Market research is one of the most critical tools and sources of information for business owners, whether during the planning stage for market entry as part of feasibility studies, during product and business development, or even when evaluating business performance. Market studies assess the position of a business owner’s products in the market in general and in comparison to competing products in particular.

To prepare reliable market research that delivers actionable results, access to data is essential, as is the case with any study or research effort. Consulting firms typically gather information from multiple sources, including the business owner, the market, competitors, experts, and actual or potential customers, in addition to macroeconomic data. More specifically, a combination of primary and secondary, qualitative and quantitative data from diverse sources is required to produce an analysis that integrates these datasets.

Primary and Secondary Data Challenges in Libya

In Libya, collecting primary data for market research generally poses minimal challenges. Such studies can be conducted discreetly, and there are no significant security concerns related to this type of data. However, the primary challenge lies in accessing secondary data. For instance, data on the volume of imports and exports of specific products—including quantities and prices—is often unavailable. The Customs Authority lacks accurate data recording systems and does not share such data publicly or transparently.

A similar issue exists with the Tax Authority, where accurate information about imports and exports cannot be derived from tax-related data. Furthermore, obtaining data on commercial entities in the Libyan market from the Ministry of Economy and the Chamber of Commerce and Industry is equally challenging, as these institutions lack crucial information. While some might find this surprising, in countries with strong economies, such data is widely available. Governments in such nations provide detailed information about companies, including capital, annual financial performance, structural changes, and more. These details are vital for market studies and facilitate acquisitions, sales, and purchases in well-regulated free markets.

Al-Moasher’s Approach to Overcoming These Challenges

Through practical experience with its clients, Al-Moasher has been able to gather primary information directly from the field by engaging with competitors and experts. This approach has provided insights into competitors’ product prices, types, and characteristics. Additionally, opinions from experts, potential customers, and existing clients have helped identify market trends and perceptions about product development. This data is considered highly reliable, as it is collected using scientific methods that ensure sufficient data volume, meticulous supervision of data collectors, and careful handling during data cleaning and analysis.

As for precise data about market size in Libyan dinars or the total volume of products, neither Al-Moasher nor any other entity can claim to provide exact figures. Instead, Al-Moasher relies on alternative methods such as expert opinions to estimate market size, identify market leaders, and determine top-selling products. Additionally, we use financial credit data—such as the volume of credit facilities granted to competitors during the year—as an indirect measure of market size, given that these credits represent a significant portion of actual expenditure on imported products.

Encouraging Government Data Transparency

Al-Moasher advocates for governmental institutions to make essential market data publicly available. Doing so not only helps improve the performance of local competitors but also encourages foreign investment. This, in turn, could significantly contribute to increasing foreign currency inflows and boosting confidence in both the Libyan market and economy.