56: Negotiating with Suppliers like a Pro!

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/

——————————————————————————————

Facebook

YouTube

Instagram

Email us –> support@firingtheman.