This is the correct way to open up foreign trade price reductions! Are you sure you're not familiar
Foreign trade negotiations are actually a bargaining process, so it is inevitable that foreign traders will need to lower their prices during this process. But it should be noted that lowering prices is not as easy as imagined. The wrong way of lowering prices can have a significant impact on the final negotiation outcome. So, what is the correct way to open up foreign trade price reductions? Is there anything special to pay attention to during the price reduction process?
Timing of price reduction
Price reduction is a request made by customers, and some foreign trade newcomers will easily agree to their demands in order to obtain orders. But you should know that reducing prices too easily will not get you an order, but will only make customers think that you still have room for price reduction, otherwise they won't agree so readily.
Therefore, the timing of price reduction is very important. Generally speaking, there are two best times to lower the price. One is when you will lose customers if you don't lower the price, and the other is when you can get orders by lowering the price. For example, when customers say that as long as you lower the price, you can directly place an order.
Before that, what you need to do is to persuade the other party as much as possible and understand the reasons why they feel expensive.
Reasons for price reduction
It is obvious that foreign traders will repeatedly emphasize at the beginning of the quotation or during the negotiation process that this is the lowest price you can offer. Therefore, when reducing prices in the future, it is also necessary to provide a suitable reason, otherwise it will make customers feel that the previous quotation is inflated, and thus doubt the current quotation.
The reason for the price reduction can be to propose a condition that can benefit oneself and be accepted by the customer. This way, customers will have the illusion of making concessions themselves, so it is also reasonable for you to lower the price.
The choice of this reason can be considered from the aspects of delivery time, quantity, and payment method. However, how to choose depends on the information collected in the early stage to determine which one is acceptable to the customer.
If the above directions are all points that customers are more concerned about, you can also recommend other products to customers as a reason for price reduction by increasing the name of the order.
You can find the customer through tracking data, check their HS code, and find what they need. At the same time, you can also provide products to increase the likelihood of the customer agreeing.
(Source: Ueedata.com) price cut percentage
After finding a suitable reason, you need to provide a quotation to the customer. Generally speaking, the customer will not provide too clear numbers, so the other party will have no room for further negotiation. Therefore, the extent of price reduction also needs to be controlled by the foreign trade personnel themselves.
In terms of the magnitude and frequency of price reductions, you need to pay attention to three points. Firstly, the magnitude of the price reduction should not be too large to avoid limited negotiation space in the future. Secondly, the frequency of price reductions should not be too high to avoid exceeding three times, which can easily lead to customers continuing to negotiate. Thirdly, there is a tiered price reduction, which means that the magnitude of the next price reduction should be lower than the previous one, so that customers can feel the difficulty of the price reduction.
The above are some points that foreign traders need to pay attention to when reducing prices. If you want to learn more, you can message us privately~
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