13 Practical Strategies for Closing Foreign Trade Deals Quickly!

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2024/12/13

13 Practical Strategies for Closing Foreign Trade Deals Quickly!

In foreign trade, success in acquiring customers depends not only on the quality and price of your products but also on using a variety of strategies. Here are 13 practical strategies to help you improve your conversion rate and close deals faster.

1. Customer Analysis is Key：To successfully cooperate with customers, you must first understand their real needs and decision-making power. It’s important to know the customer’s role in their company—whether they have direct decision-making authority or are simply an information gatherer. If the customer doesn't have the final say and is just one of several people collecting information, they might not pay much attention to your pitch, and your efforts could go unnoticed.

How to Analyze Your Customer:

Check social platforms like LinkedIn, Facebook, etc., for details such as the customer's position, company, and interests.
If such information isn’t available, use Google to search for company names, email addresses, or any other data you can find. With persistence, you can uncover valuable clues, including registered company information, Twitter profiles, or other social media accounts.

2. Follow Up via Phone, SMS, and Instant Messaging

Many customers today are active on social platforms. You can find their Yahoo, Skype, or other instant messaging handles to follow up quickly and directly. This method allows for quicker engagement but should be used cautiously to avoid overwhelming the customer.

Strategy:

After sending an email, reach out via an instant messaging tool like Skype or SMS to inform the customer of your contact and purpose.

If you’re concerned about costs, SMS can be a more cost-effective option for initial contact.

3. Price Increase Strategy

While price is a major factor in customer decisions, announcing a price increase right away may scare off customers. Instead, use the price increase strategy to entice customers to purchase at a lower price before the adjustment. Let them know that due to rising exchange rates or material costs, prices will soon change. However, you can offer them the current price if they place an order soon.

Strategy:

Inform customers about price fluctuations before they take effect and offer them the opportunity to secure current pricing with a quick order.

4. Notify Customers About Price Changes

For products with fluctuating prices, let customers know in advance that the prices will change before the quote expires. Send an email or call to inform them of any upcoming price increases. This ensures the customer is aware and can act before the new prices are in place.

Strategy:

Send a timely email or make a phone call to notify the customer of the impending price adjustment and encourage them to place an order.

5. Attract Customers with Incentives

For purchasing agents or other company employees, offering incentives can be a powerful motivator. However, ensure that your target is an employee with some influence, not just a person without decision-making authority. Offering commissions or rebates for closing a deal can motivate employees to push the sale forward.

Strategy:

Offer a commission or other rewards to employees who close deals on your behalf.
Tailor incentives based on the customer’s level of authority and influence.

6. Working with Intermediaries

Intermediaries can be tricky because they cannot make the final purchase decision. They are usually waiting for the final customer’s approval. If the intermediary doesn’t have a problem, they may not contact you, but if there’s an issue, they will reach out.

Strategy:

If an intermediary seems to be stuck in a deal, directly ask if the final foreign customer has already made a purchase.

Work closely with intermediaries, providing them with sales commissions and helping them close deals with final customers.

Be clear about the pricing method with intermediaries—whether you provide them with the final price including commission or a base price they can mark up.

7. Send an Intentional Incorrect Proforma Invoice (PI)

A clever strategy to entice customers is to intentionally send them an incorrect Proforma Invoice (PI). Offer a slightly discounted price to stimulate the customer’s buying desire. This strategy plays on their curiosity and often prompts them to inquire further, allowing you to guide the conversation.

Strategy:

Send an incorrectly addressed or slightly discounted PI and ask the customer to confirm. If they inquire, you can pretend to be surprised and apologize for the mistake.

This technique creates urgency and encourages the customer to act quickly.

8. Stimulate Unresponsive Clients by Highlighting Recent Sales

Use recent orders as leverage to encourage customers who haven’t yet placed an order. Inform them that other customers have recently placed orders for similar products, and offer a special discount or shorter delivery time to motivate them to buy.

Strategy:

Highlight recent sales to create a sense of urgency, and offer incentives such as faster delivery times or discounts for immediate orders.

9. Encourage Customers to Order by Using Market Trends

Leverage market conditions in the customer’s country to push them to make a purchase. Let them know that demand for your product is growing and that now is the best time to act.

Strategy:

Share information about the growing demand for your product in their market to create urgency.
If they are a purchasing agent, you can even suggest that you help them grow their market share and increase profits by promoting the product to their superiors.

10. Leverage Customers’ Networks to Find New Leads

Your customers often have wide networks, both professionally and personally. Encourage them to introduce your products to their friends, family, or business connections. Offer commissions or other benefits in exchange for referrals.

Strategy:

Motivate customers to refer your products to their network by offering incentives such as commissions.

Take advantage of their social and professional connections to increase visibility and generate leads.

11. Explore Customers Using New Identities

When you’re unable to close a deal, try using a new identity to approach the customer. You can create a new email address and use a different name to interact with them, which may give you fresh insights or open new doors if the customer has lost interest in your company.

Strategy:

Set up a new email address and communicate with the customer under a new persona.
Avoid directly mentioning your company to see if the customer responds more positively to the new approach.

12. Use Emotional Strategies to Build Rapport

Emotional strategies are timeless and effective. Customers, like everyone else, appreciate thoughtful gestures. Send greetings during holidays, special events, or even wish them a happy birthday to make a lasting impression.

Strategy:

Send thoughtful greetings on holidays or special occasions to strengthen your relationship with the customer.

A small gift or message can go a long way in building rapport and trust.

13. Don’t Overwhelm Customers with Too Many Follow-Ups

While it’s important to follow up, too many follow-ups can overwhelm the customer and make them feel pressured. This can lead to them backing out of the deal. Be patient and considerate while gently reminding the customer of the next steps.

Strategy:

Follow up at the right time without bombarding the customer with constant reminders.
Focus on helping the customer feel comfortable with their decision rather than pushing them into a quick commitment.

In foreign trade sales, success lies in how effectively you use these strategies and adapt them to different customer situations. To precisely target potential customers, consider using TradeInData, a powerful tool that helps you gather accurate information and contact details of decision-makers, making it easier to close deals and enhance your sales process.

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