How should foreign traders respond to customer bargaining?
Customer bargaining can be said to be an ordinary thing in foreign trade negotiations. Even if you offer a low price from the beginning, customers will still choose to negotiate. Although this matter is ordinary, how foreign traders should respond is important because the wrong approach not only makes it difficult to facilitate orders, but can even cause greater losses. So how should we respond?
Maintain a calm mindset
Firstly, when foreign traders encounter customers requesting a price reduction, they must maintain a calm mindset. If you mess up and feel that the chances of a deal are slim, or if you are impatient with negotiating with a client, the outcome can also be imagined.
A mentality that foreign traders need to correct is that since the other party is willing to negotiate with you, it means that they have a certain interest. After stabilizing their mentality, they can think about coping strategies to avoid making mistakes during busy times.
Make a self-examination
After stabilizing their mentality, foreign traders need to self check their quotations to see if they are correct. A correct quotation usually has the following three characteristics:
1. There is a 15% -20% flexibility space, because foreign trade negotiations are essentially a bargaining process. If there is no bargaining space, then there is nothing to talk about.
2. Does the quotation fully explain why your products and services are worth the price.
3. Is it practical? You need to confirm that your quotation is in line with the market situation and there is no situation of excessive quotation.
strive for
After confirming that there are no issues with their quotation, the next step for foreign traders is to strive for it, rather than lowering the price. Although there is room for price reduction, reducing prices too easily can make customers feel that there is still a lot of room for price reduction.
So what you need to do is to explain in detail why you are worth this price, such as using high-quality raw materials, what advantages you have compared to competitors, more advanced technology, quality assurance, and so on.
Customer background check
If the customer insists on requesting a price reduction, then what you need to do is conduct a background check, that is, why the customer feels that the quote is too high and what is the customer's focus? Do the customer have any other suppliers? Is there a possibility of long-term cooperation?
You can use tracking data to enter the name of the purchaser and view the customer's transaction frequency, quantity, weight, etc. If the data is stable or showing an upward trend, it means that the customer has strong purchasing power and potential.
(Source: Ueedata.com)
Next, you need to check which trading partners the customer has, whether the replacement frequency is high, and whether there are any suppliers from China. If the supplier is relatively stable, it means that the customer has the possibility of long-term cooperation. However, this also means that it is difficult to win the customer, and without sufficient obvious advantages, they are unlikely to easily switch suppliers.
However, since the other party has found you, it also means that they are dissatisfied with the original supplier. It is recommended to find the supplier, compare them, identify the customer's needs and your strengths, and then negotiate or reduce the price.
If you want to learn more about foreign trade negotiation skills, you can send us a private message~
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