When it comes to getting your product on the shelves, you need to roll up your sleeves and put your best contract negotiating skills to work. Retailers know this by heart.
The best way to benefit from contract negotiation training is to explore all the different approaches you can use to reach an agreement on a deal.
Essentially, negotiation is all about working with your cash and keeping your customers, all while getting the most out of your suppliers. Even though it may seem like a daunting task, shelf space is definitely worth everyone’s attention – mostly because everyone is competing for their slice of (the same) pie.
In today’s guide, I’ll list four powerful ways to get the most out of your retail partners, drawing from the best sections of contract negotiation training courses.
1 – Delight Everyone with Data
In the worlds of negotiation training and the entire retail industry as a whole, it’s difficult to argue with facts. The truth is, data can be used in a multitude of ways when negotiating contract terms to agree on a final deal.
Your primary end goal during a negotiation process should be to ensure your offer can improve everyone’s bottom line. Hard data that highlights your proven track record and capability definitely helps here, just as demand from your shoppers does.
2 – Say ‘Yes’ to New Partnerships
As you probably know, the best negotiation techniques are worth learning. Many suppliers strive to engage in “business partnerships” with retailers.
Establishing strong relationships with other parties is fundamental to achieving your company’s goals. Since time is precious, make sure you clearly consider which vendors are worth investing your time and money in.
When deciding if you should partner with a specific brand, keep in mind partners look out for each other and jointly drive bottom-line results.
3 – Pitch the Supplier’s Dream
Every company should set up a negotiation workshop where they put themselves in their suppliers’ shoes. This means you should think about their needs.
Suppliers have products and want to sell as much of them as possible. So, you should present yourself as a resource with a proven track record of selling to their target customers. Money talks! Suppliers who can see future profits are more likely to sign your contract.
Make sure that your suppliers are aware you are providing them value. Also, define how your vendor should “return the favor.” Ask for what you need in exchange. If you don’t trust the vendor to reciprocate, make a contingent concession. This means you only have to fulfill your obligations if the other side meets certain conditions.
4 – Reference Consumers
Shoppers should always be part of your contract negotiating toolbox. The most valuable data that you can get from a supplier is from their customers.
So, before entering into a negotiation, make sure you ask the supplier to provide consumer references and reviews. After all, consumers talk about products they love, and more often than not, they will share their experiences.
To master the art of negotiation, you have to do your homework and practice these negotiation skills.
These negotiating techniques and resources will help you win more contracts and close as many potential opportunities as possible. In the end, remember:
Negotiation skills are critical to success in the retail space. Despite all of the tension involved, both retailers and suppliers aim to create a mutually beneficial deal for both parties and their stakeholders.
About the writer: Building online visibility for the Negotiation Training Experts is Lilou Hoffman’s talent and passion. Her experience in working with sales professionals has given her key insights, essential when it comes to writing instructive and practical posts.
- From Bricks to Clicks & Back Again, What’s Driving the Retail Revolution? Blog
- 5 Effective Digital Marketing Techniques for Retailers to Adopt Blog
- 4 Powerful Negotiation Techniques for Retailers Blog