| 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 25 million shipment
records from major Indian ports, spanning last 2 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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