What’s the NIGP Code and Why You Must Know About It

These are the most important numbers your products can have.

If you are a commodities' vendor, you’re probably interested in selling your products to government's buying agencies, just as to any other type of client. That’s exactly what NIGP Codes exist for and the reason why you should have an idea of which codes apply to your commodities. NIGP stands for National Institute of Governmental Purchasing, the organization that implements them. These codes are used by the US government to classify and identify products and services, as well as companies selling them at the moment.

Apart from enabling us selling to the government, NIGP codes are also used to analyze where money is spent in every district and to route requisitions from sellers to buyers efficiently. Understanding these codes can help you be identified more easily by potential clients. Also, it’s an excellent way to classify your own stock. If you’re the one who’s interested in purchasing, it can also help you track products you need.

Every local government should have its own NIGP Code Search & Commodity Provider Search. This system can be accessed via NIGP Living Codes, and when doing it you should be able to download a file with a codes' list as well. When you select and register your own codes, you’re giving the government an opportunity to hire your services and buy your products. It’s an essential part of public procurement.

Now, these codes might be a little complicated to understand. Its structure is essentially based on a series of digits that distinguish products and services by class and item. That way, the first three numbers indicate a general description of what you’re purchasing or selling and the last two a detailed description of the product. For example, the number 620 belongs to office supplies. So it would be shown like this:

620-00: Office supplies.

For general categorization, the last two numbers will always be two zeros. For specific products, numbers will change. This way, pens' code would look like this:

620-80: Pens.

62080 will then be your code if you’re selling this specific product. You might ask yourself if there is a limit to the codes you can register, but there isn’t. However, you should delimit your codes in the most precise way if you want to keep your solicitations relevant to your business. The code we just showed above has five digits, but you can actually add up to eleven digits to specify and classify products more accurately. So it could finally look like this:

620-80-21: Pens, ball tip, retractable, refillable, all plastic barrel with metal clip.

620-80-21-035-4: fine tip, black ink, 12/box.

For more information on how codes works, updates and search engines, you can go to their website at https://www.periscopeholdings.com/nigp. You can also use them in your stores to provide your clients a precise way to look for your products and get what they want instantly. This will also help you analyze which products are being sold the most, and it will optimize the whole process.

In Coagro Corp, we’re glad to find solutions to your everyday problems in the business. By implementing methods to improve your processes, your company can grow up efficiently over time. We want to guide you through, so contact us and let’s work together on the road to success!

This code is fundamental if you're working with importations.

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Commodity Buyer's Journey: How to Comprehend Your Clients

Explore what makes your clients connect and work with you to make something amazing with them.

Did you know that all the phases clients go through when buying are the same, regardless of the field of work? In commodities, this is especially valid, as all parties are involved throughout the process in a varied way: some are sellers, who offer their products, and some are manufacturing business owners, who want to acquire said products. Their challenges are different, but they all go through the same buyer’s journey to be able to work and satisfy their requirements. You, as part of this field, need to know how this process is in order to comprehend and cater to your clients' needs.

What is a buyer’s journey?

The buyer's journey is “the active research process a buyer goes through leading up to a purchase,” according to HubSpot. The first thing you need to know about this, to learn all about it, is that it commonly includes three essential phases: discovery, consideration, and decision. Each of these consist of many different steps:

1- Discovery: considered the beginning of this journey. It happens when buyers start to recognize that they have an issue that needs to be solved, so they look for a solution. This phase can take a long time or be very quickly, depends on how important is that specific issue or necessity in their life and how fast they act. In commodities, you can see this phase when they realize the need of raw material to keep their businesses up and running.

2- Consideration: the second phase starts when buyers explore a variety of solutions constantly searching for the one that best solves the problem.  This can also be a short process or take a long time, depending on several factors. Also, referring to commodities, in this phase buyers study the options at hand to solve a requirement of raw material.

3- Decision: Finally, buyers choose a solution and justify a purchase decision. If the final choice works perfectly for them, they make a decision, but in case that isn’t right for them, they have to go back to the second phase (consideration) and keep searching for another solution. For commodities, this phase occurs when, after a long search, you select the perfect option to resolve your raw materials supply's need, which will ensure you maintain your business day to day.

Now that you know each phase your clients go through, you can see how important it is to be aware of this process to provide valuable answers at every stage to help them choose your services. If you do it right, then they will surely buy from you. As well, this knowledge will enable you to give to your clients exactly what they need in every phase, helping you to move their needs towards your direction.

Coagro Corp is a company that knows how important it is to do a study of their buyers’ journey to know the challenges of each potential client. With over 20 years of experience, you can say that they have succeeded in this endeavor! Contact them to ensure your professional requirements are taken into consideration and your needs solved. They offer commodity and consulting services to make sure that your path towards business growth in the commodity field is paved with perfect commercial agreements!

The better you know your clients, the better your business relationships will be! 

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5 Common Mistakes in Trading

One of the most common mistakes in trading is believing you hold all the answers.

Humans... It’s normal and completely human to make mistakes. But what if I told you that you could avoid some by having knowledge and expertise? There’s a good reason why people invest time in learning and training themselves: it helps them avoiding a slip up! Today we'll share with you a simple list of 5 common mistakes people make in the trading business. This will help you know more about what really happens in this incredible work field.

Picking things out of emotion: sometimes a deal goes wrong, even if it sounded so good that you couldn't resist to it. Picking things out of emotion is almost always a mistake that can lead you to make an incredibly bad decision and generate problems in the long run. A seasoned trader knows that while there’s a benefit in listening to your guts from time to time, that feeling needs to be backed up by data.

Not doing your homework: the trading business depends solely on the information you acquire. Don’t be fooled, all those goods will move regardless of your presence. Getting rid of your pride, looking out for the information, and getting ready to work generates huge profit opportunities for you.  

Refuse to step out of a deal: sometimes, the best thing you can do in a business is to step out of it. Refusing to do so, especially if it has proven to be nocive for your enterprise, is often a mistake nurtured by pride. If you discover a negative side on a trade or you made a choice that’s not beneficial but you can change it, then do so. Refusing to step out of a commercial agreement that will generate negative results is an immature and reckless behavior.

Changing plans over and over again: sometimes, altering a plan is beneficial. But if you are not sure of how this new plan will work, then don’t force it. Changing things as you go will surely generate not only a lack of trust from your customers and suppliers but will increase mistakes risk. Avoid unnecessary changes, if possible. Stick to a plan, and only change things if you must and you are sure of its convenience. Sometimes a new information or strategy that will benefit you work better if saved for future reference.

Setting the line too high: you need to understand that you’ll go as far as your business allows you. Consider things as leverage, future opportunities, profit margins and the like as business opportunities only if you know how to cope with them. If you don’t have the necessary knowledge to handle a deal but delve in it anyway, there’s a good chance that it will backfire you and generate problems.

Some mistakes can only be avoided if you really work along with professionals. In Coagro Corp, we believe in knowledge and experience value. For that reason, we want you to know those mistakes that can be avoided if you work with professionals in this field. Contact them and have over 20 years of experience and dedication on your side!

These are common mistakes in business.

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Do You Know When It's Convenient to Buy and Sell Commodities?

This is one of the most important factors in any potential business.

There is a time for everything. And commercializing is not an exception to this rule. In fact, in this work field, timing can make an incredible difference in potential profit margins of any operation. Commodities, in fact, are particularly affected by this, as they are traded in a constantly fluctuating market. How do commercial agents deal with this? How do they manage to make the most out of every buying or selling opportunity?

Traders have a secret skill to do this. It’s almost like an extra sense that makes them aware of opportunities right before they present themselves. But this skill is nothing extraordinary or inhuman. It’s simple and basic: information. Successful traders work with available information in a way most traders don’t. They are in charge of making precise predictions and assumptions on prices or certain products and services, with the aid of a keen eye.

Use this example: there’s a possibility to explore the market with a new product, but you must trade an existent contract to delve into that new business venture. How do you make the right choice? How do you pick among an existent agreement and a future opportunity?

Luckily, both operations are fueled by the information you have. For traders, in this phase, you need to take into consideration your current contract trajectory, and its benefits in the long run. Then make an equal study of the other product, adding possible risks of that market. Balance out all factors and decide if it’s the right time to sell your current product and buy the other, or if you must stick to your product/contract and that alone. You should make a choice based on your market and stocks knowledge.

Picking the right time to sell or buy, as you can see, it’s a thing of investigative nature. The best traders know that without data, no operation is possible. There are hundreds of variables that play a role in any business agreement, and the more you know them, more likely you are to get a profitable commercial agreement over them. Most of these variables can be presented and explored in documents and numbers, but you also require skill to know the full scope of this business.  

Now you see how it’s a combination of factors? These are just some that are considered when making a buying or selling decision:

• Current monetary value of the product, considering offer and demand.
• Estimated future value of the product within its market.
• Current demand for the product among its market, as it determines who’s more likely to acquire it.
• Product's lifespan. Unprocessed products duration determines how fast you must sell it.

Commodities are an amenity in finances, and while a good part of its operations is pure analysis, another bit is instinct. People at Coagro Corp know this. That’s why they always work combining their experience, knowledge, and instinct to seal the best deals in the market. Contact them to explore commodities in a completely unique way!

Working in commodities will enable you to identify different indicators to know whether to buy or sell.

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