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Identifying the genuine buyer - don't be in haste!
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Bikky Khosla | 31 Mar, 2009
The
first question that crosses one's mind when approached by a buyer
is 'Is he a genuine buyer?' I have come across several sellers
who, unable to differentiate a genuine buyer from a fraud, were left
with losses â in terms of money and time. So how does one manage to
separate those who can be relied on from the ones who are untrustworthy?
Usually sellers hastily send samples without much verification and
the end result is that usually buyers who are waiting for such gullible
sellers disappear once they get the samples. I have always insisted on
sellers being very meticulous â questioning the buyers about their
product specifications, offer price, past buyers and reasons for
change, etc.
Sellers must also give more attention to communications from day
one before the deal is finalised. A good indicator of reliability is
properly published active communication media, such as a business
telephone number or office address, email ids, office fax lines, and so
on.
Before one decides to go ahead with the deal one should assess how
they respond to communication. Has the buyer been able to give you
suitable answers to your questions to expel your doubts?
Moreover
if possible, invite the buyer to your company. It always pays to meet
your buyer as it adds to you credibility. Also never forget to get hold
of a couple of business references for their feedback. Usually feedback
of other companies with which they have dealt can give you a fair idea
on their business reputation.
Timely responses are also important in establishing that your
buyer is interested and authentic. If you send an email and the buyer
is not replying for more than a couple of working days, it gives you a
fair idea that he may not be interested or he might be a cold prospect.
Sometimes it is possible that inquiring buyers might be showing
interest only for price comparison purposes. In such cases they may not
be serious buyers.
Lastly, any genuine buyer will understand any reservations that you
may have. So don't shy away from asking questions. If you have any
doubts, clear them! Everyone knows that in business it is important to
get paid...that's what you're in business for. So why ignore or
overlook these factors in your haste to confirm a buyer?
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URGENT RESPONSE
PRATHEEBA.M | Sat Mar 17 13:11:00 2012
SIR, IHAVE THE BUYER FROM NIGERIA, YET CONTRACT ALSO SIGNED BUT THE BANK ASKING DEPOSIT FOR TRANSFERING THE AMOUNT TO MY ACCOUNT. ITS GET AFRAID TO ME, WHEATHER I WILL PROCEED THIS CONTRACT OR NOT.
MY CONCERN IS STRATED IN THIS BLOOMING YEAR ONLY. THIS IS MY FIRST BUYER FROM NIGERIA, HAPEL NIGERIA LTD. SO MUCH CONFUSION AROUND ME TO DO THIS.
I KINDLY ASKING YOU DO TO THIS NEEDFUL ANSWER FOR MY STREGHTING MY BUSINEE.
THANKS.
Genuine Buyer
K.Nazar, ABIA Granite Services | Tue Apr 14 18:01:33 2009
Mr.Bikky Khosia,
I Read your article is really best experienced business advice to be frank i am following the same steps in my business services ofcourse starting conversations with my customers around the world used talk with the buyers freely about their business prospects what they looking far once every doubts will be materialized will start doing service with them ( Assisting Quality Control )so soo far my services are going not soo good and not soo bad but i had met Genuine Buyers and doing services for them REGULARLY
new entrant in business
melon | Wed Apr 8 05:39:14 2009
Dear Mr Bikky, Thank you so much for your comments. I am just a new entrant in business. I searched many potitail customers by google, and send our company's introduction to them. But I get few feedback. Though someone interests, after I send the quotation to him, then I lost their attention. I was confused and a little depressed.I tried to call them, but failed. You say if possible, invite them to our company, but it is not so effective. I tried to invite them, but they are not intereted.
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Re: new entrant in business
ajay mathew | Wed Apr 8 08:52:38 2009
then in that case you should understand that the enquiry is not genuine and move on with other customers. the situation that you are facing now is something that all new entrepreneurs face . the problem is that you as a new entrepreneur get the feeling that there is no one else to buy your produce but understand my dear friend that the entire world is there for you to try and the world doesnt come to an end by losing one uninterested client.
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GENUINE BUYER ANALYSIS
LT. COL.(RETD) NAGESHWANT ROY VAID | Sun Apr 5 07:59:33 2009
I read Mr. Bikky Khosla's comments on buyer verification with a lot of professional interest.We as market sellers and buyers are engaged in twin pursuits which make us sell as also buy. Our credentials have to be sound and aspects of relationship marketing must be adhered to in all cases.Buy and sell platforms must create a communication advantage and it is essential that verification and analysis of prospective buyers must be the rule than the exception. Buyer track record,buyer antecedents and available trade references of buyer will help. The most important aspect is understanding the financial muscle of the buyer.It is imperative to scan the buyer credentials which de facto comes to having a clear understanding of his affordability quotient,willingness to pay in a acceptable time period and ability genuinely honour his market outstanding.Samples sent must be followed up assiduously by the seller and any FOC samples must preferably be avoided. This aspect assumes more importance in the context of international business where freight constraints may make the seller lose more money if samples are sent only at the seller's cost.We must make the buyer involved in financial liability if samples are imperative.In case of international business as also in domestic markets trade references must be ascertained.
(LT.COL(RETD) NAGESHWANT ROY VAID,CHIEF EXECUTIVE OFFICER, NGA CONSULTANCY SERVICES & CONSULTANT, BUSINESS DEVELOPMENT (INTERNATIONAL MARKETING, ORBIT INDUSTRIES LIMITED)
how to identify genuine buyers
D T Sampat | Fri Apr 3 06:57:46 2009
dear Mr. Bikky Khosla.
within your write up there are some genuine tips to be followed by the sellers. I am a buyer. Many a times I have faced situations where samples presented to us are of quality beyond our expectations. supplier gives all sort of promises to provide best of the services and attend to all our requirements. despite dealing with us for more than 12 yrs one of the supplier resorted to cheating with totally inferior material with false sized products in ready made garments. we are the recipients ending up in huge losses. even after 2 yrs of landing of the stuff matter is still not being attended to by the supplier. so my question is "HOW to identify a genuine supplier". all these years we have been dealing in cash with the party and we do not have any pending amounts to be paid. In this matter can anything be done. At present our dealings are held up with the party. orders deviated to some other party.
a genuine buyer - who?
K S Khan, Kunwer Exports | Wed Apr 1 10:07:31 2009
sound advice! Mr. Bicky
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Re: a genuine buyer - who?
r.selvan | Wed Apr 8 04:10:39 2009
The genuine buyer who is having urgent need of that ordering materials or having demand for that spares in very near future. Even though some companies havig very good financil background, they hesitate to pay to the supplier in time and made it as their policy to pay only after the seller requested them a lot of times. before selling the product, you can check with the other person in the same line of business or persons left the buyig company who will give the corrrect information.
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Identifying the genuine buyer - don't be in haste
A Kumar | Wed Apr 1 06:56:28 2009
Dear Mr.Bikki,you are genious. I always find your articles timely and thought provoking & helpful. I read them with interest. Your suggestions are worthy of consideration. But ultimately it depends upon the intelligence & long handling of such purchsers that one comes to certain purchaser's credibility. Tips given by you are practical.
Identifying the genuine buyer!
Subhamoy Banerjee | Wed Apr 1 05:19:22 2009
Very right Mr. Khosla; It ultimately boils down to the individual who is running the business. A business becomes risky when you can not protect your brand and without profit, tangible or intangible there is no sense of brand.
Communication indeed is a strong instrument when you are in business and also when you are out of business Who knows except your intelligence the right opportunity, right time, the right place and of course the right partner to do new business with!!!! Thanks.
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Re: Identifying the genuine buyer!
Ashvin Trivedi | Wed Apr 1 06:14:49 2009
Dear Mr. Bikky Khosla,
I want to share my recent bad exeperience.
I am doing business since last 33 years and I normally ask the other suppliers about a buyer,especially when credit is to be offered.(normally we do not give credit,but sometimes we have to, because our all most all competitors give).
In end of February, one new buyer from Surat,placed order for goods worth Rs.1,28,000.00 and offered us payment terms 30 days PDC.We also ask one of our competitors (and our ex-employee) about this buyer's credit worthiness,and he gave us bad opinion.So we regretted this buyer to supply on this payment term.Than buyer arranged conference call with our that competitor & myself and I came to know that my competitor was misleading me.So we supplied material.Now since last 3-4 days, two cheques issued by buyer are returned back by our bank, due to want of fund in buyer's account.
So friends, please guide me and I advise to be very very cautious in giving credit.
Thanks & Regards
ASHVIN TRIVEDI
Director (Marketing)
M: 09925233781
ANNAPURNA TROLLIES PVT. LTD.
312, Anand Mangal II, B/H. Omkar House,
C.G. Road , Navrangpura, Ahmedabad-380 009. INDIA
Ph: 91-79-65124691, TlFx: 91-79-26462389
Website: www.annapurnatrollies.com
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Re: Re: Identifying the genuine buyer!
A Kumar | Wed Apr 1 06:49:48 2009
Dear Mr. Trivedi, with 33 years business experience if one gets cheated what about new entrants. Is it not advisable to ask for Bank Guarantee before accepting orders. As far as I know, Navratna PSUs always ask for advance deposit or payment through DD. Atleast you could have asked the purchaser to submit credit worthyness from a Bank. What do you say?
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