Know oneself and the other, and grasp the psychological price of customers
Quoting is not just a single action, but a closed-loop series of operations. From the moment you receive a customer inquiry, you need to start analyzing and understanding their specific needs.
The first step before quoting is to determine the customer’s psychological price level. So determining the psychological price level of customers can only be as comprehensive as possible through backtracking.

01. Positioning customer background

Understand the customer’s background, strength, sales model, etc., which means conducting a survey, analysis, and summary evaluation of the customer.
If a customer asks you for an inquiry, you should try to understand through multiple channels which country and city the customer is from, whether it belongs to the target market of your product, whether the customer is rigorous or easygoing, as well as the customer’s main product business scope and sales methods, whether it is wholesale or retail, whether it is a large customer or a small intermediary, the customer’s purchasing ability and sincerity, the customer’s familiarity with the product, and customer habits in different regions.
Then implement targeted foreign trade quotation techniques, namely “personalized quotation”.
Of course, in the marketing process, it is inevitable that we will encounter certain customers who will not give us more communication time, but will directly ask us, ‘What is the product price?’?

02. Understand customer needs

What attracts customers more than price is value. After the preliminary background check, the next step is to inquire in detail about the customer’s requirements for the product, packaging requirements, possible quantities, etc.
With a basic understanding of the customer, you can even suggest other more suitable products to them. This process is very important and a valuable opportunity to showcase your professionalism to the customer. Poor English is not a problem, you can remember the product terms well.

If customers are willing to chat with you, they can also briefly explain their company’s history and business philosophy, and establish a reliable image of their suppliers. Anyway, it’s about subconsciously conveying value to him, implanting an additional value beyond price when choosing you as a supplier, such as good service, multiple products, and high efficiency.

03. Determine a reasonable quotation

If it is a large customer with strong purchasing power, you can appropriately quote a higher price, and vice versa. If customers are very familiar with this product and its price, it is recommended to highlight the advantages and disadvantages of their own products by comparing their competitors in the same industry.
If the customer has a straightforward personality and does not like to negotiate in circles with you, it is best to show your bottom line from the beginning, quite close to the bottom price, and “catch” the customer from the beginning to avoid scaring them away by offering a high price.
If the customer is not very familiar with the product, you should warmly introduce the purpose and advantages of the product, and the price can be quoted higher. If some customers are particularly sensitive to price and compete every minute and every penny, and they are interested in your product, you must have enough patience to fight a “psychological war” or “long-lasting war” with them.

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