Manoj Dua, VP Exports was chasing a large order from reputed buyer in Europe for an year and finally the moment of truth arrived. Buyer asked to quote the price.

Now Manoj was very confused.

If he quotes high which he thinks, is the price that quality of product deserves, he may lose the order or if he quotes low, his profit gets eroded.

He was in a dilemma…

He had worked for a long time to get his product approved and this order can change the Fortune of the organization. It is a make or break situation.

Sounds familiar? Quoting right price is super critical.

In my last 24 years of consulting work, lot of organizations come to me for a solution on this important aspect. Essentially, I prefer to have a dedicated two hour session on “Ideal Pricing” in my Double Export Import Profits Workshop.

Today I will share 1 out of 4 tools that I share with my clients to come up with a killer price strategy.

1. Export Competitive intelligence is an awesome tool to get a sure shot idea of what price you should quote.

To further break it down, use 3 key reports to zero down on the right price

A. Get a report on your buyer. If your buyer is from the countries which release import data with prices you are all set. This report should tell you the prices your buyer is currently paying.

B. Get a report on the suppliers of the buyer. You can find what price they are exporting.

C. Get a report of on your competitors. Analyze what price they are exporting at.

So, these are 3 sure short methods you can find a price range to work on.

Most people find the price at which buyer is buying and quote a little less and I don’t endorse this at all. This is where the other 3 tools come into play and I will write more about them during next month.

What had you done when you faced such a situation? Do share your experience in the comments and help others.

Knowledge sharing is a passion for me, and if you like my blog, please do share my post, this helps.

See you pretty soon. Wish you a wonderful year ahead!

About the Writer

Raakesh Saraff is the author of upcoming book “Plan Or Perish”

Raakesh Saraff is an entrepreneur by heart and passionate about leveraging big data to extract game changing insights in export import business. Having helped 23,000 clients in last 23 years, his mission is to empower entrepreneurs to rapidly scale up with competitive intelligence. Raakesh is the founder Director of InfodriveIndia.com – world’s third data driven website, offered Business Intelligence Dashboards with extended coverage of 78 countries. Raakesh consulting assignment has created landmark shift in the businesses of his clients.