Description
Create successful and more resilient vendor relationships through best practices and due diligence strategies.The vendor relationship is key to your business. Establishing the way you will work with that vendor, agreed upon policies, principles, and statistics, will drive the success of that relationship now and well into the future, and the more vendors you can do that with, the more you guarantee the longevity of your business. This material will review the things that the industry’s best buyers do to manage the vendor relationship.
Date: 2021-03-30 Start Time: End Time:
Learning Objectives
Setting the Right Mindset
• Proper Introduction of You and Your Business
• Do Not Let Anyone Think of You as Small
• How to Properly Tell Your Story
• How to Get Things Properly Positioned for Growth
Establish the Benefits of Working With You
• Attention to Presentation of Product
• Better Product Knowledge
• Financially Sound, I Pay My Bills
• Build This as an Opportunity for Both
How to Negotiate Price
• How Do You Mathematically Calculate the Right Price?
• How Do You Present That?
• Understanding What the Vendors See as Pricing, and How to Navigate That
Other Things to Ask for, Other Than Price
• Exclusivity
• Co-Marketing
• Sponsorship of Sales Contests
• Consignments
• Terms
After You’ve Been Shipped
• Setting the Proper Expectation
• Calculating Benchmarks and Determining If Its Working
• Discussions With Vendor After Initial Evaluation
• Set Next Evaluation Date
The Vendor Scorecard
• Your Best Negotiating Tool
• The Best Way to Determine What Did and Did Not Work
• Helps You Plan What You Will Do Going Forward
• Sets the Right Expectation With Every Vendor
Cash Margin
• A Better Stat Than Gross Margin or Sell Thru
• Best Determination of Whether the Vendor Is Helping Your Cash Flow or Not
• Most Systems Do Not Use This Stat, so Learn How to Calculate It
Cash Margin Shortage Negotiation Points
• Terms
• Discounts
• Returns to Vendor
• Marketing Dollars
Negotiating Tips
• Things You Can Do to Stay Comfortable While Negotiating
• Successful Scripts and Techniques
ISM ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Dan Jablons-Retail Smart Guys
