Negotiating with Suppliers like a Pro!


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Jan 19 2021 32 mins   1
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: Book: Never Split the Difference Worst Experience Dealing with a Supplier - Firing The Man Podcast Got a negotiation tip you want to share with us? Go to https://firingtheman.com/contact-us/ ------------------------------------------------------------------------------------------ Facebook YouTube Instagram Email us --> support@firingtheman.