Customer development in Singapore has repeatedly failed? Are you really using the right method?
Singapore is the only developed country in Southeast Asia and one of my country's top ten exporting countries. Since the "Belt and Road" initiative was proposed in 2013, my country has become Singapore's largest trading partner for nine consecutive years. In 2022, the bilateral trade volume between China and Singapore reached 771.54 billion yuan. .
Singapore’s per capita GDP is US$72,800, so its population’s consumption power is very high. At the same time, Singapore is also relatively close to my country. Under this circumstance, Singapore has become one of the preferred markets for foreign traders. So what are the characteristics of Singaporean customers? When exploring the Singapore market, what should foreign traders pay attention to?
Negotiation Etiquette
Singapore is a country that attaches great importance to etiquette. They attach great importance to etiquette details. They are strict with themselves and with those they negotiate with. Therefore, if foreign traders lack etiquette, it will affect the possibility of final transaction.
Tips for tracing: Singaporean customers have a very strong sense of time. To negotiate with them, foreign traders must make an appointment in advance and arrive or contact them on time. If they are late, it will easily cause customer dissatisfaction.
negotiation style
Singaporean customers attach great importance to efficiency, and they will be more inclined to choose suppliers who can respond quickly. Therefore, when negotiating with Singaporean customers, foreign traders must always pay attention to the other party's information so that they can complete the response in the shortest time.
In addition, Singaporean customers also pay great attention to the terms and details of the contract. Therefore, in order to improve the efficiency of negotiations, foreign traders must pay more attention when formulating the contract at the beginning.
credit status
Thanks to the good economic environment, Singaporean customers have a relatively good credit standing. Therefore, foreign traders do not have to worry too much about this issue when cooperating with Singaporean customers.
Of course, basic background checks still need to be done, because the whole cannot represent every individual. You can directly search the customer name through trace data to view the customer's detailed information.
（Source：ueedata）
For example, if we search for the buyer named "JASPER LIVING", we will find that its suppliers are relatively fixed, and it has a large number of transactions with each supplier, so the buyer is relatively trustworthy. , so foreign trade people can conduct in-depth investigations on it.
Diversification
Singapore is a multiracial country with very diverse religions, which makes them relatively sensitive on this issue. Therefore, on the one hand, foreign traders should try to understand as much as possible about local customs and habits to avoid violating taboos. On the other hand, they should also avoid talking about religion, politics, ethnicity and other related issues.
quality, price
Due to its developed economy, Singapore is more accepting of prices, but at the same time it attaches great importance to product quality and services, so foreign traders must pay attention to product quality control. Don't choose low-priced and inferior products and materials in exchange for orders at a low price, otherwise you will be blacklisted.
If you want to know more tips on developing customers in Singapore, you can send us a private message~
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