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Today's news:
1. Singapore's Statistics Department released data on the 24th, showing that Singapore's CPI rose 3.1% year-on-year and 0.7% month-on-month in May.
2. The Barclays research team released a quarterly report on emerging Asian markets on the 24th. Barclays expects GDP in emerging Asian markets to grow by 5.2% in 2024, up 0.4 percentage points from its forecast of 4.8% in its quarterly report released in March.
3. Thierry Breton, the EU Internal Market Commissioner, said that Apple has long been squeezing out innovative companies and depriving consumers of new opportunities and choices. The EU will take further measures to ensure that the App Store and iOS meet the EU Digital Markets Act standards.
4. Global shipments of MiniLED backlit TVs will reach 3.2 million units in 2023, up 10.7% from 2022, and are expected to reach 5.6 million units in 2024, up 73.3% year-on-year. Canalys: In 2024, the global wearable wristband device market will grow by 5% and the total will reach 194 million units.
5. Sensor Tower: In May, global mobile game players paid nearly $6.7 billion in the App Store and Google Play, a year-on-year increase of 4.4%. The United States remains the market with the highest mobile game revenue in the world, contributing more than $2.1 billion, accounting for 32.1% of the global total revenue. The Chinese iOS market ranks second, accounting for 19.2%, and the Japanese market ranks third, accounting for 12.4%.
6. One-piece molded inductors are an upgraded version of winding inductors. They have a stable structure, high efficiency, and excellent current and saturation current characteristics. They are mainly used in consumer electronics, communication equipment, automotive electronics, and other markets. Chip inductors are a special form of one-piece molded inductors that can be widely used in servers, communication power supplies, GPUs, FPGAs, power modules, laptops, mining machines, and other fields.
As the CPU/GPU main frequency increases, there are high requirements for stable power supply and filtering. Compared with traditional ferrite inductors, metal soft magnetic one-piece molded inductors have higher efficiency, smaller size, and can better respond to large current changes. In the future, metal soft magnetic chip inductors are expected to become the mainstream inductor solution for high-power AI chips. The inductor currently used by the NVIDIA H100 is a metal soft magnetic chip inductor. Against the backdrop of the rapid warming of the AI industry and the rapid growth of computing power demand, AI chips are accelerating towards high performance and high power, driving technological changes and demand for related materials. Among them, metal soft magnetic chip inductors replace ferrite inductors in large computing power scenarios with their high current resistance and miniaturization characteristics, and the penetration rate is expected to accelerate. It is estimated that the global metal soft magnetic chip inductor market size CAGR will reach 76% from 2023 to 2027, and the competitive landscape is expected to maintain a highly concentrated trend under high barriers.
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Today's Insights: The Secret to Soaring Sales for B2B enterprises
I believe that many people who have done business know that if you want to reach the stage of finally closing the order, the first prerequisite is that the customer is willing to continue talking to you. Customers who buy at the first inquiry are rigid needs, which are hard to come by. Most customers need our persistent follow-up to finally reach a deal. Therefore, how to attract customers to reply twice or even multiple times through effective follow-up, and increase the stickiness of buyers and sellers through constant follow-up, is what we continue to learn and study. So today, combined with my many years of practical experience, I will share and discuss a few points with you, hoping to throw out a brick to attract jade, and bring you some inspiration and thinking about following up with customers.
1. Be concise when communicating with customers
This is the most basic requirement for foreign trade salesmen. Try not to use a lot of long sentences with a lot of grammar, because many customers' English may not be as good as yours, so we try to express the complete meaning directly with concise words, without too many gorgeous words, and there is no need to show your English level.
3. Read the question more than 3 times before replying
If the customer asks this and you answer that, then the customer is unlikely to come back to you. The customer receives so many offers a day, and you don’t even see clearly what he wants and what he wants to know, so he won’t have the patience to explain it to you again. The customer must be more willing to communicate with the person who understands him better. Maybe you are still wondering why the customer doesn’t reply to you. In the time, the customer has established contact with other people or even completed the purchase. So, before replying, find out the customer’s needs. Knowledge supplement: How to grasp his inner thoughts during the communication process with the customer?
3. Analyze the customer’s focus
One type of customer inquiry is template-based, saying that I am interested in this, what is your minimum order quantity, how much is it...For this type of customer, we try to give him a comprehensive quotation as much as possible, answer all his questions, and throw some questions in the reply process or at the end of the email to attract him to reply to you.
For beauty equipment, we usually ask: "Are you buying this for your own use or selling it to your local customers? This way, I can give you a more accurate quote"; "Are you a beauty salon or a doctor?"; "Have you used this instrument before? If this is your first time to use a similar product, we can give you comprehensive training"... and so on, to attract customers to reply to you and give you something to talk about, so that you will not just give a dry quote. I don't know much about other industries, so you can think about the wording that suits your industry.
In addition to template-based inquiries, the other type is hand-typed by customers. For this type of inquiry, we will pay more attention. At the same time, we can analyze specific issues, especially the first inquiry from the customer will generally reveal the customer's preferences. For example, the customer said, I am from a certain country, I want to open this new project recently, and I am looking for a suitable product. Please recommend it to me. For this kind of customer, if there is a website, it is best to check it out to see what products he has, what products he doesn't have, what products he has, and what are the differences between them and the products provided by our company. If we find that the customer's website has products with the same functions as our company, we can introduce the advantages of our company's products to the customer. For products that are not on the customer's website, we can recommend them to him and ask him if he is interested in expanding the product chain. The next step is to emphasize what support you can provide to him so that he is full of hope for this new project. As mentioned above, he is a new project and may not know much about the products he is about to introduce. At this time, you have to play a guiding role and you must show your confidence and professionalism.
For example, I am interested in a certain product. Please give me the best price because I am an agent in a certain country. If I am satisfied this time, I will purchase more in the future. This kind of investigation must investigate the real strength of the customer, not what he says. Many customers like to brag and exaggerate. Maybe they just want to buy one at the lowest price. Knowledge supplement: means and tools to investigate and analyze the customer's background. If it is confirmed that he is indeed a powerful big customer, then you have to cheer up and fight. Since he has strength, correspondingly, you should also show the strength of your company and the advantages of your products to make him feel that your company is very good. Don’t just talk about the strength. It’s better to provide high-definition pictures or video materials to show the company environment, professional factory, frequent participation in exhibitions in various countries, and timely service. If the company often has large-volume orders, send them directly to him, this is the number of orders from a certain country’s customers. Or our company has cooperated with a large and well-known company, and is very sure of our products and services. Customers will think, wow, such a big company has cooperated with you, and that company has high requirements for product quality, so your company should be fine, thereby stimulating him to consume. If the customer is concerned about the price, you can give him the most favorable price and explain to him the advantages or added value of this product in addition to the price, or what guarantees our company can provide you. If the customer is concerned about quality and effect. Then you can provide customers with feedback from many aspects to prove that your quality is excellent. If the customer is concerned about the service, then you can guarantee the customer how thoughtful and meticulous professional service you can provide, so that he feels that there will be no worries in cooperating with you in the future. However, getting these core concerns is based on your negotiation process with the customer and your understanding of the customer, so read the customer's questions more than 3 times. In normal communication with customers, think about what the customer asks before answering, and try to answer the customer's questions comprehensively and accurately. Different customers have different needs and pain points, so we need to improve our personal abilities to grasp them. Knowledge supplement: How to judge the pain points of foreign customers?
How to follow up with customers in different situations?
The importance of following up with customers is self-evident, but this does not mean that as long as you keep in touch with customers, just like the right medicine can effectively cure the disease, following up with customers also needs to consider the specific circumstances of different customers, and adopt different follow-up methods for customers in different situations.
Customers who have been quoted After quoting the price to the customer, remember to ask the other party whether they have received the quotation in a few days. If not, remind the customer and send the price again if necessary. If the customer has received it, you need to further understand his thoughts on the quotation. If the customer is interested and needs it, but still has different opinions on the price, it is best to collect the price of other similar products or services when following up, and explain to the customer the cost basis and advantages of the price you quoted. Knowledge supplement: What kind of foreign trade quotation will make foreign customers prefer it?
Customers with unclear attitudes Some customers do not have a deep understanding of your products or services, so they show an attitude of buying or not buying, which makes you unable to figure out their ultimate intentions. For such customers, you first need to further explain your products or services in simple language based on the other party's feedback when following up, and make the core advantages clear to the customer, so that the customer knows what benefits buying your products or services can bring to them, so that they can make up their minds to buy.
Customers who have sent samples For such customers, be careful not to follow up too frequently. Asking the other party about the sample blindly can easily cause the other party's disgust. When following up at the beginning, you can first ask the customer whether he has received the sample and what help he needs. If the customer has not responded, you can ask again after one or two weeks. If the price is updated, you can also explain it to the other party when following the order to attract the other party's attention. Knowledge supplement: How to increase the transaction rate of foreign trade orders through samples?
Customers who have been sold For customers who have been sold, many people will always be cruel and "burn the bridge after crossing the river", ignore the other party or ignore the other party. In fact, pay attention to follow-up and maintenance. Customers who have been sold will become "return customers" again, and even spontaneously recommend more new users to you. Therefore, it is necessary to maintain follow-up communication with such customers in a timely manner, and recommend new products or services to them in a targeted manner based on the understanding of customer needs. Supplement: Correct management and maintenance of old customers.
Potential customers are often missed by many people when following up. When following up, you must pay attention to maintaining patience with such customers. The promotion of business often occurs after unremitting persistence and hard work. When some customers follow up and reply, there is a strong rejection between the lines, which clearly shows that they are indifferent to your products or services, or even completely disdain them. For this kind of customer, if he does not reply to you, you can try to ask for the reason after a few follow-ups. If he refuses directly, don't be discouraged. Continue to follow up and keep in touch. When the other party has new needs, they will naturally think of you, and if you don't follow up and wait for them to find you, it will be a big mistake. Usually, you can send blessings to them on holidays or birthdays. When following up, you can also provide industry news, tell the other party the latest information about your company's products, and inform them in time when your products have big promotions. These methods can effectively strengthen the other party's impression of you and increase the probability of making deals. Knowledge supplement: Four major ways for foreign trade salesmen to effectively develop new customers.
Treat terminals and agents differently
Because the follow-up time and energy are limited, it is recommended to follow up selectively. New foreign trade salesmen may be willing to follow up on every inquiry, but as the customer base increases, there will definitely be a limit. Based on the company's expectations of you, I will definitely be willing to spend time on the more valuable customer base. There are also many types of inquiries, and it is best to categorize them. One is to follow up efficiently and rationally. You can also develop your own set of management methods according to your own experience, such as focusing on tracking inquiries from certain regions, industry sectors, and customers who have been traded or are more likely to be traded, especially for key customers, even if you follow up After the follow-up, there is still no response, and it should be included in the long-term follow-up target list. It is said that key customers are all like big agents, and the cycle for establishing contact with these customers is relatively long, and it is impossible to complete it in a short time, because many of them are already satisfied with the current suppliers and have a stable business relationship. So don't be too quick to judge the results, stay visible, even if you can't convince the other party to change the supplier, you must let him know the existence of your company. This can be achieved through some recent news, such as a large number of signed orders, some news shared by the industry, the company's new products and new technologies, and your personal holiday greetings. In addition, in addition to holiday greetings, you can also send emails to congratulate him on his company's achievements and thank you for his support to you. In this way, even if the current supplier fails to meet his requirements, you can remember to contact you as soon as possible, because he has the impression that your company has never been far away.
How to create a comfortable negotiation space?
The ultimate purpose of negotiation is to facilitate the transaction, and the prerequisite is that you give the customer a comfortable and relaxing feeling. Some customers say that they are convinced by your professional attitude and good service; some say that your personality is gentle and makes them feel close; in fact, there is no definite definition for this, which depends on the customer's personality. For example, the customer is of a rigorous type, so don't be too enthusiastic about some less rigorous expressions, and don't send a lot of cute emoji packages. For example, female customers tend to feel good about people who are professional and careful, so when following up, you can mention some small details, which may touch her and make her feel that your service is meticulous and there is no reason to refuse. It’s easier to understand when comparing with your friends. Some people like a strong relationship, so the friendship is particularly deep, while some people like to go with the flow, because the personality and hobbies are different, so when we communicate with customers, we can try to find a suitable way of communication to close the distance.
Choose entry points to create more topics
Many people will encounter customers who are not willing to reply, such as product release emails or some new product launches. When following up with such customers, it is recommended to follow up with different new or similar products. This time, you may not be able to keep the customer, but it can increase the impression points and let the customer know that your product is constantly being updated. Or tell customers about the promotion of old products. Many customers will pay attention to your new products and the latest status of similar products to ensure that their own sales are constantly updated. In addition, you can also invite customers to visit your exhibitions and tell them about the latest development of the company's products. The most common ones are signed orders. If there is a major order signed by a customer from a certain country, you can share it with them, which will also make them feel that this order is so big, and the product must be very popular. This is a common psychology, and it is worth trying. The country has encountered natural disasters and some political changes, and we can also express concern and condolences in due course. We will not go into details about common sense. There is also customer feedback that has been dealt with before, which is often a good example. When you communicate with some uncertain potential customers, you can use the praise and recognition of old customers as examples to stimulate potential customers to communicate with you again. As mentioned in the previous summary, regular updates and follow-up with old customers are not only the daily work of foreign trade salesmen, but also the best example of stimulating potential customers, and you can kill two birds with one stone.
What are the key points for effective customer follow-up?
Based on the above experience, in summary, there are three key points: time, content, and sincerity. Foreign trade salesmen should reply in time after receiving an inquiry, and the follow-up time should be maintained regularly. For example, the latest price information will be sent every week. Attention should be paid to the customer's working time when following up, and try to arrange the time difference. At the same time, avoid frequent follow-up in a short period of time. The follow-up content is to ensure that it is accurate, complete, and concise, and to firmly grasp the customer's focus and core concerns, and accurately convey it to the customer. At the same time, maintain sincerity, actively provide customers with more detailed product, industry, and market information, establish detailed and targeted customer files, regularly maintain and follow up, and send holiday greetings in time, which will also add points to customer cooperation. We always say that if we want to take down customers and orders, we must not stop following up. For us, effective following up with customers will not only bring us closer to customers, but also have more opportunities to take orders.
In summary, following up with customers is a skill that needs to be refined. The ultimate purpose of customer follow-up is to win the trust of customers through the service, and finally reach a deal. There is no perfect follow-up method, only better efforts. Therefore, every foreign trader must carefully study and think, constantly summarize and adjust, and strive to win the favor of customers and win orders through more refined follow-up.
