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Master negotiation to get better prices, terms, and conditions from suppliers.
Preparation:
- Know your numbers (target cost, MOQ, etc.)
- Research market prices
- Understand supplier's position
- Have alternatives ready
Negotiation tactics:
1. Start with relationship building
2. Ask for price breakdowns
3. Request volume discounts
4. Negotiate payment terms (NET 30, 60)
5. Discuss exclusivity options
6. Bundle multiple products
7. Commit to long-term partnership
What to negotiate:
- Price per unit
- Minimum order quantity
- Payment terms
- Shipping costs
- Sample costs
- Exclusivity rights
- Return policies
- Warranty terms