When it comes to gathering market information, having access to reliable and up-to-date data is crucial for businesses seeking to understand the local market landscape although the Nepalese market may have difficulties.
However, there are several successful methods for gaining insightful information about the market.
Businesses can navigate the market more confidently and make better decisions by combining government resources, business directories, and networking opportunities.
But know this, the market – it’s always changing. When doing market research, it’s important, you consider the following variables to collect information for:
- Current trends
- Demographics
- Market size
- Market shares
- Trend forecasts
- Industry suppliers
- Geographic distribution
- Key competitors
- Market gaps, needs, and demands
Collecting information for these variables will help you better grasp the existing market and find opportunities for whether to enter the business or not and if yes, develop future business, product, and advertising strategies.
However, data is not everything, so get insight too from industry experts and stakeholders, and business operators.
Now how how do we get all those — data, information, and insight.
The following tips will help you obtain the market information you need to thrive in this dynamic and changing environment.
Explore government websites
You can explore the websites of governmental organizations, including the Ministry of Industry, Commerce, and Supplies, the Department of Commerce, and the Nepal Rastra Bank. This website provides in-depth information on economic indicators, trade figures, industry reports, and policy changes. You can search for publications or sections that focus exclusively on market information.
For instance, if you browse through the Department of Customs website, you will be able to access annual export and import figures that provide stats for all the products exported out of the country and imported into the country, which can help you understand market trends and demand.
Connect with an industry association
Connect with trade associations and organizations. They frequently compile and share market data specific to their respective industries. These associations can offer information on market trends, customer behavior, governmental changes, and industry-specific reports.
Browse media and publications
Follow business publications, journals, and online news portals to stay up-to-date. These sources cover industry trends, market news, and policy developments.
The Kathmandu Post, Bizmandu, Onlinekhabar, and Setopati are some of the well-known publications and sites. You can get timely market information by following them on social media.
For instance, wanna check out the market understanding of Nepal’s coffee economy, check it out here.
Attend Business Events for Networking
Attending business seminars, exhibitions, conferences, and social events can be helpful for your business. Such events provide opportunities to meet industry experts, business professionals, and government officials. This will help you acquire firsthand market information, insights, and key contacts.
Business Chambers
Check out the websites and online platforms of organizations like the Confederation of Nepalese Industries (CNI) or the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). These chambers offer market intelligence, research reports, and information specific to the industries they represent. Additionally, they plan seminars, conferences, and business events that present beneficial networking opportunities.
Research Reports and Studies
Research papers, market reports, and surveys are the best options to compare information from past and existing markets. In-depth analysis, market trends, customer insights, and information on different industries can be found in these publications. These resources can be freely accessed through their official website.
For instance, check out the Nepal Trade Integration Strategy report here.
Discuss/interview Local Experts
Speak with regional associates, business partners, and investors, or business authorities like a restaurant operator or a grocery store. They can provide you with views on market trends, regulatory changes, and local business practices. You can obtain access to important information and have a better understanding of the business environment by networking with people who have experience in the particular industry or sub-sector.
Social Media and Online Forums
Social media is a great platform to quickly learn about the market. You can use social media sites like Facebook, Twitter, or LinkedIn to interact with regional business communities, professional groups, forums, and even your potential customers. You can take part in different business-related discussions.
These platforms can give you information on current market players, conditions, challenges, and opportunities. This will further help your business make wise decisions and grow.
To make sure the information is reliable and true, always cross-reference and verify from multiple sources. Implement your research plan to meet the information needs of your industry, target market, and target audience.
