4 tips to negotiate with suppliers for the right deal

Negotiation is one of the most age-old practices that are still common in the marketplace. If you are a retailer, you must need to bargain with your supplier in such a way that you receive the best pricing and terms on all the products avoiding the unnecessary haggling. Here are 4 negotiation tips that can give you the upper hand.

Articulate your interests properly

Deception tactics like falsification and treachery may help you a little bit in your negotiation process. But it is difficult to maintain in the long-term and unethical too. The negotiation preparation should include setting goals to determine what you or your supplier wants. Be clear to each other about your interests, flexibility, and expectations.

Understand the Lingo

There are always some specific terms used within a sector which you are negotiating with. Talk to different providers and try to learn the jargon to understand what you are talking about and explain your plans to your supplier. In this way, your supplier will consider your opinions seriously and the bargaining power will be in your favour.

Discuss incentives

The whole concept behind the negotiations is to get the best price, discounts, financial benefits, and exclusivity. So always tell your supplier what you want without fearing the rejection. To be a perfect customer for your supplier, you should also provide some incentives. For example, tell them that you'll buy their products in bulk if they offer you a reasonable discount.

Don't be a problematic customer

It certainly doesn't matter how much business you are giving your supplier, if you are a problematic customer, you may not get the best deal. Never be a customer who doesn't pay the bills timely. Be sure to maintain open communications, and treat your supplier as a partner so that you both can get what you need.