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A Win-Win Relationship For Vendors And Retailers, Part II |  April 03, 2019 (0 comments)

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Omaha, NE--Ideally, retailer/vendor relationships will be a win-win for both sides. In Part One of this two-part series, we addressed key preparation tips to help maximize the chances that a product will sell well and drive a winning partnership between vendor and retailer. This week, we look at strategies that can help bolster the relationship between the manufacturer/designer brand and the retailers that will hopefully help it grow.

Related: Negotiating with Vendors For A Win-Win Relationship, Part One

10 questions a retailer can ask for more vendor support:

  1. I am interested in increasing our purchases from your Company. What can you do to help me accomplish that objective?
  2. You know I also buy from XYZ Manufacturing. What could you do for me if I agreed to shift my XYZ Open-to-Buy dollars to you?
  3. I have always gotten my (channel bands, diamond studs, plain bands) from XYZ. What could you do to help me switch that category to you?
  4. I’m going to start sending postcards to my customers featuring specific items. Could I get some advertising help if I feature products from you?
  5. I intend to buy less from most of my vendors this Fall, as I’m completely over inventoried. If I keep you at last year’s purchase level, can you help me with (pick from the 16 things to ask for)?
  6. We know from historical experience that this Showcase is the best spot in our store. Can you help us with (memo/price break /terms/etc.) if we devote space in that Showcase to your line?
  7. If we place an order for (X Amount), can we receive a corresponding amount on memo for the Holidays?
  8. If I put your key items on (Autopilot/Trickle) so that they are reordered daily, can I get a (price break /terms/shelf-stock guarantee/better stock balancing)?
  9. If I agree to payment upon receipt, can I get a better discount?
  10. I know business is tough. If I agree to place my order today, what can you do for me?

10 strategies that can help in difficult negotiations:

  1. Simply ask, “Why so much?” (and flinch.)
  2. Ask for more than you expect to get.
  3. Say “You’ll have to do better than that,” and then stop talking.
  4. Adopt a mindset that you are prepared to walk away.
  5. Take your time. Never rush to buy.
  6. Occasionally mention the name of the competition, and sympathize with a bad economy.
  7. Talk and think long term, and show your potential to become an important client.
  8. Always tell the truth.
  9. Remind the vendor that you pay on time--and do it!
  10. Have an alternate vendor in mind that might be able to meet your needs if necessary.

The Edge Retail Academy provides customized strategies for retailers and vendors to increase profits, optimize growth, reduce debt, create profitable inventory solutions, build effective teams, and enhance brand loyalty and profitability. The Academy is committed to helping jewelry businesses improve their bottom line while reducing uncertainty and stress. Edge Retail Academy software and business advisors provide real world knowledge and advice, all on a “no-contract” basis.  877-569-8657, ext. 1,  Becka@EdgeRetailAcademy.com  or  www.edgeretailacademy.com

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