George Solomou: Research and consulting sector on the rise in 2025

The CEO of Prime Market Research & Consulting, George Solomou, has expressed the assessment that, for a series of reasons that he lays out, the research and consulting sector will enjoy an upward trend in 2025.

In an interview with InBusinessNews, in the context of the IN Business Forecasting 2025 series, Solomou characterises the research and consulting sector as quite competitive and at the same time demanding, which in itself - as he notes - constitutes an incentive for Prime Market Research & Consulting to continuously improve and upgrade its products and services.

In fact, the company's CEO announced the presentation, within 2025, of a groundbreaking product-service by Prime, which, as he points out, will change the way research is conducted and, by extension, to a certain extent, change consulting services.

George Solomou also notes a crowding, both in the market research sector and in the consulting sector, to characteristically express the belief that businesses that rely on one-man shows will not last and will likely be acquired or driven out of business in the near future.

"Of course, we too," he indicated, "keep the margins open in our own sector for further development and expansion, which is why we are examining some cases of acquisitions related to the sector, which will give

How do you think the Cypriot economy will perform in the new year? How optimistic are you about its prospects?

After the recent upgrades from international rating agencies, things look even more promising for the Cyprus economy.

The Cypriot economy has proven its resilience and ability to recover and bounce back from difficult times and circumstances.

This, personally, makes me feel optimistic that with proper and rational management of public finances, support for citizens and substantial support for private business, the difficult times are over and we are steadily heading towards a path of growth and economic stability, albeit at a slower pace.

Besides, progress is also evident from the economic indicators, which have a positive indication.

What do you see as the biggest risks to our country's economy? What should be considered in order to ensure its growth trajectory?

I believe that the greatest risks are external and relate mainly to our geopolitical environment.

Both the ongoing war in Ukraine and that in our neighborhood, in the ‘burning’ Middle East, may not currently directly affect the course of our country's economy, but in reality these are events that concern us and for this reason we should monitor them and approach them with the utmost attention so that, if deemed necessary and appropriate, we can act proactively to safeguard our interests.

Furthermore, the uncertainty plaguing the economy and Cypriot households, which stems from recent ongoing inflationary trends, despite having receded relatively, also poses a permanent threat to fiscal matters.

As for our development trajectory is something that we must preserve at all costs. The state has an obligation to protect public finances and, of course, the sectors with the greatest contribution to the country's GDP.

Attracting foreign strategic investments

What should Cyprus do to become an even more attractive destination for foreign investments? And how important, in your opinion, are they for its economy?

A country like Cyprus, semi-occupied, without heavy industry and with a limited number of human resources, depends economically, in addition to tourism, on attracting foreign strategic investments, which are extremely necessary and important for its economy.

However, it is a prerequisite that these investments should not under any circumstances be a product of exploitation, as was the case with the naturalisation program. On the contrary, it is absolutely necessary that the investments contribute actively and substantially to a country's economy.

The opening of offices, the transfer of personnel and capital, the creation of new jobs, and better wages are some of the benefits that will come as a result of a properly designed and implemented national strategy for attracting foreign investment.

Furthermore, it is very essential for these investments to be granted the necessary incentives and the required facilities, bypassing outdated bureaucratic procedures, always of course within the framework of the law.

By modernising and simplifying procedures, many deterrent factors that investors could invoke are automatically eliminated, and thus Cyprus can become a more attractive destination for large businesses and organisations in the sectors of health, technology, real estate, services, shipping and many other sectors, creating a chain of positive developments for our economy.

A competitive and demanding sector

Regarding your company's sector of activity, how do you anticipate it will develop in 2025? Are there any issues that concern you?

Our sector is quite competitive and at the same time demanding, and this in itself is a motivation for us to continuously improve and upgrade our products and services.

Cypriot businesses have now begun to include market research, both quantitative and qualitative, as well as the purchase of external consultants in their operations and budgets.

Many businesses now prefer, rather than guessing, to measure both promotional moves and customer satisfaction/service, as well as other data, something that can only be identified through research, which has always been the only means of recording trends, preferences, opinions and perceptions of the consumer public.

You know, the difficulty in our field is that many businesses, especially family-owned ones, do not properly appreciate the magnitude of the long-term benefit they can gain by hiring external consultants and researchers.

The right consultant must be honest and resourceful and not necessarily likable, because he or she will often have to identify and bring to light truths that managers and owners within the organisation may not be able to identify due to constant friction and emotions.

Given this acceptance of the role of external consultant, but also researcher, I believe that with the proper and professional work we do, we should not have any specific concerns about the future.

What are the biggest trends/changes you expect to occur in your sector and what are the most significant challenges?

I believe that our sector, the research and consulting sector, will have an upward trajectory for the reasons I mentioned above.

New technologies, the adoption of new methods and approaches will play a very decisive role. What we once knew about research is no longer applicable due to new conditions, a fast pace and the evolving demands of society.

It is clear that if we wish to be ready to respond appropriately, we must adapt, progress and evolve accordingly.

A strong trend that seems to be taking hold in Cypriot business is that of acquisitions and mergers. Will we see it strongly in your sector as well?

Acquisitions and mergers are practices that have always been followed, as they are a rapid means of growth that businesses can exploit, they simply were not very widespread in Cyprus, while at the same time the world was not ready to manage such approaches since they were considered by some as aggressive business practices, given the small size of the country.

Of course, this has changed in our time, which is why we see more often acquisitions and mergers taking place in the business field of the Cypriot economy.

In our sector, there is a congestion in both the market research and consulting sectors. I believe that businesses that rely on one-man shows will not last and will likely be acquired or driven out of business in the near future.

Of course, we also keep the margins open for further development and expansion in our own sector, which is why we are examining some cases of acquisitions related to the industry, which will give us synergies and a competitive advantage.

Investing in new technologies

What can we expect in terms of your organisation's plans and development strategy in 2025? What moves do you intend to make in this direction?

A human-centered approach, evolution and consistency. It was with this triptych, that the company was founded in 2007 and had set as its goal the provision of high quality products and services at affordable prices and always with our partners at the centre. With this logic, therefore, we are continuing today.

Over the last two years, we have invested heavily in the technology sector, integrating many new software, enhancing the company's operations with many capabilities and prospects, including that of artificial intelligence.

These systems contribute to shortening project delivery times, eliminating errors resulting from the human factor, and adopting new techniques and practices that seemed impossible a few years ago.

By investing in new technologies, I believe that we are increasing the quality and scope of our services, without increasing costs.

Furthermore, in 2025 we will present to the business world of Cyprus, as well as Greece, where we have started activities in the last two years, an innovative product-service that will change the way research is conducted and, by extension, to a certain extent, consulting services.

In addition, new departments of the company have begun to operate, such as that of conducting seminars and training, but also in the areas of strategic planning and consulting services in specific areas where we have the know-how and specialisation.

By following the evolution, we do not remain attached to old techniques. On the contrary, we upgrade ourselves so that we can offer our clients, who have supported us throughout all these years, the best quality of services and the desired results.

(Source: InBusinessNews)