When you have your product ready and your pricing parameters set, you need buyers. One of the most cost-effective and immediate ways to get responses to your offerings is to take advantage of the multitude of available online promotion options, including registering as a seller on certain B2B sites which offer spaces (your own mini-websites) for you to place your product catalog, as well as communication tools enabling you to be in direct contact with potential buyers.
You can also:
Search online for companies looking to source products
Attend trade shows in your own country or overseas and talk directly to buyers
Identifying buyers
Informal methods
1. Assess how they respond to communication
One key aspect of suitability is having a partner who shows an eagerness to work with you; this includes whether they answer the questions you ask them. Response time is also important. If they have a website, try to browse sections like "About Us" or testimonials (client references).
2. Meet with them
If you get past the initial communication stage with a buyer and feel they may be ready to place an order, you may also want to invite them to your company. Nothing beats meeting a partner. It can go a long way to solidifying a commercial relationship across borders.
Formal methods
In a more financial and operational context, there are more formal ways to reduce your, the supplier's, exposure to risk. They include:
1. Obtaining banking/credit references
You can always get information on a company's financial situation through national and local credit agencies.
To check bank references, give your bank:
a) the prospective customer's company name and address
b) its bank name, its address and relevant account numbers
You will receive a report telling you:
a) how long the company's account has been open
b) whether a given check or instrument can clear
c) the amount of its credit line
2. Obtaining business references
Another way to check out potential partners is to ask them for contact details of other companies with which they have dealt. If they are confident in their commercial reputation, this should not be a problem.
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