| Locating buyers from various off-line
and on-line resources is an inexpensive, fast and cost effective
way. Often, it is the only way of finding buyers - specially in
services sector and for high cost projects. However, one should
be aware of several limitations in this approach and be realistic
in expectation. Once-a-buyer can never be considered always-a-buyer.
True, repeat purchase is very common in business to business (b2b)
transactions and if you can locate a buyer - chances are, the same
guy will buy the same product again.
However, the million dollar question is - When
? If this buyer does not plan to buy at the time of research - there
is hardly any merit in pursuing him/her.
Obviously, time is one of the most critical factors here. If the
buyer purchased a product long time back - there is less chance
of finding him/her in the market place again for same product. Many
events might have occurred during the intervening period - from
change in nature of requirement to closure of business. It will
be prudent to focus on as recent transactions as possible.
There are other factors as well - however, let us first identify
various resources that can help you in your research.
Resources for Desk Research
Desk research to identify buyers for a given product
require careful planning, hard work and sustained follow-up. One
needs to identify end-users of the product as well as all intermediaries
between seller and end-user. For example - buyer of handicraft could
be retailer or distributor. An understanding of the distribution
process is a great help and possible first step in the research
for identifying potential buyers.
- Trade Directories
Perhaps the most used and often the easiest resource to start with
- trade directories are easily available in off-line and on-line
versions, convenient and often the first step in your research process.
However, it is also the least productive resource. Trade directories
are mainly used for locating suppliers - so being listed in the
directory is perhaps better way of getting buyers than searching
it for buyers.
Greatest limitation of trade directory is lack of information on
latest activities of the company. It is great to know the address
and brief background of a potential buyer - however, this is not
going to help you much on finding what are its present requirements.
Pursuing companies listed in trade directories is, at best, a trial
and error process - so be ready for a long haul. Nevertheless, trade
directories has its usage - however limited it may be.
- Transaction Analysis
A much advanced way of locating possible buyers is to analyze latest
transactions of the company - what it purchased, from where, at
what price etc. Though such data is generally confidential and not
available for public view - import shipment records is a notable
exception. In many countries, including India - limited information
on import shipment is available for public access. For example -
we have a database of 65 million shipment records from major Indian
ports, spanning last 4 years. For more information - please visit
Export Import Data from Indian
Ports
There are several international sources for shipping intelligence
like Piers (USA), Clarkson Research Services (UK), MarineNet (Japan)
etc. However, apart from being very expensive, the shipping records
may show cargo agent as buyer.
There are still other ways like analysis of annual report of a company
that can provide valuable information on on-going and future projects,
funds allocated etc.
Outsourcing Desk Research - Trade Leads
Service
Perhaps, trade leads is the best resource for an
exporting company. In this age of Internet and e-mail - trade leads
has assumed a remarkable user-friendly role in helping small and
medium enterprises (SME) throughout the world. In fact, for many
Indian SMEs, it is the only way of capturing new markets.
Trade leads is both a trade directory and statement of latest requirement
of the buyer. Indeed, with reliable trade leads, you may close down
desk research and focus completely on follow-up.
Remember, a trade lead is not an export order - its just the beginning.
Pursuing the lead effectively and timely follow-up are two key success
factors here. It is the equivalent of tendering process - your bid
may or may not succeed, but you stand a good chance of securing
the order all the time. With reasonable pricing and favourable terms
and conditions - you should be able to find buyers for your products,
provided you keep bidding and continue the good work. There is no
short-cut - hard work and perseverance is the key.
Subscribing to a reliable trade leads service is the easiest and
most cost effective way of receiving regular trade leads on your
products. Reliability and timeliness are two most important factors
for evaluating a trade leads service. Check track record of the
service provider - specially how long it is in the field, examine
membership list, inspect text of trade leads, compare fees etc.
before selecting service providers. Often, you may find more than
one service providers fit your bill. If your budget permits, subscribe
to all of them. More the merrier - it will certainly help you in
the long run.
Happy and Productive Surfing
Dr. Amit K Chatterjee
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