conclusion – Client successfully understood the viability and ROI of the Entertainment Super Structure Project
Valuable Insights on overall Tourism Industry
The thorough statistics of population and tourists will enable the Client to substantially develop their understanding about Tourism Sector in Saudi Arabia.
Ability to Identify the right Target Audience
- The client was able to identify the right target audience basis gender split, age split and customer spending percentage thanks to a clear and practical prioritization roadmap, provided by Ken.
Idealizing Recommended Strategies to generate Max. Footfall
- Ken Research team also aided client by helping them understand how can they develop their operational synergies and price adoption strategies in the business framework basis tourists preferences.