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To get more sales and get bigger over time, businesses need to keep taking the initiative to find new clients. In today’s world, the opportunities and potential for growth are almost endless it depends on you that how you manage them. In this challenging business market, Tradewheel.com is here to help you out.
We feature an international buyer directory where purchase managers with different procurement requirements post RFQs and wait for relevant sellers to contact them with their offers. It can help you build relationships with clients who have defined their sourcing needs and are ready to buy.
RFQ is the short for Request for Quotation. It is a process where a buyer reaches out to a group of potential suppliers. Buyers share their procurement requirements and budgets, and then sellers submit their best offers to supply their goods or services. After going through and comparing all the quotations, buyers decide which seller meets all the criteria for the goods they need and get in direct contact with them.
Especially when it comes to placing large-sized orders, most businesses prefer to submit requests for quotations to receive multiple offers from sellers. These are a few common reasons for this approach:
Following are a few common reasons how suppliers can get some benefits from RFQ directories:
The biggest challenge most manufacturers and suppliers face in order to grow their business is to find new buyers. It gets even more challenging if you are new to the industry and looking for your first few clients. In that case, Tradewheel.com helps companies by giving them access to a diverse list of buyers' directories where purchase officers post their sourcing needs.
Having access to such buying here on Tradewheel.com assists you in increasing the chances of getting more orders. By going through the details mentioned in the RFQ, sellers can get some idea of what their requirements are and provide a customized solution accordingly. If you want to make full use of publically available RFQs, then you should always try to understand the buyer’s needs first and personalize your offer. You may also give some additional services to stand out in the competition of multiple sellers approaching the same buyer. With the right strategy, you can keep expanding your reach to newer markets. With all of this combined, you can surely build a stable revenue stream in the long run.
The buyer’s demands, market trends, and expectations are always changing with time. Therefore, businesses that keep up with such trends are the ones that can sustain in the long run. Such businesses mostly charge higher, yet have better conversion rates. The main reason for this is that they offer the exact solution their customers are looking for.
One of the main sources to gather such market insights is to read buyers’ requests for quotations. When they share information about their projects, they also let others know about what products they need and what they are going to do with them. It may also give hints about what they might be buying along with it or in the near future. In short, just reading the RFQ and paying extra attention to slight details would give a much better understanding of the buyer’s requirements and decision-making process. If used correctly, it can contribute significantly towards improving the market material in the upcoming years to increase your conversion rates.
Among all trading cycles, the B2B procurement cycle is the longest and most complex one. It gets even more challenging when it comes to buying goods with exact or hard-to-find specification requirements. However, all of this also gets easier when the buyer posts their procurement needs in clear words. It clearly specifies what the buyer is looking for to make sure suppliers can provide accurate quotations. On the other hand, sellers that can not match the mentioned criteria would not send their offers to save time for both parties. Therefore, it is like a win-win situation for both parties.
After getting through all the requirements the seller has, you should get an idea of what questions you should ask them and what offer you should be giving. It sometimes even takes several months to close a large order quantity deals, but Tradewheel.com also helps minimize that gap by getting both parties in direct contact and negotiating their terms to have a smooth trading experience. All of this is to make sure that you can always keep your main focus towards growing your business rather than the side hustle of finding and following up with potential clients for months.
Companies with small orders or one-time requirements mostly do not post RFQs. Instead, they look for a relevant supplier and directly approach them. Therefore, if you are seeing an RFQ, there is a high probability that they are looking to build a long-term trading relationship. All you need to do is pitch yourself and your business in a way that your potential buyers understand how you can help them in the long run.
While sending your offers, you can also give an additional quotation to the importer to give a bigger discount or additional services if they can sign a 1 year or longer contract. This is quite a common yet effective practice in the B2B world and surely worth trying out.
Regularly numerous purchase managers post their requirements on Tradewheel.com. This gives multiple opportunities to exporters to get in direct contact with multiple customers across the world. With all such networks and connections, you can always maintain a certain and stable sales volume over time.
Sending offers on relevant RFQs gives you an opportunity to target a broader range of potential customers from around the world. In case you are just starting out a new exporting business and want to reach out to buyers, you can simply not get a better way to do it than sending custom quotations to them. As buyers share their exact needs, you can share how you can help them and how you stand out from the rest of the sellers. The focus here should always be on how you differentiate from other distributors despite being new to the industry.
Especially if you are starting out, it gets easier for you to track your bids and understand what type of bids work better. Approaching buyers and making them pay for your wholesale products or services is always a challenge. Thus, you always need to come up with new ways to grab their attention with the solutions you are providing.
To become a supplier on Tradewheel.com, you need to get yourself registered first and list the products you are offering. Once you have done all of this, you also get access to the buying lead page where you can find numerous purchase managers waiting for suppliers like you to contact them. The following is the way to find relevant buyers from different countries.
Firstly, visit Tradewheel.com’s homepage. In the search bar, tap on “Product” and change it to “Buy Offer” to search for buying leads.
After that, search for the products you want to sell, and you will get a list of RFQs from buyers with different specifications, quantities, and other requirements.
You can also use the filter options available on the left side to view relevant buying offers only.
Then explore the buying leads available and click on leads that look relevant. If you feel like you can meet the expectations of the buyer, click on the “Contact Buyer” button to send your offer directly to the purchase officer and get in direct contact with them.
Tradewheel.com has helped numerous companies to grow their business with a profitable digital presence across the world. From SMEs to global brands, this marketplace can help all of them expand their reach to a bigger and better market. We have done it for several companies for several years. Therefore, Tradewheel.com has received positive reviews from multiple businesses and you can also welcome new sellers to join. Manufacturers who operate in different industries have shared their feedback about the experience they had with us and you would find most of them to be positive. You can also see it for yourself or get in contact with our support staff to know how we can help you on your mission.
Following are a few tips that you should consider to increase the chances of getting positive responses when sending your quotations to relevant buyers.
There should not be any need to tell about this, but considering the number of suppliers making this mistake it is worth mentioning. First of all, you need to understand the buyer’s specification requirements, budget, pain points, and timeline. Once you have figured all of that out, you need to tell them how you can help them make their operations easier.
You are not the only one who is going to approach a particular purchase officer. You surely have some competition and you should know how to stand out among all of them. Especially if you are new to the industry and do not have a rich history, then you can give some additional services or some discount to make sure you have a good chance.
Most long-term trading relations start when both parties are good at communication. Try to ask questions to learn more about their needs and business. Also, always ask them for their feedback about their procurement experience with you and how it can be improved to help them out. After gaining the trust of a buyer, it is commonly seen that buyers are likely to prioritize you over other exporters and give you a competitive advantage.
Many times buyers receive numerous offers and they get confused about which one might be a good fit for them. In such cases, sending a thank you note to the buyer for their time and consideration can increase your chances of getting the visibility you need. Sellers may also share some additional information or their terms that may benefit both parties in the long run.
Posting RFQs has always been a common practice to collect multiple offers, especially for buyers with large quantity orders. With the passage, buyers have also started posting their requests for quotations on online marketplaces like Tradewheel.com. We welcome you all sellers to make full use of this opportunity to send offers and post their relevant products here. Follow all the tips to maximize the chances of getting positive responses from buyers and always focus on building a unique selling point especially if you are looking to sustain in the market in the long run. Throughout our history, we have helped numerous companies to grow on an international level. You can also become a part of our network to have a similar experience.
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