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:

• 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/ 

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