An entrepreneur is something that has been the dream of today’s young people. Similarly in Nepal, it is a country filled with a young generation, so entrepreneurship in Nepal is currently heightening. Meanwhile, today, we will unlock the few secrets regarding the tips for new entrepreneurs to market and promote their products and services in Nepal.
For every nation, entrepreneurship is a rudiment for the development of a nation. And entrepreneurship is integrated with generating distinct ideas, promoting services, and products in the most unique way so that it could reach out to all the potential customers. Meanwhile, having an entrepreneurial idea is just not enough.
You need to have innovative thoughts to market and promote your product and services. A good strategy in order to market and promote products and services could save you an enormous amount of money, time, and effort. Therefore stick with us to unearth the effective tips for entrepreneurs to market and promote their products and services.
Market Situation For Entrepreneurs In Nepal
Digging out the truth, then we have to say that, still Nepal is regarded as the low-level income nation whose GDP is $28.8 billion. Sadly, Nepalese per capita income was estimated at around $973 annually. Moreover, agriculture accounts for 28.2 percent of GDP and 65.7 percent of employment. 14.2 percent of GDP is generated by the industrial sector, whose main sub-sectors consist of manufacturing, construction, and commerce.
The services sector – which includes immobilization, transportation, communications, and education – contributes 57.6% of GDP. However, the majority of young people of Nepal interested in different kinds of start-ups. So far, there are many start-ups that have shown great potentials over the years.
Ecommerce businesses like Daraz and Sasto Deal are pioneering in the market and they are generating millions as a revenue. Similarly, startups like e-Sewa, Pathao, tootle, etc have drawn the attention of the whole country towards the new and innovative ideas of the young people of Nepal.
Meanwhile, it doesn’t mean that there is no room for newcomers. Frankly, Nepal’s current market situation is much more flexible. There is not much monopoly market in Nepal which makes it a favorable environment for new ideas and start-ups.
Needs And Importance Of Marketing?
Marketing of the new product or service prepares necessary field communication and respond to specific markets and customers. Strong marketing skills, product knowledge, and strong interpersonal skill are required to carry out effective marketing.
Basically, marketing enables entrepreneurs to spot and grab business opportunities. In the modern age without marketing, no one going to buy your products and services. So make sure to develop effective marketing strategies and plans that could tap into your targeted customers.
You have to know that marketing allows you to promote your goods or services. It aware people about your goods and services. Your capital and business are one thing that you deal with one specific mind set up. But marketing requires a rational and vague brainstorming which directly relates to your growth and sustainability in business.
Meanwhile, there are various types of marketing but today we will discuss the best marketing effective ways to promote your services and products. As well as we will tell you what are the things you need to avoid.
Effective Ways Of Marketing
There are a bunch of ways for marketing your products and services. C2C and B2B marketing are traditional but still, it works. But in the 21st century, social media has changed the marketing game.
Currently, marketing through social media is the most effective way to promote your goods and services. Along with Social media marketing, referral marketing is another key to promote your services and products in the market.
Social Media Marketing
Talking about Marketing in social media, then it starts with the publication first. Companies posted their content on social media to produce traffic and, potentially, revenue for their websites. However, social media has evolved well beyond over the years.
In the modern world, social media is a very powerful approach to access prospects and customers for companies of all sizes. Social media marketing allows you to contact and talk with your audience directly via social networking platforms like Facebook, Twitter, Instagram, and Pinterest.
You have to understand that, your customers are already engaging with brands via social media. So you just have to carry out an effective advertising campaign to reach out to your customers.
Remember, excellent social media campaigns will offer the company remarkable success, and they also create loyal consumers, even accelerate leadership and sales.
You can use Facebook to promote your brands. Similarly Youtube, Instagram, having your own website in Google is a major way to promote your products and services.
Referral marketing is one of the compelling ways to promote your products and services in the market. When the customer gets satisfied with your brand then, they refer your product or service to other people. In this way, you can create new customers with your existing customers. More importantly, it builds the trust and preference of consumers.
In the Nepalese market, worldlink has used this marketing scheme in their earlier days and even today they used referral marketing. lately, worldink used to had a scheme where customers get a one-month free subscription if they refer worldlink installation to their friend’s family or relatives.
And this marketing strategy is proven very effective. So perhaps you also need to develop certain tactics to create a referral marketing environment for your business.
Cheap And Best Ways For Marketing
We have already discussed, there are different types of marketing. The most practiced marketing strategies are c2c marketing and b2b marketing etc. Among all, social media marketing is one of the simples and cost-effective ways to promote your products and services.
You just need to hire a social media manager and digital marketing expert to do your social media marketing stuff. More importantly, social media marketing brings the immediate result of your marketing plans.
Social networking platforms like Facebook, Instagram, and Google are the most reliable platforms to promote your service and products. Every single firm and small business around the world are using these platforms to grow their business. And the reason behind is its simplicity, time-saving, and cost-effectiveness.
In Nepal also, many new start-ups as well as the big corporates are using social media marketing to aware customers about their products and services. Therefore, for your business also these platforms are undoubtedly effective. All you need to do is to hire experienced digital marketing experts.
Untouched Marketing Strategies and Plans In Nepal
Nepal is a growing nation. There are many ideas and innovation is still left to introduced in the Nepalese market. All the above marketing strategies are mainstream ways to promote your service and products. However, there are still many things that can be done to differentiate your business from others.
Affiliate marketing is not new in the global market. But in Nepal, it’s totally untouched. In affiliate marketing, your products will be sold by various people and you just need to pay them a certain portion of percentage from each sale. This marketing strategy has not been tried by any firm so far. Therefore, your business may be will be the first one to start this in the Nepalese market.
In Nepal research-based marketing is very rare. Meanwhile, in the global market, every entrepreneur carries out research in marketing, so that they could know the taste and preference of customers. Moreover, research-based marketing also figures out about your potential customers, where and how to sell your products and services, etc.
Rarely in Nepal, entrepreneurs do authentic research before introducing their business in the market. So, we suggest you do research with the team so that you could sell your products and services effectively in the Nepalese market.
Being able to establish oneself as an entrepreneur is a bit hard to accomplish. However, modern technology has given power in the hands of everyone to pursue their entrepreneurial dream. In Nepal, entrepreneurship is booming because Nepal is a developing nation and more than half of its population is young people.
The majority of them have an access to the internet. So, for young entrepreneurs of Nepal, social media marketing is the best platform to market their goods and services. And it is quite easy and less expensive.
Just take an example of growing Nepalese e-commerce sites and online payment sites. If you have some distinct idea, then probably its a better to turn your dream idea into reality. Furthermore, due to the pandemic people are preferring shopping and payments online.
It indicates that people are willing to spend online. And the only thing you have to do is to come up with unique entrepreneurial ideas and promote it through social media platforms so that it could be drawn the attention of your targeted customers.