Finding Buyers and Partners For Your Export Business

It is an old adage in business, ‘the product is only as good as the sales it generates.’ Sales are a direct function of the kind of product you finalise for your export business and the availability of buyers in the market of your choice. Finding the availability of buyers for your product in export import business is a daunting task in itself. A loyal clientele keeps a business moving forward by helping it to generate sales and build reputation overtime to bring in more such customers.

How to Find Buyers For Your Export Business

Once the product to be exported has been finalised, the first consideration for any exporter is to settle on a market choice for their export product. The target market would largely determine the direction of your search efforts towards finding the right audience for your products.

The next step is to find prospective buyers within the market for your export business. There are several ways of zeroing in on your target buyers - both online and offline. Let’s talk about them:

Offline Methods of Finding Buyers

These traditional routes of finding buyers for your export products in a foreign country are tried and tested. They might require additional effort and cost, but they have a greater chance of yielding results:

#1 International Trade Fairs and Expos

Almost all countries conduct several trade fairs that become the meeting place for millions of buyers and sellers in a year. A trip to such a trade fair or expo in your target country can reward you with several signed deals. The prospective buyers can be shown samples and demonstration of the working at such fairs. You could also use this opportunity to answer queries and sign deals to forge long-term relationships with your buyers.

Canton Fair, the largest trade fair in China, is one fine example of the same. You can also attend trade fairs held within the country itself if flying to the other country is not an option. India hosts several such international trade fairs. You can find information regarding such events on the FIEO (Federation of Indian Export Organisations) and Export Promotion Council websites.

#2 Chambers of Commerce

Chambers of commerce or trade associations constitute a large network of companies and businesses. They are found in every country across the globe and can be a vital source of information about the importers of your product in the country of your choice. You can also register on the chamber’s website to become its member. In this way, you can get visibility among the buyers.

#3 Export Promotion Councils

In India, there are 14 Export promotion Councils and 5 Commodity Boards that come under the ambit of the Ministry of Commerce and Industry. These export Promotion councils are set up to promote the country’s exports, and exporters can help find foreign buyers. Besides providing information, these promotional councils organise delegation visits to other countries f explore market opportunities or attend trade fairs.

#4 Market Research Companies

For any exporter to begin trading, information is the first essential tool to strategise his exports. For gathering this information, research becomes a vital process. There are several market research companies set up for the sole purpose of specific research and studies. These companies maintain business directories of importers that can be accessed after paying the fees.

#5 Third-Party Resources

Besides the above direct sources, every country has a network of third-party agencies that can help you find your target customers, guide you through cultural and linguistic barriers, thereby helping you generate sales. Such agencies include state-sponsored trading companies that import goods, buying agents and wholesalers that resell the imported products in their home country, commission agents who act as a link between importers and exporters, or your salesperson in the target country finds buyers for your products and helps you finalise sales.

Online Methods to Find Buyers for Export Businesses

In this internet age, the online mode of connecting with your buyers has become as vital as the offline channels. You can reach or connect with your target buyer audience via several online ways, such as:

Social media such as Facebook, Twitter, Instagram, Linkedin, Youtube, and Reddit have become the greatest medium to stay connected with the world today. For business, it proves an important ally in your search for foreign prospects that would be interested in your products. Facebook groups can prove an important virtual meeting place where international buyers and sellers can collaborate and strike deals. An export business having a social media marketing strategy in place is better placed to transact sales internationally without incurring high costs.

#2 Blogs and Websites

Set up your website or blog, which has a well-detailed catalog of your products containing their up-to-date information along with the manufacturing processes you employ. The information must be supported by visual tools such as photos, charts, graphs, etc. You need to design the website or blog in a professional and attractive manner and make sure it is SEO optimised to ensure better visibility in google search results. Google Search Console and Search Engine Marketing are two effective tools that you can use to enhance your website or blog’s visibility.

#3 B2B Websites and Portals

B2B websites are another effective online visibility tool that can help you connect with a wide customer base. Sites such as IndiaMart, TradeIndia, Exporters India, Alibaba, Global Sources, Tradewheel, etc., attract millions of buyers and sellers from across the globe. Alibaba is the third-largest retailer in the world after Amazon and Walmart. Such companies bring together verified buyers and sellers in exchange for a fee.

#4 Email Marketing

If you have shortlisted a list of prospective buyers, email marketing can help you sort your export business customer search worries. You can develop your customised email marketing strategy and send emails and newsletters about promotions and exclusive deals to potential buyers. Emails offer a more personalised touch than a social media post and better impact the audience. Build your list or borrow from the importers’ database of the relevant country. Just make sure to follow the relevant laws on business emails and not spam their inboxes unnecessarily.

Quick Tips for Ensuring the Genuineness of the Buyer

Finding the right buyers for your export business is a mammoth task, but ensuring their trustworthiness is equally significant. Once you decide on the choice of the buyer, make sure to check their authenticity by double-checking their credentials from government agencies and other third-party routes:

Use Google to ensure that the address and location provided by the buyer are the same as claimed
Keep a tab on their activity in social media apps like Facebook, LinkedIn, Instagram, etc., to assess their methods and ways of doing business
Wade through the buyer's website and read about their company, certifications, if. any, licenses, or members with government agencies. Checking the domain age of the website can be helpful to check when the website has been up.
Online checks serve as preliminary checkpoints to filter out any suspicious buyers. Once you are done with the above steps, ask your buyer to furnish certain documents such as their export-import license, certificate of membership of government trade bodies. Cross-check the same with the info you found in your preliminary checks.
Get in touch with the commerce wing of the Indian embassy in the country where your buyer resides. Ask them for the buyer verification via email. The embassy would cater to your request and report back with the necessary information on the buyer’s credibility and credit history.
You can also opt for credit insurance from corporations such as ECGC that offers insurance to Indian exporters against non-payment. The ECGC will check the buyer’s creditworthiness via its foreign channels and determine the maximum insurance cover that it can offer you for the exports you will be doing shortly.
Besides government agencies, several private agencies conduct such verification and checks for a fee. Bureau Veritas is one such firm that specialises in providing its customers with buyer credibility reports.
The last way is to physically check the factory premises of the buyer to verify the information. This method might be impractical for most exporters but can give the highest level of assurance and help forge long-term relationships.

Key Points to Keep in Mind in your Export Business

Besides authenticating the creditworthiness of your buyer, there are certain things that an exporter must keep in mind in transacting successful deals in the export business. Some of them include:

Structure your business plan well in advance, keeping in mind your capacity to meet the market demands before you begin venturing out to find buyers.
Since yours will be a global website, make sure your website has all the necessary provisions for translating information in the language of your target country.
Make yourself aware of the customs and cultures in your target country so as not to land in trouble or offend your buyers.
Avoid working with middlemen or intermediaries to save costs and ensure safety in your dealings. If the intermediary is a trusted and recognised entity bringing in lots of business, there is no harm in transacting through them.
Offer samples to buyers to assure them of the quality they can expect in product and business deals. Communicate and convince them about the quality and worth of the product they would be buying.
Choose the right marketing tools - whether online or offline - to make a greater impact on the buyer. You cannot use Facebook to promote your product in China, it is as simple as that!
It is essential to understand your target country’s legal and regulatory requirements, especially in the export-import business.
Be transparent in your dealings and build a reputation. Retain and expand your international customer base by offering them prompt customer service and efficient grievance handling mechanisms.

With certain safety measures and in-depth research of the target markets and buyers, a business can attain success in a short span of time. A personal network of buyers can be crucial for the sustainability of business operations in the long run. Therefore, pay heed, take your time, and find the right buyers for your product before you commence your international business operations.