In Nepal, data analytics is becoming increasingly important for understanding buyer motives across various industries. While the market dynamics might differ from global trends, the principles of data analytics can still be applied effectively. Here’s how data analytics can play a role in understanding buyer motives specifically in Nepal:

1. Understanding Local Consumer Behavior

• Cultural Preferences: Nepal’s diverse cultural landscape means that consumer preferences can vary significantly by region. Data analytics can help businesses understand these cultural differences and tailor their products, services, and marketing strategies accordingly.
• Festivals and Seasons: Consumer behavior in Nepal is heavily influenced by festivals (like Dashain, Tihar, and Holi) and seasons (monsoon, winter, etc.). Analyzing sales data around these times can help businesses anticipate demand and cater to buyers’ motives during these periods.

2. Digital Footprint Analysis

• E-commerce Growth: With the growing popularity of online shopping platforms like Daraz, SastoDeal, and Foodmandu, data from these platforms can provide insights into online buying behavior. Understanding what products are popular online can help businesses adjust their offline offerings and marketing strategies.
• Social Media Influence: Social media platforms like Facebook, Instagram, and TikTok are widely used in Nepal. Analyzing engagement and interaction data can reveal what content resonates with the audience and what motivates them to purchase or inquire about products.

3. Price Sensitivity in a Developing Economy

• Affordability Analysis: In a developing economy like Nepal, price sensitivity is a significant factor in purchasing decisions. Data analytics can help businesses understand the optimal price points for different customer segments, ensuring that products are priced competitively while still meeting profitability goals.
• Promotional Impact: Analyzing the impact of discounts, offers, and promotions can provide insights into what drives buyers to make a purchase, helping businesses design more effective promotional strategies.

4. Localization of Products and Services

• Language and Communication: Nepal is a multilingual country with Nepali, Maithili, Bhojpuri, and other languages spoken widely. Data analytics can help businesses understand which languages are preferred by different customer segments, allowing for more effective communication and marketing efforts.
• Regional Preferences: By analyzing sales and customer data from different regions (e.g., Kathmandu Valley vs. Terai region), businesses can identify regional preferences and tailor their offerings to meet local demands.

5. Mobile-First Strategies

• Mobile Usage Patterns: With the increasing penetration of smartphones, especially in urban and semi-urban areas, understanding mobile usage patterns through data analytics is crucial. Businesses can leverage this data to optimize their mobile apps, websites, and digital marketing efforts, ensuring they meet the needs of mobile-first consumers.
• Mobile Payment Trends: The rise of digital payment platforms like eSewa, Khalti, and IME Pay in Nepal provides valuable data on payment preferences. Analyzing this data can help businesses understand what payment options their customers prefer, making the purchasing process smoother and more appealing.

6. Agriculture and Rural Markets

• Agricultural Data: In Nepal, where agriculture is a major sector, data analytics can help understand the buying motives of farmers and rural consumers. For instance, analyzing data on crop cycles, weather patterns, and market prices can help businesses tailor their agricultural products and services to meet the specific needs of this demographic.
• Rural Consumer Insights: Rural consumers often have different purchasing priorities compared to urban consumers. Data analytics can help businesses understand these differences, enabling them to design products, services, and marketing strategies that resonate with rural buyers.

7. Adoption of Fintech Solutions

• Microfinance Data: In Nepal, microfinance institutions play a significant role in providing financial services to the unbanked population. Data analytics can help these institutions understand the financial behavior of their customers, allowing them to design products that better meet the needs of low-income households.
• Loan Repayment Behavior: Analyzing repayment patterns can provide insights into the financial stability of borrowers, helping financial institutions design more effective credit products and risk management strategies.

8. Tourism and Hospitality

• Tourist Behavior Analysis: Nepal’s tourism industry is a major contributor to the economy. Data analytics can help understand the preferences and spending behavior of tourists, enabling businesses to tailor their offerings to different types of tourists, such as adventure seekers, cultural enthusiasts, or pilgrims.
• Seasonal Demand: Analyzing tourist inflow data can help businesses in the hospitality sector anticipate peak seasons and adjust their pricing, inventory, and services to meet the expected demand.

By applying data analytics in these ways, businesses in Nepal can better understand what drives their customers, allowing them to make informed decisions that align with local market conditions and consumer behavior.

Data analytics is vital for businesses as it enables informed decision-making by uncovering trends, patterns, and insights from data. It improves operational efficiency by identifying inefficiencies, enhances customer understanding for better-targeted marketing, and offers a competitive edge by spotting market trends and opportunities. Analytics also aids in risk management by detecting potential threats early and supports innovation by revealing unmet needs. Additionally, it optimizes marketing efforts and helps in customer retention by analyzing behavior and predicting churn. Overall, data analytics drives smarter strategies, efficiency, and growth, making it essential for modern business success.

Data analytics is crucial for businesses for several reasons:

1. Informed Decision-Making: Data analytics provides businesses with insights derived from data, enabling more informed and strategic decisions. By analyzing trends, patterns, and correlations within data, companies can predict future outcomes and make data-driven decisions that are more likely to succeed.
2. Improved Efficiency: By analyzing operational data, businesses can identify inefficiencies in processes, optimize workflows, and reduce waste. This leads to cost savings and improved operational efficiency.
3. Customer Understanding: Data analytics helps businesses understand customer behavior, preferences, and needs. This understanding allows companies to personalize marketing strategies, improve customer service, and develop products or services that better meet customer demands.
4. Competitive Advantage: Businesses that effectively leverage data analytics can gain a competitive edge. They can identify market trends earlier, understand their competition better, and react more quickly to changes in the market.
5. Risk Management: Data analytics can help businesses identify and mitigate risks. By analyzing data, companies can detect potential risks early, whether they are related to finance, operations, or external factors, and take proactive measures to address them.
6. Innovation and Growth: Analytics can reveal opportunities for innovation by uncovering unmet needs or emerging trends. Businesses can use these insights to develop new products, enter new markets, or innovate their existing offerings.
7. Marketing Optimization: Data analytics allows businesses to measure the effectiveness of marketing campaigns and strategies. By understanding which efforts yield the best return on investment, businesses can allocate resources more efficiently and optimize their marketing efforts.
8. Customer Retention: By analyzing customer data, businesses can identify signs of customer dissatisfaction or churn. This allows them to take corrective actions, improve customer satisfaction, and retain more customers.

Overall, data analytics empowers businesses to make smarter decisions, improve their operations, and achieve their goals more effectively.

Make your sale count?  Pricing your product properly

• Why does proper pricing matter for my business?
• How can I price my products and services properly?
• What’s the different between wholesale and retail prices?

Story of Ramesh Babu?

• Imagin Ramesh Babu, a plant store that specializes in creating specific soil varieties for different species of plants.
• Ramesh a grate botanist, but an inexperienced business owner, and he’s not 100% sure how to come up with price for his soils. Some of them have to be perfected in a lab, while other are just what he digs out of his own garden.

Proper pricing matter?

• Pricing is not value that comes from market survey, its appear form formation of product form raw material to finish product, advertising cost, logistic, competitors pricing, user offering pricing …..
• Pricing make value to product.
• Pricing determines the category of market
• Pricing makes sense of attraction
• So, Price your product appropriately using data in order to earn enough revenue, compete in your market and convert first-time customers into repeat clientele.

How can I price my products and services properly?

When you think pricing of product matter then you need to make competitor analysis of the product.

• Pricing a product requires careful planning and an understanding of the value of the work you put into making it. You’ll want to ensure you’re earning enough revenue to cover the costs of keeping your product — and business — in the market while remaining competitive with other players in your industry.

What price model you see?

• There are a few different factors to consider before you calculate your product price. First, determine the pricing model that will help you find the balance of value and revenue. From there, you can create a pricing strategy that will help your business grow. Likewise, you can experiment with pricing tactics that will help you fine-tune your price per item.
• The most common pricing models are:
• Flat-rate pricing.
• Pay-as-you-go pricing.
• Tiered pricing.
• Price per user.
• Subscription/membership pricing.

Procut time

• “You will need to give your product time in the market to understand how customers respond to its pricing. Usually, conducting a quarterly review can help you gauge customer interest and satisfaction”

Explore the significant impact that digital transformation can have on your business growth and customer engagement.

Nowadays we all know the value and power of a strong social media presence. Most brands are on social media, and it is a great way to quickly reach a wide audience with targeted communications. There are many times when owners of brands or even marketers will get on a platform simply because it is popular or trending. It is important to remember that you need to be creating targeted communication messages to your audience, and if you are on a platform where they are not, it won’t help you in the long run. So, let’s talk about how brands pick which platforms to use for their social media strategy. 

Let look at top 5 social media platforms and how they can help you and your business! 

Facebook 

Facebook is still the largest social media platform to date. It is a platform for brands and businesses to connect and build relationships with their audience. According to Statista (2020) 79% of 18–29-year-olds and 30–49-year-olds use Facebook in the US. Pew Research estimates that 74% of users visit Facebook daily. There are 2.7 billion users globally (Statista, 2020). Understanding which demographics are on Facebook will help you build a strategy that targets these audiences. 

Facebook could highly target its users since users add their personal details to the platform. When building advertising campaigns, you can set your target audience and easily manage your budget, nice features for a first timer! 

Here are some tips and tricks for Facebook! 

• Know when your audience is online – are they viewing Facebook on their morning commute, maybe they eat while scrolling Facebook? 
• Post videos and graphics to increase your engagement rate 
• Go Live and build a relationship with your audience 
• Create a Facebook Group to build and nurture your community 

Facebook is a great platform for any business in any sector! 

Instagram

Instagram is normally considered the “pretty” platform. Here you will see highly edited content with Instagram influencers. It is a visual platform used to share moments and communicate one’s point of view to the world. Instagram has one billion monthly active users (Statista, 2020), so figuring out what your audience wants to see can unlock a world of new viewers of your content.

Instagram is mostly used by women the age of 13-29. They like to see images that they can relate to or aspire to be. Instagram has changed its algorithm which means it can be somewhat difficult to reach your audience. Ways to avoid this are by increasing your ads on the platform and using a wide range of hashtags. Great sectors for Instagram are travel, restaurant, fashion, make up, food, motivational, and so on. 

• Share unique business POVs and the face(s) behind the brand
• Make sure to edit content to fit your audience 
• Find Influencers who fit with your brand (Macro and Micro) 
• Use hashtags to the best of your abilities 
• Use stories, reels, and highlights

Any business who has a target audience within this demographic should be on Instagram.

Twitter

Twitter is a great platform for real time conversations. It enables users to send and read Tweets on a global scale. For many users, Twitter is the platform for live updates for news, sports, or brand information. Most users follow brands on Twitter than on any other social media platform. 

According to Pew Research, 22% of US adults use Twitter with 32% having a college degree. This same study found that 44% of 18–24-year-olds use the platform. There are 152 million daily active users worldwide (Statista, 2020). This is a great platform for any brand in the news, sports, celebrity, or pop culture industry.

• Add a video or graphic to increase engagement 
• Use link shorteners to save character counts
• Be concise with what you post 
• Build relationships with influencers and brand ambassadors here

Any business who sends in the moment information should be on Twitter!

LinkedIn 

LinkedIn is a professional networking site focusing on B2B. It is all about building and developing professional connections. It is great for businesses to share their CSR campaigns, news, jobs, and any other exciting updates. LinkedIn is a very niche audience making it easier to target specific groups of people. The average age group is 25-30 being 44% of users and 51% are educated at a college level. The platform has 706 million members in 200 countries and regions worldwide.

• Have clear call to actions on your LinkedIn posts
• Use LinkedIn to find talent
• Utilize graphics and videos
• Limit emojis and anything that could seem unprofessional 

LinkedIn is a place for professionals to convene and meet. Remember to use this platform in a professional manner with a professional tone.

Pinterest 

Pinterest is a great platform for businesses looking to connect with women. According to Statista, 71% of global users are female and they make the purchasing decisions in their household. Statista also says that there are 322 million users globally with 87 million active users in the US. 

The platform is used to plan “life moments” such as weddings, parties, traveling, etc. It is also used to develop hobbies and passions like; arts and decor, cooking, sewing, and building their business, like you! 

• Use Pinterest to connect with your audience through positive posts and ads
• Help users plan life moments using your products or services 
• Use Pinterest during the consideration stage of the Buyer’s Journey 
• Pinterest introduced Mobile Ad Tools so that you can build ad campaigns right from your phone

If you are a DIY brand or one with unique ideas, Pinterest is the platform for you!

Remember that it is okay to start a social media channel and test different strategies. The great thing about social media is that it is ever evolving and ever changing. Maybe one trend isn’t your strong suit, but another one comes along that is more up your alley. But always remember your audience and the messages that they want to see.

If you aren’t speaking where people can hear you, how are you going to get your message across?