Negotiating with Suppliers like a Pro!
Episode description
Episode 56
If you are at the stage of your e-commerce business where you want to talk with suppliers, this episode is for you. Today, Ken and I will drop a lot of golden nuggets you can pick up to turn into a pro negotiator. Based on our experience, negotiations don’t have to be purely business-related. After all, you’re still talking with people who are only living within a different culture and working with their own set of goals.
Let’s dive right in and learn how to negotiate with suppliers like a pro!!
[00:01 - 02:33] Opening Segment
- We introduce our topic for today
- Watch out for a book review!
[02:34 - 09:45] Don’t Split the Difference...Ever
- Here’s an e-commerce tip you can apply to your everyday life!
- Let the people you’re negotiating with pick their destiny
- How will suppliers respect you?
- Ken explains
- Ask the supplier’s preferred mode of communication
- Faster and better responses
- Why ask the supplier of the minimum order quantity?
- When should you accept the first offer?
[09:46 - 19:51] Ensure Quality of Products
- Always ask for tiered pricing related to volume orders
- Gather quotes from several suppliers
- David shares the benefits
- Why you should ask for a shorter lead time
- David tells us to look for areas of mutual gain
- Want some Amazon refunds? Check out Getida
- Promo code: FTM400
- Ensure the quality of the products
- Ken explains how
- Build an authentic connection with the other side
[19:52 - 29:57] Be Respectful and Kind
- Ken talks about the power of negotiation and leverage
- David gives his insights about tactical empathy
- Here’s a tip from Ken about ghosting you don’t want to miss!
- Amplify positive emotions with your suppliers
- People appreciate the little things
- When should you ask for a discount or extra units?
- Treat suppliers with respect and kindness
- What are “black swans” and why should you look out for them?
[29:58 - 32:35] Closing Segment
- Express your desire for a long-term business relationship
- Do you have negotiation tips you want to add?
- Get in touch with us! Link below.
- Final words
Tweetable Quotes:
“Price negotiation should be treated like a house purchase. Never accept the first offer put on the table.” - David Schomer
“Relationships are crucial…At the end of the day, [your suppliers] are people.” - Ken Wilson
Resources Mentioned:
Got a negotiation tip you want to share with us? Go to https://firingtheman.com/contact-us/
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