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A must see for beginners in foreign trade! The four common ways of foreign trade quotation!
Quotation is a crucial step in initiating foreign trade negotiations, and it is also an important factor affecting the pace of negotiations. A good quotation can not only facilitate smooth communication between foreign traders and customers, but also lay a solid foundation for subsequent negotiations, avoiding foreign traders from being too passive. So how exactly should we quote? Is there anything to pay attention to during the quotation process?
Priority quotation method

Priority quotation is actually giving a quotation before the customer quotes. The reason why we need to quote first is to control the negotiation price range. Because as long as the price quoted by the foreign trade person does not deviate significantly from the customer's expectations, subsequent negotiations will basically revolve around the price you provide and the customer's expected price.

Generally speaking, foreign traders are invited to provide quotations to customers, so there is basically no need to deliberately seize the opportunity.

Tail number quotation method

A quotation is a reasonable price given by a foreign trade person after comprehensive calculation. It is obvious that a quote that happens to be an integer is too coincidental, which can easily arouse suspicion from customers, and on the other hand, it cannot fully utilize people's numerical psychology.

Therefore, it is recommended that foreign traders avoid integer quotes and use the tail number quotation method when quoting. In addition, making appropriate use of numbers that customers like can be helpful in improving customer response rates.

Reverse quotation method

The reverse quotation method is actually a more risky approach, which is to attract customer replies by falsely reporting low prices. The advantage of this approach is clearly that the customer response rate will be higher, while the problem is that due to the psychological expectation of low prices, it will become very difficult for sellers to raise prices in the future. There is a high probability that it will become a low price exchange for orders, or a direct breakdown in negotiations.

Forward quotation method

Forward quotation method, which is to give a price higher than psychological expectations according to convention. Due to the slightly higher forward quotation method, the customer's response rate will be lower. But the forward quotation method can leave more room for subsequent negotiations, so the probability of a transaction will also be higher, and it will not cause negotiations to collapse due to reaching the bottom price too early.

To improve the response rate of quotations, besides requiring some quotation skills, it is more important to be able to hit the customer's pain points. Therefore, before quoting, it is best for foreign traders to conduct a background check on the customer.

Foreign trade professionals can use tracking data to find target customers, analyze their purchasing objectives based on information such as transaction frequency, transaction quantity, transaction weight, transaction cycle, and supplier, and then choose the appropriate quotation method.

If you want to learn more about foreign trade quotation techniques and improve quotation accuracy, you can send us a private message~

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