Want to take more initiative in finding clients for your next big business opportunity? Alibaba.com’s Request for Quotation (RFQ) market is made for you. A place where buyers list their requests for products that they’re actively sourcing for, the RFQ market can be a valuable place for you to connect and build new relationships with clients who are already primed to buy.
So, how can business owners capitalize on this amazing resource? Here’s how.
What is an RFQ?
An RFQ is when a buyer submits a request for a product that they’re looking to source. An abbreviation for “Request for Quotation,” RFQs include these components:
- A description of the product the buyer is looking for
- Special characteristics of the product
- The quantity required
- Where the buyer is posting the request from
When browsing RFQs, suppliers can glean whether they have the manufacturing capability suitable to fulfill the request using these components. RFQs are a fantastic opportunity for suppliers looking for new clients since you know that the buyer’s intention is serious.
What is Alibaba.com’s RFQ market?
Alibaba.com’s RFQ market is a marketplace that allows sellers to take the initiative to connect with buyers. Prospective buyers post descriptions of products they need, and sellers respond with a quote for the request.
With over 20,000 new requests every day from over 5,000 industries, Alibaba.com’s RFQ market is full of business opportunities. However, only Alibaba.com sellers can respond to the wealth of requests. Each RFQ only has ten slots for responses, so act fast!
Top 5 reasons why suppliers should use the RFQ market
Now that we understand what an RFQ is, here’s why sellers should invest time in getting to know the RFQ market.
1. Streamline lead generation
One of the most frustrating parts of being a supplier is finding out that a buyer is a false lead and isn’t actually serious about putting in an order.
Thankfully, Alibaba.com’s RFQ market streamlines lead generation because sellers know that the buyer listing requests on the market are looking to source. Once a supplier finds an appropriate RFQ, there’s a solid chance that the seller will land this new client.
2. Gain footing for new brands
One advantage of answering RFQs is that you don’t need to attract buyers with established branding. Buyers listing on the RFQ market are mostly concerned with whether they can secure a trusted supplier with the required manufacturing capability. Thus, even if you’re a new brand, you must simply be capable of meeting the buyer’s needs to win the RFQ.
3. Shorten the sales process
Since business-to-business (B2B) sales involves large order quantities, the sales process can often last for months. However, with connections initiated on Alibaba.com’s RFQ market, buyers and sellers take an average of three days to finalize deals. This means that there’s no need to waste time going back and forth – you know what the other wants, so just focus on doing business!
4. Create long-term business relationships
Unlike most one-time business-to-consumer (B2C) sales, B2B sales are a more stable and recurring revenue stream. Meeting new clients on Alibaba.com’s RFQ market helps buyers and sellers to start long-lasting business relationships. By responding to an RFQ, you’ve created an opportunity to demonstrate your capabilities and pitch yourself to potential buyers.
5. Collect valuable consumer insight
Perusing Alibaba.com’s RFQ market also provides information on buyers’ wants and needs. By looking through the listings, you can get an idea of what products are popular for sourcing. This information is valuable for sales and marketing and could help you determine what products you should devote research and development funds towards in the upcoming year.
Conclusion
Alibaba.com’s RFQ market is an easy-to-use, proactive method for sellers to find buyers who are in a ready-to-buy mode for products. Once you understand how to use this feature, you can find ways to use RFQs to boost your sales and forge valuable business relationships.
Start your RFQ access! You can get 20+ RFQ responses monthly with an Alibaba.com seller membersip. Check out Alibaba.com’s membership plans, and choose a plan that suits your business.
