1. Build a relationship
A professional but cordial relationship is one of the best strategies for negotiating with a supplier because it will not be very difficult to reach agreements. Creating bonds through respect, communication and attention to mutual needs is the basis of any successful business relationship.
2. Find more suppliers
Researching different suppliers to find out their prices, quality and service will allow you to choose the best partner, as well as negotiate with better arguments. In addition, you will communicate to the supplier that you make smart decisions, preventing them from taking advantage of you.
Tip : One way to break the ice with this information is to highlight the qualities of the supplier you want to work with and thus eliminate tension in a friendly way.
3. Research your customers
Another important part of your research should be who this provider's clients are (and were), to check if there could be a conflict of interest. Also, contacting past clients will allow you to find out how they were treated and their level of satisfaction.
4. Calculate the real price
Knowing the approximate production price of the product or operating price of the service you are looking to acquire will be very useful at the negotiating table. You should avoid making the supplier feel cornered, but showing that you know the market will make you look like an interesting client.
5. Get volume pricing
Wholesale pricing is one of the main benefits of having a supplier. Ask for the best price and play your cards to get a better price without affecting the seller's profit margins.
Tip : To get a better price, you can propose a long-term phone library contract that guarantees the supplier's sales for a certain period of time.
6. Offer an advance
A down payment always makes things easier because it inspires confidence. Set aside an amount to apply pressure at the ideal moment in the negotiation. When you are close to getting the best price or the conditions that favor you, close the deal with the down payment.
Tip : It is normal for suppliers to ask for 50% down payment. You can offer a little more to make the offer attractive.
7. Be empathetic
Identify the company's interests by studying its values, mission and vision. This will allow you to analyze the objectives that they share and generate empathy. This way, it will be easier to negotiate without affecting the interests of both companies.
8. Seek the common good
Any business relationship develops better when no 'player' is looking to take advantage of the other. Thinking that if your supplier does well, you will do well is a great way to lead by example.
9. Practice your pokerface
Don't show too much enthusiasm or too much disinterest. It's important to be interested in the proposal, but a little disinterest can give you an advantage in intriguing the supplier. Stay calm at the negotiating table, talk without giving away information about your main options. This will avoid spoiling the negotiation and achieving your goals.