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Today's news:

1. The "Focus Report" released by the Central Bank of Brazil on the 15th showed that the Central Bank of Brazil has forecast the country's domestic economy in 2024. The GDP growth forecast rose from 2.10% to 2.11%, and the growth forecast for 2025 remains unchanged at 1.97%. The country’s inflation rate forecast for 2024 was lowered from 4.02% to 4.00%, and the general inflation rate for 2025 was raised from 3.88% to 3.90%.

2. The Central Bank of Russia issued an announcement on the 15th stating that in order to reduce the impact of sanctions, the Central Bank of Russia has suspended the publication of T+1 settlement information and daily OTC trading volume information for USD, EUR, and CNY against the ruble. The announcement also emphasized that the calculation and public procedure for the official exchange rate of foreign currencies against the ruble remains unchanged.

3. Iraqi Trade Minister Asir Al-Ghurair announced on the 15th that after nearly 16 years, Iraq will resume its accession to the World Trade Organization (WTO) negotiations.

4. According to an announcement issued by the Thai government, starting from July 15, Thailand will extend its exemption from visa entry and stay for tourists, business people, and short-term workers from 93 countries and regions, including Taiwan. The time for a single stay shall not exceed 60 days, which was previously 30 days.

5. Russian Deputy Prime Minister Alexander Novak said on the 15th that if the Russian domestic fuel market is short of supply, Russia may decide to reinstate its ban on gasoline exports from August.

6. Data released by South Korea’s Ministry of Trade, Industry and Energy on the 16th showed that South Korea’s automobile exports in the first half of this year increased by 3.8% year-on-year to US$37 billion, setting a new high for the same period in previous years.

7. Data released by Indonesia’s Central Bureau of Statistics on the 15th showed that the country’s trade surplus in June 2024 was $2.39 billion. This is the 50th consecutive month that Indonesia has recorded a trade surplus since May 2020.

8. JinkoSolar’s wholly-owned subsidiary Jinko Middle East and RELC, a wholly-owned subsidiary of the Saudi Public Investment Fund, signed a "Shareholders Agreement" with Vision Industries Company to establish a joint venture in Saudi Arabia. The company is building a 10GW high-efficiency battery and component project, with a total project investment of approximately 3.693 billion Saudi Riyals (approximately US$985 million). The joint venture will be included in the company's consolidated statements.

9. Guanghua Technology and South Korea's MK Company plan to establish joint ventures Guangdong Guangmai Technology Co., Ltd. and GMTECH CO., LTD. in Guangzhou and South Korea respectively, with registered capitals of US$700,000 each. Guanghua Technology and MK will hold 51% and 49% of the shares of the two companies respectively, and will jointly develop, produce, and sell high-end electronic chemicals not limited to PCBs, panels, ICs, and other fields.

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Today’s exchange rate:

1 USD = 7.2672 RMB

1 EUR = 7.9252 RMB

1 GBP = 9.4252 RMB

Today's Insights: Customers Need More Than Just a Supplier

Just now, I received a reply from a customer. This customer is in the process of negotiation, so the email cannot be sent. I have asked many companies from China, but problems have arisen. The configurations of each company are very different, and the prices are also very different. This confused him, but what was even more confusing was that there were several companies with the same parameters but very different outputs. The parameters are the same, but the prices are very different! The customer said, please help me choose the most correct and professional solution. I don’t care if you are a manufacturer or a trader, what I need are SOLUTION PROVIDERS. SOLUTION PROVIDERS, solution providers!

The development of national trade today has become more than just simple price competition, especially for some complex products. The most important thing is the competition of professionalism, quality, and service. The final specification is the competition of solutions!

Two Types of Suppliers

From this aspect, suppliers can be roughly divided into two categories:

  1. No SOLUTION will be provided. Customers are required to solve all problems clearly and only the final answer will be provided!
  2. Provide comprehensive SOLUTION, understand customer problems clearly, proactively seek solutions for customers, and provide corresponding solutions!

The first type of supplier is the common one who has to ask the customer for all the details before giving a quotation! I know that many customers are middlemen, and they may not have obtained detailed information. Even if you ask them, they won’t know; and some are new to the industry. They think this industry is good and want to invest, but they don’t know what kind of equipment can be placed in their factory. If you ask them, they will not be able to answer you at all!

Facing this kind of customers, the second type of supplier is very dominant. Based on our experience, we recommend a set of equipment to the customers. We tell them the price, size, output, various operating conditions, and then note that we also have low configuration and low price products. There are also products with high configuration and high price. We ask them how much output they want or their approximate budget and factory area, so our professional engineers can tailor it for them!

Providing Solutions

This is providing a solution. Many people have said that when we ask about production volume, we provide a solution based on that. What I want to say is that output, which seems to be a simple parameter, may be an unknown quantity to customers. When we ask them about production, we are throwing the question back to them, but they must know how much they produce. How big is the money? These are known conditions. According to their known conditions and our experience, we can solve their doubts. This is the solution!

Taking a step back, maybe the customer is very rich but doesn’t know how much money to invest. They also have a factory but don’t know how much space to allocate to this new investment. Asking about the budget can create problems, so we recommend a set of relatively ordinary equipment. The price is ordinary, the output is ordinary, and the quality is ordinary. This helps customers understand the investment amount and ask questions, making communication smooth and without obstacles!

Just like the customer I mentioned at the beginning, they received numerous quotations and configuration orders. Their own understanding can no longer solve this problem. In other words, they want to accept low prices but are afraid of poor quality. If they are subject to a high price and cannot find a good reason, then we need to give them a solution. A clearer, more specific and complete quotation supports our prices and demonstrates our expertise!

During the negotiation process, I like to "look for trouble." I like to turn the client's problems into my own. Customers have a feeling that I am not selling equipment but overall solutions! Just like decoration, many people like to design it themselves, then find a construction team to make it according to their ideas. However, many others simply don’t know what style they want or don’t have the strength or energy to design it themselves. So they hand it over to the decoration company, tell them the general budget, imagine vaguely, make design drawings, constantly adjust and modify, and improve until construction. This is the solution!

After Cooperation

Including the later stage, after cooperation, I am also willing to turn the customer's problems into my own. I will try my best to give customers ideas for all possible problems that may occur during the process and make plans. Of course, these plans cannot bring me additional results. If there is really a cost issue, I will negotiate with the customer and let them decide! This way, if problems arise again, I can say without guilt that this really has nothing to do with me!

There are also some sayings, for example, every compromise we make to our customers will become the standard for the next cooperation. I would like to say, are you dead? Are there some things you can’t say? When you compromise, you won’t tell your customers that this really is a special case? Wouldn't we tell our customers that we really tried our best and mobilized all the conditions to achieve it? Won't we tell customers that we treat them as VIPs and are happy to provide solutions, but it is really difficult? Isn't this a routine matter? We have mouths not just for food!

Energy and Advantages

Taking another ten thousand steps back, you don’t know how much energy you have unless the customer forces you. For example, delivery time is always set at 50 days, but if the customer forces you, and you find that 30 days or even 20 days is enough, this becomes our advantage in the future!

Therefore, as exporters, we must always remember that we are solution providers, not just sellers or suppliers. Since we are solution providers, we should not avoid trouble just to save trouble.

The stickiness of customers requires not only being able to talk but also having real skills. Many times, the result of compromise is some special benefits that others can’t do, and you can get long-term customers at a small cost. Are you still hesitating?

about author - daniel

About Author - Cartney Piers

With extensive experience in the power tools industry, and her expertise in power tools import and export, combined with a strong business background, ensures our readers receive knowledgeable and timely news. Efficient and smart, Cartney excels in delivering high-quality content that resonates with B2B wholesalers and importers. Outside of writing, she enjoys exploring new technologies and staying ahead of industry trends.

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