What Should We Do In Global Trade When Customers Say That Other Companies Are Cheaper Than Us?

tendata blogTrade Data Provider

ten data blog26-06-2023


1. Offer competitive pricing in global trade: Review your pricing strategy to ensure that it is competitive in the market. Conduct market research to understand the pricing landscape and benchmark your prices against those of your competitors. Using the price analysis function of database platforms like Tendata, you can directly see the quotations of competitors and the market price trend of products. Specific and clear prices effectively allow you to take the lead in purchasing, allowing you to have a clearer understanding of the global import and export market prices of products. If necessary, consider adjusting your pricing strategy to offer competitive pricing while still maintaining profitability.

2. Highlight the value proposition in global trade: Emphasize the unique value proposition of your products or services that differentiate you from the competition. This can include factors such as superior quality, reliability, durability, performance, after-sales service, warranty, customization options, or other value-added features that justify the price difference.

3. Provide detailed product/service information in global trade: Clearly communicate the features, specifications, and benefits of your products or services to your customers. Make sure they understand the value and benefits they will receive by choosing your products or services over cheaper alternatives. This can help them make an informed decision based on the value and benefits they will receive, rather than solely focusing on the price.

4. Offer additional value-added services in global trade: Consider offering additional value-added services that can complement your products or services and provide added value to your customers. This can include services such as free installation, training, technical support, or extended warranty. These additional services can justify a higher price point and differentiate your offerings from cheaper alternatives.

5. Build customer relationships in global trade: Develop strong customer relationships based on trust, reliability, and excellent customer service. Build a loyal customer base by providing exceptional service, promptly addressing customer inquiries or concerns, and going the extra mile to exceed customer expectations. Satisfied customers are more likely to choose your products or services even if they are priced higher due to the trust and relationship built with your company.

6. Provide flexible payment terms in global trade: Offer flexible payment terms to your customers, such as installment plans, credit terms, or discounts for bulk orders. This can make your products or services more affordable and attractive to customers, even if your prices are higher compared to other companies.

7. Educate customers on total cost of ownership in global trade: Educate your customers on the concept of total cost of ownership (TCO), which includes not only the upfront purchase price but also other costs associated with product/service lifespan, such as maintenance, repair, replacement, and operational costs. Help them understand that choosing a cheaper option initially may result in higher costs in the long run, and that your products or services may provide better value and cost savings over the entire lifespan.

8. Provide testimonials and case studies in global trade: Share testimonials and case studies from satisfied customers who have chosen your products or services over cheaper alternatives and have experienced positive results. This social proof can help demonstrate the value and benefits of choosing your offerings, and counter the argument that other companies are cheaper.

By offering competitive pricing, highlighting your value proposition, providing detailed product/service information, providing additional value-added services, building customer relationships, providing flexible payment terms, educating customers on total cost of ownership, and providing testimonials and case studies, you can effectively address customer concerns about pricing and differentiate your offerings from cheaper alternatives.

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