The above famous statement is made by Antonio in William Shakespeare’s The Merchant of Venice. Antonio is a trader who has suffered commercial losses at sea. Despite a lot of speculation from his friends regarding his sadness, Antonio states that all his ventures are not entrusted in one vessel, neither are his ships bound to one place and nor does his fortune depend on the current year’s turnover. Hence, he confirms that his foreign trade ventures are not the reason for his melancholy.
Whatever be the reason for his sadness, from the above it is clear that Antonio is a pragmatic businessman.
True, times have changed. Technology has advanced, but foreign trade still remains the same!
Today, the international marketplace is an arena for millions of exporters and importers who are increasingly growing their business successfully. What are the factors that contribute to their growth? While some traders provide optimum quality, there are others that provide lucrative deals for their products. Again, thorough market knowledge, socio-economic and political scenarios are important. While these do pull the strings for sharp decision making, there is a secret ingredient from Antonio’s time that has remained unchanged till date. What is it?
The secret ingredient is called trust. It is the very foundation on which a trader’s credibility and the reputation of his business stands. Trust is that one key factor that can make or break a business. It is a subtle and an unassailable aspect clearly indicating if one trader is worthy enough to conduct business with another. It is the very pillar on which business relationships stand. Regardless of all other factors such as the prices you offer, your network, your presence in the market, your very credibility depends on your ability to be bankable or trustworthy!
Export and import involve complex documentation procedures and cargo handling arrangements. These can be very taxing and stressful. If guidelines are not followed, there can be discrepancies. Subsequently, they can lead to complications. Hence, they demand attention to detail for their resolution.
Even minor issues can stall the entire proceedings and push deadlines. Not only do they incur more charges but such acts sour deals as well; not to mention nullifying the future possibility of working together with such traders.
In such cases, trusted exporters help to do away with all such stresses. They ensure smooth closure of foreign trade deals. Besides, trusted exporters also facilitate possibilities of viable future prospects for working together effectively. They rely on quality and know their craft impeccably well. This is because they engage only skilful and experienced hands at every stage. So, even if a problem were to arise, they know where to find the solution.
It has been noticed that over 70% customers prefer trusted exporters because it enables them to conduct trade fearlessly. The remaining 30% opt out preferring reasons like lowest quotes, family contacts and suchlike.
So, how does one become a trustworthy exporter?
Now that you know how crucial trust is, let us understand how well you can establish trust among your buyers. This will not only help you to successfully close deals but also grow customer base. There are multiple ways to become a trustworthy exporter. Read on to know more about them.
Over 90% customers make it a point to read the reviews before associating with any business and over 72% customers act only after reading a positive review! How does this information help you? To become a successful exporter and garner trust in your potential customers, the first step you need to take is to ensure that your business has positive reviews. Showcase your strengths. Highlight your accomplishments. Turn the spot-light on the positive aspects of your business. These positive reviews act like a powerful tool by making a long-lasting first impression on your buyer.
As an exporter, you are usually expected to send out a sample to the buyer to help him decide. It is important that the sample be of supreme quality. If you land the order based on the quality of the sample, you need to furnish exactly the same. Exporters who maintain this and are flexible to cater to customizable needs become the exporter of every buyer’s choice. Eventually, you get recognized for your standard operating procedure and optimum quality.
When customers see photos and videos of the genuine product on your profile, it fosters trust in them. Being able to witness the genuine products even before placing the order, helps customers to gain an understanding regarding the quality and look of the product. It helps you close the deal faster. Also, when a customer receives a sample of the product as seen in the photos and videos online, it takes him/her one step closer to a positive review.
Whenever you offer a potential customer a tour of your factory, it helps solidify their faith in you as an exporter. This is because you are inviting them to have a look at everything you do and stand for. It is a first-hand verification. It helps them gauge your quality. A visit to your manufacturing unit also helps them to build a rapport with you. Moreover, as you get to establish a connect with your customer, it paves the path for growing trust in your business equation.
Make sure you come clean with your profile. Have all the relevant documentation and paper work about your product intact. When you place your cards on the table and make the deal transparent as an exporter, it brews trust and inspires confidence in your buyer. This leads the customers to believe that you have nothing to hide. In case of any awards and recognition, a display of such documents helps the buyers understand how well you have performed in the market. This makes it easier for them to understand what to expect from you as their seller.
When advertising your product on online marketplaces, make it a point to go through their policies to get their badge. This brands you as a trusted or verified exporter. Having acquired such a badge on your profile makes you stand out and takes you one step closer in the trust department.
When an exporter successfully transitions into a trusted exporter, he enables his business to multiply. He turns it into an entity that becomes deserving of repeated orders. The Dollar Business is a channel that can help you instil trust in your customers.
With their unique and custom-made Membership Programmes, TDB gives their exporters a platform to showcase their products in the form of images and videos. TDB also gives such exporters the opportunity to become trusted/verified exporters. As such, they are entitled to receive badges stating the same. Exporters also get a webpage where their products can be reviewed and testimonials are displayed. The Dollar Business helps every exporter get one step closer to becoming a trusted exporter and conduct trade with confidence!
The Dollar Business (TDB) is the most exclusive platform on foreign trade in India. It offers everything that exporters, importers, foreign trade facilitators and those in the manufacturing and services sectors would have ever wished to see at one place – from News that is of total importance to Indian exporters and importers to a monthly Magazine that features EXIM product ideas worth millions of dollars every month, from India's most exclusive International Marketplace that assures any business an unbeatable edge of attention from trusted and verified buyers-seller from around the world to a Forum that gives exporters and importers an opportunity to raise their voices against issues affecting their business or the industry as a whole and make their voices heard in the power corridors. And the list doesn't end here. Access to highly important export-import data, unbeatable analyses and in-depth, actionable research from TDB Intelligence Unit to GROW members, a unique daily dose of news on foreign trade hitting your email inbox in the form of an eDaily, and an opportunity to interact with an expert panel in the Ask a Question section to clarify all your doubts with respect to foreign trade are some of the several features that TDB offers to its members and subscribers.