As an Indian exporter, navigating the complexities of international transactions and compliance can feel like solving a complex puzzle. Today, we'll explore a crucial piece of that puzzle: FIRC

FIRC full form is Foreign Inward Remittance Certificate. It is a document issued by banks as proof of receiving international payments. Over the years, regulations around FIRC have changed significantly, creating confusion and mystery around this important document. Let's clear the air and decode the what, who, and why of FIRC.

FIRC or Foreign Inward Remittance Certificate serves as a proof of foreign money transfer for exporters in India. Until 2016, <a href="https://rbidocs.rbi.org.in/rdocs/FEMAMASTER/PDFs/1061.PDF">AD (Authorised Dealer) Category I Banks</a> were authorised to issue FIRCs to exporters for receiving payments from foreign sources. This document was essential for exporters to obtain after each cross-border payment. It served not only as proof of payment receipt but also as a crucial document for claiming export-related incentives, such as tax exemptions on foreign currency payments received in India.

As we've covered, the full form of FIRC is Foreign Inward Remittance Certificate and for a long time it served as proof of export income from abroad. However, with changing regulations, the function of FIRC has also changed significantly. Let's take a look:

FIRA is often still referred to by its old name, FIRC. While both documents serve the same purpose, FIRC is technically only issued for returns on&nbsp;Foreign Direct Investment (FDI )or Foreign Institutional Investment (FII). For all other export collections, FIRA/BIRC is what you need.

For clarity, we'll use the term FIRC moving forward, but it refers to FIRA throughout.

Anyone receiving foreign payments needs FIRC.&nbsp; Beyond goods and service exporters engaging in international trade, many individuals and entities may receive international payments without realising it.&nbsp;

Overall, the following typically require a FIRC:

Beyond compliance, here’s why FIRC is crucial for exporters:

FIRCs are issued by AD Category I banks. You can contact your bank to get your FIRC after receiving your foreign payment. <a href="https://www.skydo.com/blog/how-to-get-firc-certificate-online">Alternatively, you can also use platforms like Skydo to get your FIRC instantly after every payment.&nbsp;</a>

Who Needs FIRC and Why It’s Important for Exporters?

FIRC (Foreign Inward Remittance Certificate) is essential for anyone receiving foreign payments, including:

Exporters, in particular, rely on FIRC for two key reasons:

FIRC is issued by Authorized Dealer (AD) Category I banks, and businesses can obtain it directly from their bank. However, it is usually a cumbersome process requiring multiple follow-ups and most banks charge around INR 500 to issue each FIRC.&nbsp;In contrast, platforms like Skydo offer a fast, hassle-free solution, providing an instant FIRC for free after every foreign payment—no manual requests, no extra costs.

This is a sample FIRC document. All crucial remittance details have been masked for security purposes. Now let’s break the content of a FIRC down: 

Receiving your export payment directly through your bank can make obtaining an FIRC a lengthy process. You need to submit a request to the bank, and the bank typically takes 7-15 days to provide the FIRC. You may also need to follow up multiple times, and banks often charge at least INR 400 to issue the FIRC, depending on the institution.

<a href="https://www.skydo.com/blog/how-to-get-firc-certificate-online">Getting a FIRC</a> might sound like a hassle, but with Skydo, it's a breeze. Our fully automated payment system along with built-in partnerships with banks, ensures effortless compliance with RBI guidelines, without needing any manual intervention.

When you receive an export payment through Skydo, we automatically generate the required FIRC for you at no extra cost. Just log into our user-friendly dashboard, and you'll find your FIRC ready to download, complete with all the details you need. 

In conversations around FIRC, there are a few more terms that get frequently mentioned, one of them being eFIRC. So what exactly is <a href="https://www.skydo.com/blog/efirc-firc-brc-essentials-differences">eFIRC?</a>

What is the difference between eBRC and FIRC?

Generally speaking, e-BRC applies mostly to goods and software exporters (under <a href="https://stpi.in/en/home?no_follow=true/">STPI</a>). If you are one of them, you can use this simple decision tree to understand which documents you will need:

Exporting goods and services is considered Zero-Rated Supply, meaning it is subject to 0% GST. However, to claim a GST refund for the input tax credit, exporters must provide the required documents including FIRC. These documents authenticate that the business is claiming a refund because it exported services and couldn't offset its input tax credit as it would in normal domestic business. Without FIRC, claiming a GST refund may not be possible

As we surge in cross-border transactions, ensuring compliance and safeguarding against illicit activities has become a pressing concern. However, at Skydo, we believe your focus should be on advancing your business, not on grappling with compliance challenges.

With Skydo, enjoy seamless international payments, delivered promptly and without any hidden fees. But that's just the beginning! Every time you receive a cross-border payment, an auto-generated FIRC is readily available for you to download, relieving you of compliance burdens so you can devote your energy to what truly matters: driving your business forward.

FIRC full form is Foreign Inward Remittance Certificate. Learn what FIRC is, its importance for exporters and freelancers, and how to obtain it easily

FIRC: Full form, meaning and RBI guidelines

Dive into the world of FIRC. Explore the full form, importance, and process of obtaining FIRC for your international transactions

Foreign Inward Remittance Certificate (FIRC): Full form, meaning and RBI guidelines

Prashanth

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Prashanth Kumar

Expanding your cross-border business is a grand adventure. It is like setting sail on a voyage to build a global network of customers—a journey filled with diverse landscapes, encounters with fascinating individuals, and the thrill of discovering new horizons.

However, building a global customer network is an ambitious undertaking, and it presents a unique set of challenges, such as diversity and complexity, building trust, logistics and <a href="https://www.skydo.com/blog/mastering-compliance-a-step-by-step-guide-to-data-protection-payments-laws-and-industry-regulations-for-tech-exporters?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">compliance</a>, and market research. These factors often deter many from venturing into the international marketplace.&nbsp;

Recently, Skydo engaged in an enlightening discussion on this topic with<a href="https://www.linkedin.com/in/chinmay-chandgude/"> Chinmay Chandgude</a>, a Partner at Alpha OBS LLP Venture.&nbsp;

Let's learn how he succeeded in building a global network.



Q. How and when did you decide to transition to an export services company? What were the benefits you realised about building a global customer network?&nbsp;

Chinmay: Reflecting on our journey, we began initially by connecting with a network of talented freelancers in India. This approach allowed us to undertake website projects and provide competitive quotes, denoted as X, while subsequently outsourcing the work to these freelancers at a lower cost of 0.75x.

At that time, our company was still in its infancy, and we aimed to set our prices strategically to ensure profitability. However, our decision to venture into exports was primarily driven by a desire to reduce our dependence on Indian clients.

One compelling reason for this shift was the realisation that we could achieve higher returns for the same amount of effort invested by working with clients abroad, especially those who pay in dollars or other European currencies.&nbsp;

In practical terms, if a global client were to pay us $1,000 for a project, their expectations remained consistent with that value, meaning they anticipated $1,000 worth of work. This experience contrasts with our understanding of Indian clients, where a $1,000 project often came with expectations for work equivalent to $5,000.

This fundamental difference in client expectations made global clients an attractive prospect for us. Dealing with clients from outside India offered the potential for better compensation and a smoother and more straightforward business relationship. In essence, we pursued exports to tap into a customer base that values our work and provides fair compensation.&nbsp;

Q. How did you land your first client? What was your approach to identifying and targeting global markets?

Chinmay: Our first exciting and memorable experience was on Freelancer.com. This platform served as our initial gateway into global client's work.&nbsp;

On Freelancer.com, individuals would post their projects along with their specific requirements, and freelancers like us would submit bids based on our expertise and capabilities.&nbsp;

We landed our first client by combining some key factors. Our proposals were strong, and we communicated well with the client. Our team was always responsive to the client's needs, which helped seal the deal.

Our approach to identifying and targeting these markets involved a multi-faceted strategy.&nbsp;

We used platforms like Freelancer.com and Upwork, which offered us exposure to a diverse clientele worldwide. These platforms allowed us to showcase our skills and services, ultimately leading to engagements with clients seeking our expertise.

Additionally, we recognised the importance of building a powerful network. This exercise involved collaboration with vendors, consultants, and other industry experts who could provide valuable insights and referrals. By establishing these connections, we could tap into their existing networks, expanding our reach and enhancing our reputation.

Our team played a pivotal role in our success story. We fostered a culture of innovation, collaboration, and continuous improvement. Our dedicated and skilled professionals were instrumental in delivering high-quality work that garnered positive feedback and recommendations, helping us build credibility in global markets.

Q. How can one leverage technology to reach global customers?

Chinmay: To leverage technology to reach global customers effectively, companies must adopt a multi-faceted approach:

Combining these strategies can unlock global customer reach in today's digital age.

Q. What are the steps involved in crafting a global marketing strategy for expansion?

Chinmay: In the global marketing strategy for expansion, we've recognised that our most potent asset is our initial clients. Our journey has shown that dedicating ourselves to their projects with unwavering commitment and precision has yielded remarkable results.

In practical terms, this commitment meant not just meeting the expectations we set but consistently exceeding them. We aimed to provide seven or even eight if we promised five things. The impact of this dedication on our clients was nothing short of transformative. They experienced absolute delight with our services, which naturally increased customer retention.

Our client's satisfaction with our work was so profound that they began entrusting us with more projects, which significantly boosted customer retention rates. Moreover, they became enthusiastic advocates of our services, actively referring us to their networks, including friends and family who required similar services.

This exponential growth was primarily fueled by the potent force of word-of-mouth referrals—a strategy that became our linchpin for expansion. We continue to rely on this organic, <a href="https://www.skydo.com/blog/the-entrepreneurs-guide-to-product-market-fit?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">client-driven growth approach</a>, which has proven its effectiveness repeatedly.

Q. What are your tips for providing excellent customer support?

Chinmay: Providing excellent customer support is paramount in the IT service export industry as it's helped in customer retention. Our tips for achieving this include:

Chinmay's insights underscore the power of word-of-mouth marketing and the significance of consistently delivering on promises. By prioritising customer satisfaction and harnessing the positive feedback loop of referrals, your business can thrive in the cross-border landscape and unlock new horizons of success.

These principles remain essential for sustainable growth and building a strong, loyal customer base.

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A gig economy is a flexible economic system where labour and resources are exchanged through digital platforms that actively connect buyers and sellers. In this type of economy, businesses engage independent contractors and freelancers instead of hiring full-time employees, as the work is temporary and doesn't follow a fixed schedule.

The gig economy yields more affordable, efficient, and adaptable services, providing consumers with a quick and distinctive alternative to traditional, standardised business models. Moreover, it operates exclusively online, making it particularly popular among the younger demographic.

While freelancing and gig work have always been part of India's work culture, their significance has skyrocketed in recent years. Thanks to technology and the rise of platform-based companies, the gig economy has taken centre stage, offering countless opportunities for freelancers nationally.

The gig economy refers to the freelancers and side-hustlers job sector. These jobs are different from the traditional employer-employee relationship. They are characterised by:

You can understand the gig economy as a free market system where freelancers and independent contractors engage in flexible projects with multiple clients.&nbsp;

The entry barriers in the gig economy are low, allowing more professionals to easily venture into freelancing. This creates a hyper-competitive business environment. Moreover, the <a href="https://www.niti.gov.in/sites/default/files/2023-06/Policy_Brief_India%27s_Booming_Gig_and_Platform_Economy_27062022.pdf">Gig Economy Report</a> by NITI Aayog suggests that the demand for professionals with medium-quality skills is decreasing, and there is an upsurge in the demand for highly skilled professionals.&nbsp;

Thus, freelancers need to learn advanced skills and stay updated with the latest industry trends to advance their careers. This blog guides you through the latest trends and factors impacting the gig economy and the future of freelancing.

Over <a href="https://www.primuspartners.in/docs/documents/The%20Rising%20GIG%20Economy%20Of%20India-09-21-06.pdf">57 million</a> people in the US are engaged in gig work whereas in India, over 15 million workers are engaged in freelance professions. In fact, the gig economy can create up to 90 million jobs in India, leading to the growth of the country's GDP by 1.25%. However, which professions are currently in demand?&nbsp;

Diversity of Freelance Professions and Industries

Freelance professions are gradually increasing across various industries. As per <a href="https://www.flexjobs.com/blog/post/hottest-freelance-job-opportunities-for-remote-work/">FlexJobs</a>, the fastest growth of freelancing jobs is in the following industries:

Other <a href="https://s3.amazonaws.com/press.freelancer.com/Freelancer%20Fast%2050%20Index%20-%20Q3%202022.pdf">freelancing jobs</a> that have witnessed a sudden spike in the latter half of 2022 are:

According to <a href="https://icrier.org/pdf/27-12-2017/Galapya_Online%20freelancing%20in%20India.pdf">LIRNEasia's survey report on freelancing</a> in India, online workers and freelancers majorly find jobs on global or local platforms, websites or applications. The most popular ones are:

Many Indian freelancers also find opportunities through local platforms like Just Dial, Sulekha and Urban Clap. Then, what does the future of freelancing look like?

"In countries like India, businesses are growing comfortable with remote freelance management consultants like our platform. It’s a significant change for the better, and will drive more freelance careers.” - <a href="https://www.forbes.com/sites/jonyounger/2020/12/16/freelancing-2021-the-trends-i-see-for-the-freelance-revolution/?sh=366c44462086">Jay Desai</a>, the CEO of Stratlancer.

1. Blurring lines between traditional employment and freelancing

The essence of the gig economy is work flexibility. However, many companies are hiring full-time freelancers, especially in the tech industry. It has both pros and cons. Freelancers have the flexibility to work and also get secured income opportunities.

On the contrary, many companies hire full-time freelancers and ask them to sign non-compete agreements, prohibiting them from engaging with other clients in the same industry. In such scenarios, freelancers perform the role of full-time employees but are deprived of employee benefits.&nbsp;

2. Rise of specialised, niche freelancers

As the freelancing landscape grows and more professionals enter into the market, the demand for niche freelancers with advanced skills will increase. Organisations are seeking specialised freelancers with a specific skill set that caters to their requirements.

For example, a digital marketing agency aims to revamp its online presence. Instead of hiring a generalist freelancer, they opt for a specialised SEO expert with a proven track record in optimising content for search engines. In this scenario, the agency recognizes the value of a niche freelancer who possesses advanced skills tailored precisely to their needs.&nbsp;

The rise of such specialised freelancers allows businesses to access expertise precisely aligned with their goals, marking a shift towards targeted, skill-specific collaborations in the freelancing landscape.

3. Gig marketplaces vs. direct client relationship

The choice between gig marketplaces and direct <a href="https://www.skydo.com/blog/networking-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">client relationships</a> ultimately boils down to a freelancer's unique goals and circumstances. Gig marketplaces can offer a steady flow of projects, payment security, and a degree of convenience, but they often involve fierce competition and lower rates. On the other hand, connecting directly with clients through platforms like LinkedIn or Facebook groups may lead to higher-paying opportunities and more personal relationships.

Freelancers should carefully consider their preferences and priorities. While gig marketplaces can provide stability, the pursuit of higher-paying, direct-client relationships may be a strategic move for those who value greater autonomy and the potential for increased earnings. The choice should align with your long-term career objectives and work style.

Yet, considering the above trends, what is the future role of technology in freelancing?

1. Role of AI and automation in freelancing tasks

There is a looming fear among people that AI will replace the majority of jobs. However, <a href="https://www2.staffingindustry.com/row/Editorial/Daily-News/AI-can-t-replace-creativity-yet-Freelancer.com-CEO-says-66237">Matt Barrie</a>, CEO and founder of Australia-based Freelancer.com says, "AI cannot replace creativity".

Even though plenty of generative AI tools are entering the market, there is still a high demand for freelancers for creative jobs such as photography, user interface design, writing, and marketing.

However, freelancing jobs like data entry, typing, and transcribing that do not require skill are likely to be automated.

2. Platforms and tools enhancing freelancer-client connections

The <a href="https://www.google.com/amp/s/www.benzinga.com/amp/content/34762768">Freelance Platforms Report 2023</a> explains that the freelancer platform market size is growing exponentially. The gig economy and freelancing platforms are leveraging technologies like AI to provide better experiences to both freelancers and clients.&nbsp;

They allow freelancers to market their skills by showcasing their portfolios and ratings. Clients and freelancers can safely connect on platforms without worrying about their delayed work or payments.

3. Data security and privacy concerns for freelancers

Online freelancing platforms are beneficial for finding opportunities and offer a safe environment for freelancers to connect with global clients. Instead of directly reaching out to clients and risking data security and privacy, freelancers can connect and engage with clients through such online platforms.

Economic and Cultural Factors Affecting the Freelancing Market

Let's see the most significant economic and cultural factors that impact the freelancing landscape.

While full-time jobs offer financial stability, they often lack flexibility. Conversely, freelancing gives work flexibility but there may not be steady income, especially in the beginning. However, with the massive layoffs globally, job security and financial stability are also concerning issues for professionals. In such a scenario, a lot of people are picking flexibility over financial stability.&nbsp;

According to a <a href="https://www.ey.com/en_gl/news/2021/05/more-than-half-of-employees-globally-would-quit-their-jobs-if-not-provided-post-pandemic-flexibility-ey-survey-finds">2021 survey by EY</a>, nine out of ten individuals want work flexibility related to when and where they work. Interestingly, more than 50% of professionals are willing to quit their jobs if they do not receive work flexibility. The desire for work flexibility is acting as a freelance professions accelerator.

Employee work expectations have undergone a drastic change post-pandemic. Professionals are now looking for more health support from employers and seeking purpose and career growth. As a result, employer-employee relationship dynamics are changing. Many people are quietly quitting their jobs to get self-employed and start freelancing.

3. Freelancing as a means of pursuing passion projects

The <a href="https://www.skydo.com/blog/how-to-find-high-paying-remote-jobs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">remote work</a> flexibility that people experienced during the pandemic has made a lot of professionals rethink their work preferences. There is a growing dislike for the regular 9-5 jobs that offer little to no flexibility.&nbsp;

According to the <a href="https://f.hubspotusercontent10.net/hubfs/7836460/GrowTal-The-State-of-Freelancing.pdf?__hstc=48019832.b452b617b34bb7f9ec0ec3736a69b2ed.1655240805926.1655240805926.1655240805926.1&amp;__hssc=48019832.1.1655240805926&amp;__hsfp=2751650140">state of freelancing survey by Opinium</a>, 65% of the freelancers felt motivated to do freelancing jobs because they were seeking flexibility to manage their own time. Further, 48% of freelancers chose freelance as a career because it allowed them to make decisions for themselves. 26% of the people started freelancing because they didn't want to go back to their full-time jobs.

Other key motivating factors that allure people to choose freelance jobs are an opportunity to pursue their passion, better compensation, and a sense of purpose.&nbsp;

Here are some tips on how to follow your passion through freelancing and fulfil your purpose.

One of the best ways to grow in freelancing professions is to build a personal brand to market your services to the target audience. <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6913621/">Research</a> suggests that personal branding is a great contemporary technique to grow your career because there is high competition among freelancers to gain visibility and secure more offers. Hence, you must master the art of personal branding to build a distinguished reputation and ultimately gain profits.

Some of the <a href="https://journals.sagepub.com/doi/10.1177/14614448221108960?icid=int.sj-full-text.citing-articles.39">self-branding strategies</a> that freelancers on Upwork use are:

You can use the strategies to grow your brand on gig work platforms.&nbsp;

Pro tip: One of the best ways to build a personal brand is to learn storytelling skills.

2. Continuous upskilling and adapting to trends

According to a <a href="https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/beyond-hiring-how-companies-are-reskilling-to-address-talent-gaps">2020 McKinsey survey,</a> 87% of the surveyed companies are either facing skill gaps or are likely to experience it in the next 3-5 years. There are two major ways organisations tackle the skills gap.&nbsp;

Since reskilling employees requires a lot of cost and resources, the majority of companies prefer to hire freelancers or gig workers. Thus, freelancers need to constantly upskill themselves with the latest industry demands to seek more clients. The following are some of the best ways for freelancers to upskill.

<a href="https://www.atlantis-press.com/article/125959764.pdf">Goffman’s dramaturgical theory</a> suggests that all humans are actors showcasing their performance and they seek to create an impression in the mind of other people. This is called the impression management motion, according to which we put on our best selves to impress others. One of the most remarkable ways for freelancers to impress others and get more clients is to create a portfolio displaying their best work.

A diverse work portfolio showcases your expertise and enhances your credibility. Thus, it serves as one of the best marketing tools to get more leads.&nbsp;

4. Managing finances and navigating taxes

Most freelancers do not earn a fixed income every month. While this offers unlimited earning potential, there can be downsides as well. Delayed payments and refusal to pay create uncertainty risk.

Hence, managing finances efficiently and learning about taxes is extremely crucial for the growth of a freelancing career. Here is how you can do it.

To learn about taxes, you can check this <a href="https://cleartax.in/img/guidepdfs/tax-guide-freelancer.pdf">guide</a> for freelancers.

Work flexibility is one of the key factors driving the growth of freelancing in the gig economy. Another crucial factor is the dynamic skill sector owing to technological advancements. Hence, constant upskilling has become non-negotiable for a successful freelancing career in the modern gig economy. Moreover, with the expected rapid growth of the freelancing sector, staying updated with the latest trends is pertinent to gaining a competitive edge.

Q1. What is freelancing and how does it work?

Ans: Freelancing is a work arrangement where professionals, known as freelancers, offer their services on a project basis to clients. They operate independently, often remotely, taking on various freelance gigs across different professions. This flexible model allows freelancers to choose projects, set their rates, and manage their schedules.

Ans: A freelancer worker is an independent professional who offers services on a temporary or project basis. Unlike traditional employees, freelancers operate as their own bosses, managing their workloads, setting rates, and choosing the projects they take on. This arrangement provides flexibility for both freelancers and clients.

Ans: In freelancing, a gig refers to a specific job or task that a freelancer takes on for a client. These freelance gigs can vary in duration and scope, ranging from short-term projects to ongoing collaborations. Freelancers often build their careers by accumulating a diverse portfolio of gigs in different areas of expertise.

Q4. How do you make money in a gig economy?

Ans: Making money in the gig economy involves freelancers offering their skills and services to clients on a project basis. Freelancers can set their rates, negotiate contracts, and take on multiple gigs simultaneously. Success in the gig economy often depends on building a strong personal brand, delivering high-quality work, and maintaining positive client relationships.

Ans: The gig economy has both pros and cons. On the positive side, it offers flexibility, autonomy, and diverse opportunities for freelancers. However, challenges include the lack of job security and employee benefits. The impact of the gig economy can vary based on individual preferences and circumstances, making it essential for freelancers to carefully navigate and manage their careers.

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This guide offers unique strategies and insights to navigate uncharted territories, uncover hidden gems of potential, and ultimately secure the global leads and clients that will shape the destiny of your enterprise.

This is, by no means, an over-glorification of cold outreach. In fact, it is an easy, quick, and cost-effective way to generate leads. While it is important to have a social media presence, do not turn a blind eye to the dark horse: emailers and other methods of cold outreach. Here is a step-wise guide-cum-checklist of how to approach cold outreach– and master it.

Step 1: Preparing for Cold Outreach to Generate Leads

Clearly defining your target audience is a non-negotiable part of your preparation. Start defining your ideal client demographic: their age, industry, location, profession, and more. The more specific you are, the higher your chances are of delivering a campaign that feels tailor-made and exclusive.&nbsp;

It is vital to know what your target audience prefers, but even more crucial is to know what they don’t like. What could their pain points be that are not getting addressed elsewhere? Look at competitors and try to figure out what they are doing wrong. Can you present them with a better solution and show how you would do things differently?&nbsp;

Effective preparation for cold outreach also involves research and data collection. Sources such as LinkedIn can be a great way to look for potential clients, especially if you know how to use it. Use filters like industry, job title, and company to narrow down your search.&nbsp;

Based on the data you have collected, you can now craft your messaging according to your audience’s liking. These messages can come from anywhere–be it cold emails or social media.&nbsp;

According to studies,<a href="https://blog.hubspot.com/blog/tabid/6307/bid/34146/7-excellent-examples-of-email-personalization-in-action.aspx"> 78%</a> of customers are aware that their data is used to make their online experience better, so appreciate and expect you to personalise your communication. Despite these numbers, a separate study suggests that only<a href="https://www.hubspot.com/state-of-marketing?hubs_post=blog.hubspot.com%2Fblog%2Ftabid%2F6307%2Fbid%2F34146%2F7-excellent-examples-of-email-personalization-in-action.aspx&amp;hubs_post-cta=less%20than%2030%25&amp;_ga=2.147479806.811597323.1693987068-760187044.1693987068&amp;_gl=1*k9p3m6*_ga*NzYwMTg3MDQ0LjE2OTM5ODcwNjg.*_ga_LXTM6CQ0XK*MTY5Mzk4NzA2Ny4xLjEuMTY5Mzk4NzA4Ni40MS4wLjA."> 30%</a> of marketers use this strategy. Why not fill the gap yourself?

Step 2: Building an effective outreach strategy

Once you’ve decided what your message will be, start thinking about the medium. Every <a href="https://www.skydo.com/blog/building-a-global-network-of-customers-for-your-cross-border-business?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">social media</a> platform has its tone, and your message should reflect that. LinkedIn and email are formal, but any other platform leaves a little wiggle room to be casual. If you can add a tinge of wit to your emails, you might have some leeway to sound casual and approachable at the <a href="https://www.skydo.com/blog/effective-time-management-techniques-for-business-owners?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">same time</a>.

Avoid the generic. Using readymade text templates might be tempting because of their ease, but has anyone ever achieved exponential results by taking the easy way out? You can still use Canva, ChatGPT, and Bing AI to help create a skeleton of your messaging, but make sure you personalise at some level.&nbsp;

Marketing legend Seth Godin while speaking about personalisation said that it is “a chance to differentiate at a human scale.” Let your employees know that in this age of AI and generative text, you still stand apart.&nbsp;

With emails, personalised subject lines also create more impact than expected.&nbsp;

Your emails have a <a href="https://www.prnewswire.com/news-releases/data-personalized-email-subject-lines-boost-open-rates-by-50-percent-300516411.html">50%</a> higher chance of being opened and received well if you have a better, personal subject line compared to a generic one. Again, only 2% of emails carry such subject lines.

Hiring a customer service team dedicated to scripting cold calls, and drafting cold emails will give your communication a personal touch. Furthermore, there are real-life testaments to this too: famous podcaster<a href="https://jake-jorgovan.com/blog/cold-emailing"> Jake Borgovan</a> landed Fortune 500 clients using cold emails, and freelancer<a href="https://copyhackers.com/2017/09/cold-emails/"> Laura Lopuch</a> grew her business 14x through the same strategy. There’s no doubt: this area is brimming with opportunity.&nbsp;

If you are unsure which targeted outreach approach works best for you, and you are in a position where you have to choose between formal and informal, personalised and professional, or long format and short format, you can use the A/B testing method. Also known as the split method, this technique involves splitting your target audience and using two opposite strategies to communicate with them over some time.&nbsp;

Depending on which group is more receptive and engaging, you can pick a strategy accordingly.&nbsp;

Another method is the quality and quantity approach. The quality approach suggests picking a smaller audience pool and aggressively directing your messaging towards them. The quantity approach is the exact opposite and suggests that the more people you reach out to, the more you are likely to get a response.&nbsp;

No matter what your approach is, the CTA or call to action is what ties the email together. Ensure that you spend enough time on this one-liner because it is what will give your audience the extra nudge to click that link, respond, or sign up with you.

Finally, it is not the end of the world if you don’t get enough responses even though you’ve sent hundreds of emails and messages. This is where follow-ups come in. A thoughtfully drafted follow-up message including a reference to the previous email, reiterating your value proposition, and adding some additional benefits that your product will render for them can increase your email response rate by<a href="https://woodpecker.co/blog/follow-up-statistics/#:~:text=Follow%2Dup%20emails%20are%20required,-I%20learned%20that&amp;text=In%20this%20case%2C%20those%20who,in%20a%20campaign%20reach%2027%25."> 7%.</a>

Step 4: Building Relationships and Gaining Trust for Generating Leads&nbsp;

You can only expect to build a relationship with your audience if you give them relevant information. Craft your communication depending on the industry of your audience.&nbsp;

Are you reaching out to global leads working in software? Then quote studies in the field of software. If you are reaching out to management-level employees, include something about how your product will help make their operations more efficient.&nbsp;

The headline is this: Give <a href="https://www.skydo.com/blog/ready-set-launch-8-key-elements-for-launching-your-tech-export-business-today?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">industry-specific information</a> and insights that your targeted outreach group will remember you by.

Trust is another crucial factor. Ensure you reach out to your audience not just for promotion, but also for feedback. In consecutive emails, inform them how you have incorporated their feedback to make the customer experience better. American Writer Zig Ziglar accurately describes the importance of your customers’ trust and says, “If people like you, they’ll listen to you. But if they trust you, they’ll do business with you.”

Step 5: Tracking and Measuring Outreach Success

<a href="https://blog.hubspot.com/sales/benefits-of-crm">Hubspot</a>’s study about CRMs revealed that an organisation’s sales can be increased by 30% and increase a sales team’s productivity by 34% by using a CRM.&nbsp;

Zendesk, Salesforce, LeadSquared, and Zoho are some of the best customer relationship management (CRM) tools available in the market. Apart from getting a detailed record of your conversations and follow-ups, they also help with lead management, customer segmentation, email templates, sales forecasts, content management, and lead generation, among other things.&nbsp;

CRM software helps you organise your business communication needs and analytics under one coherent platform. Using this information, you can monitor the effectiveness of strategies and make swift tweaks for better results.&nbsp;

Global lead generation strategies and client outreach might seem like daunting processes, but with the right planning, strategy building and execution, any operation can nail it, no matter how big or small. Keeping your customers in mind is crucial; you must strive to improve their experience daily.&nbsp;

Stay in touch with them as much as possible and always give them something new to learn and experience. Persistence and patience are the two Ps you should swear by. Add in a dash of updating your product through feedback and reviews, and you’re in the sweet spot with customer loyalty!

Q1. How to generate leads or what is the way to do lead generation?

Ans: Employing effective lead-generation strategies is crucial. Utilize digital marketing methods, such as content marketing and SEO, to attract and engage your target audience. Implement lead magnets, like eBooks or webinars, to capture potential leads' information, and optimize your website for lead generation.

Q2. how can you improve sales lead generation?

Ans: Enhance your sales lead generation by refining your understanding of your target audience. Tailor your marketing for leads, employ data-driven strategies, and leverage social media for outreach. Regularly assess and adjust your lead generation techniques to align with market trends and customer preferences.

Q3. How to generate international leads from India?

Ans: To generate international leads from India, focus on digital marketing with a global reach. Optimise your online presence, use social media platforms, and employ targeted advertising. Consider partnerships, attend international trade events, and showcase your business on global platforms to expand your reach and attract diverse leads.

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As an Indian importer or international trader, you may have occasionally spotted the mysterious purpose code "1501" on your bank statement. Purpose code 1501 primarily deals with refunds and rebates associated with imports. In this blog post, we will discuss this purpose of code, explain its importance and look at a few common scenarios where code P1501 is used.

Before we dive into the details of purpose code 1501, here's a brief snapshot of Purpose Code 1501:

With the Reserve Bank of India (RBI) releasing its <a href="https://kpmg.com/us/en/taxnewsflash/news/2025/04/india-revised-draft-export-import-regulations.html">revised draft </a>of the 'Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2025' on April 4, it’s crucial for businesses to stay informed about these changes to ensure ongoing compliance and avoid surprises down the line."

Purpose Code 1501 in India specifically denotes transactions related to refunds or rebates received on account of imports. This code signifies that you've received money back from foreign entities associated with goods or services previously imported into India.&nbsp;For example, imagine you run a business in India that imports electronic components from China, assembles them locally, and sells the final product. If one of the components you imported turns out to be faulty and you file a complaint, the supplier may issue a refund for the defective part. This refund would need to be categorized under Purpose Code P1501.

Why is Understanding Purpose Code 1501 Important?

Note that the purpose code 1501 is used specifically for inward remittances (receiving refunds) related to imports. For outward remittance, i.e for sending refund abroad, purpose code S1501 is used.

Claiming Import Duty Refund Using Purpose Code 1501

Imagine you're an importer in India and you've just received a shipment of goods from overseas. Let's say you paid some import duty on these items. Now, for some reason, maybe a few items were damaged, or you were overcharged, you're due a refund on that duty. Here's a simplified look at how that refund might come back to you and where Purpose Code P1501 plays a role:

So, in simple terms, if you get an import duty refund that comes from a company or entity outside of India, your bank will use Purpose Code P1501 to categorize this money coming into your account. It's like a special tag that helps everyone understand the reason for the transaction.

How to Select the Right Purpose Code for Your Transaction?

Choosing the correct purpose code is crucial to ensure smooth and compliant transactions, especially when dealing with international payments. If you're receiving funds from abroad related to imports, such as refunds, rebates, or adjustments, Purpose Code 1501 should be used.

Before finalizing any transaction, carefully review the nature of the payment to confirm it accurately reflects the purpose of the funds. For instance, if the payment is not related to an import-related refund or rebate (e.g., a personal remittance from abroad), a different purpose code would be applicable.

To avoid discrepancies or delays, ensure you have all the necessary documentation to support the use of Purpose Code 1501. This may include:

If you're uncertain about the appropriate purpose code for your transaction, consult your bank or a financial expert. Using the wrong code can lead to delays in processing, scrutiny from regulatory authorities, and even potential penalties.

By carefully selecting the correct purpose code, you can ensure smooth and compliant transactions while maintaining accurate financial records.

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Most new exporters find the trade paperwork overwhelming. First, the volume and second, the lack of experience, lead them into a spiral of confusion.