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Negotiating with Suppliers like a Pro!

Negotiating with Suppliers like a Pro!

Update: 2021-01-19
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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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Negotiating with Suppliers like a Pro!

Negotiating with Suppliers like a Pro!

Firing The Man