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2024/01/05
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What preparations should be made before quoting for foreign trade? Don't blindly step on thunder aga
Foreign trade quotation is a crucial part of initiating foreign trade negotiations. If your quotation does not meet the customer's expectations, they will not engage in communication with you, but rather sink into the sea. But if your quotation can arouse customer interest, then the first step is considered smooth. So, what preparations do foreign traders need to make before quoting in order to improve the quotation response rate?

Conduct market research

Although foreign trade quotations are often based on comprehensive considerations such as actual costs and profit margins, if the price differs significantly from the market price, it will be difficult for foreign traders to obtain a response. Therefore, foreign traders must pay attention to conducting regular market research, following market trends, and avoiding arbitrary quotations.

Analyze customers

After receiving the inquiry, the foreign trade person needs to first conduct a preliminary analysis of the customer type, customer needs, etc. And these information can be quickly understood through the customer's official website, social media, and customs data. After becoming proficient, it may take 15 to 30 minutes to complete, so foreign traders actually don't need to worry about customer loss due to slow replies.

Foreign traders can directly view detailed data of buyers through tracking data, reducing the time required for information collection. So how should we conduct a preliminary analysis of the customer? Firstly, we can take a look at its transaction frequency and quantity. We will find that although its transaction frequency has decreased, its transaction quantity has increased significantly, which means that its single transaction volume is also increasing significantly。

 
 
(Source: Ueedata.com)
 
Moving on, we can see that the company only has one supplier, which means that the company has gradually trusted this supplier and thus increased its supply.

But at the same time, if the company sends you an inquiry email, it means that the company has some dissatisfaction with this supplier. Therefore, you can now check the official website of the supplier, find your advantages compared to the other party, and focus on writing a quotation email from these perspectives.

 
(Source: Ueedata.com)
 
Check the quotation

After the foreign trade person has written a quotation, they need to carefully check the content of the quotation again, including whether the price is reasonable, whether the sentence is smooth, whether the format is correct, and whether the information is complete.

Once a quotation is issued, it can be very troublesome for foreign traders to change the quotation information, and it can also leave a less professional impression on customers, which can affect subsequent negotiations and cooperation. So foreign traders need to be more cautious, rather than rushing to send it out after it's written.

The above are some preparations that foreign traders need to make before replying to the quotation. If you want to learn more, you can send us a private message~

 
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