You are in the market looking out for lockers to keep in your school. After finalising everything, you still feel something is missing and that you are not getting the right deal. This is where negotiations come in.
Negotiating with the supplier to get yourself the best possible is kind of a lost art. There is a lot of hesitation around the term as often it means fighting or arguing to get the cheapest price. Let us agree that does not seem good.
However, negotiations are not only for the price. A good buyer can demand the supplier to improve on other factors, such as delivery time, quality of the goods, payment terms, and more. Negotiations are a great tool to give a gentle nudge to the supplier for stepping up their game.
To get the best deals from storage cabinet suppliers in the UK, look at the following questions and see how many you have the answers to.
1.Are you clear on your negotiation’s objective?
Before you jump right into having a heated debate with the supplier about the deal that has been offered, it will be best if you could pick one of the following points:
- Delivery schedule
- Product price
- Terms of payment
- Modes of payment
- Lifetime warranty service
It is important to make this list priority wise. You must also know the particular point you are ready to compromise on.
For example, if you are placing a large order for the cube shelves for your students, you can negotiate with the supplier in giving you free locks for all the lockers along with the free lifetime service.
2.Have you learned enough about your supplier?
Negotiating with someone is a lot about the knowledge you have on that person or company. Remember, knowledge is power. It is important to do thorough research about the vendor/supplier to figure out their standing in the market. Suppose the vendor you have gone to is the only seller of the said product, there is not enough ground for you to negotiate on. The seller will try to encash its market monopoly by giving you deals that benefit you less. On the other hand, if there are a lot of competitors in the market, half your job is done. Afraid to lose you and their market share, the seller might just give you the best possible by itself. Additionally, you can also try and befriend the key member of the seller’s sales team who has the power to negotiate.
3.Do a quick survey with past customers?
Find out about the past customers of the particular seller you are interested in. Pay them a visit and try to pick their brains about the experiences they had while doing business with the said seller. This exercise can provide valuable information that can be leveraged during negotiations.
4.Have you done market research on the product?
Doing thorough market research about the product gives you valuable information. It can tell you:
- About the price difference between different sellers for the same product
- About the price on which the seller procured the product and the kind of margin available
Using these two pieces of information, you can effectively negotiate on bringing the cost down and save a lot of money.
Remember negotiations are only fruitful if they work in favor of both the parties involved. No one should leave the table feeling cheated and cornered. Go with a well-defined negotiation strategy that helps you build a lasting relationship with the supplier.
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