This complete quotation is called a “firm offer”. Once accepted by the customer, the quotation cannot be changed because it covers almost all the basic elements of the contract.

However, in actual operation, due to flexibility considerations, foreign trade quotations often use “non-firm offers” that have no final effect. These virtual quotations can leave greater bargaining space for both parties and make transactions more flexible.

Customer types and quotation strategies

Customers can usually be divided into several categories when inquiring. Understanding these types can help formulate more accurate quotation strategies:

1. Already inquired elsewhere: You may be asked directly about the price of a product similar to yours.
2. Frequent Customers: Looking for more cost-effective alternatives.
3. Customers who discover products by accident: Habitually ask about prices to better understand the product.
4. Traditional customers: Usually understand the product details first and then ask about the price.

Direct quotes often result in failed trades. Direct quotes can leave customers feeling intimidated when there is insufficient communication and understanding between the two parties. A price that is too low may raise doubts about product quality, while a price that is too high may exceed customer expectations.

Quotation skills

During the quotation process, you should pay attention to the following points:

1. The quotation should not be too low: The quotation is attractive, but too low a quotation may make customers think that the product is of poor quality and affect subsequent negotiation space.
2. Don’t quote too fast: Quoting too quickly may make customers feel unreliable, thereby reducing trust.
3. Set the bottom line of quotation: The quotation should be higher than the bottom line to protect profits, while leaving room for unexpected situations.
4. Control the timing of quotation: The right price should be quoted at the right time, such as providing a lower price during the initial consultation to attract customers, and subsequently providing multiple options through stepped quotations.

In addition, the flexible use of virtual offers is also a basic skill in foreign trade negotiations. For example, if the customer does not respond positively after the quotation, you can try to send a virtual offer with a lower price to test the customer’s intention.

Be careful of customers’ temptations

When customers make inquiries, especially during the first contact, customers often tentatively inquire about multiple products, but actually only want one or a few of them. When quoting, you should be careful to use matching quotes to avoid unnecessary losses.

It is also important to understand the customer’s level of market knowledge. When dealing with customers who are familiar with the market, if the quotation is too high, it may send bad information and affect the customer’s enthusiasm for trading products that they are really interested in.

Conclusion

Foreign trade quotation is not an isolated link, but a process closely related to customer communication, trust building and market understanding. Foreign trade salespeople can better promote successful transactions by mastering quotation skills and strategies and flexibly responding to different customer needs.