subject: Bargaining Tips for Retailers [print this page] Bargaining Tips for Retailers Bargaining Tips for Retailers
In the United States though, most consumers want to avoid the haggle and will simply accept the price on the tag. One of the factors that make a retailer successful is when he/she masters how to play the game of give and take with their suppliers. Learn how to negotiate with vendors to receive the best pricing and terms on products with these negotiation tips:
1. Be Prepared
When going into vendor negotiations, being prepared and informed is the greatest advantage of a retailer. Learn as much about the supplier and its products as possible. How do their prices compare to the competition? What level of service do they provide their customers? Vendor negotiation preparation also includes setting goals to determine what you want and what you can live with.
2. Always Tell the Truth
Deception tactics such as bluffing or falsification may actually do more damage than good in the vendor negotiation process. Lying isn't only unethical, but it can also be difficult to maintain. While being honest, be careful not to give away your bargaining power. It's not necessary to tell everything you know, but when you do tell, just tell the truth.
3. Show Your Potential
If you are meeting with a potential vendor for the first time, odds are he/she may know nothing about your company. Begin the negotiation by sharing a little bit of history about your retail business. Explain any future expansion plans and let the vendor know how doing business with you will help them.
4. Ask About Incentives
The whole point of having negotiations with manufacturers and suppliers is to receive the best price, payment terms, advertising allowances and even exclusivity. Start by asking what incentives you qualify for and let the negotiations begin from there. Don't be afraid to ask for what you want.
5. Mention the Competition
It is okay to mention the vendor's competition in the negotiation process but don't disclose any pricing or other confidential details. There is nothing wrong with letting a supplier know their competitor is in a good position, whether it is real or perceived.
6. Find a Fair Compromise
Just like the retailer, the vendor must make a profit to stay in business. Vendor relations should be treated as collaboration rather than conquest. As you negotiate a good deal for your retail business, consider the outcome for the supplier.
7. Think Long Term
Establishing a solid, trustworthy relationship with a supplier can only help your retail business. Vendors, who feel the customer will be loyal, may concede to even more incentives in order to maintain a long-term partnership.
8. Take Your Time
Never feel pressured to buy from a salesman. If you're not satisfied with the negotiating process, ask for time to think about the offer.
9. Get It in Writing
As the negotiation process comes to a close, make sure the offer is put to paper. Don't sign any sales contract unless it matches the verbal agreement.
10. Practice Makes Perfect
Not everyone is a natural negotiator. It takes time to learn when to speak, when to be silent and how to read body language. The more you negotiate and sharpen your skills, the better you'll get.
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