Negotiation success tips: Negotiation preparation is equal to Negotiation Success
Negotiation is an old habit that’s still highly appreciated by most business people out there. Both retailers and buyers are well aware that good deals don’t come easy. Yet, not everyone is prepared enough to achieve success. Retailers must first learn to play the game in order to have a shot at winning. Negotiating with buyers can be tiring, frustrating, and nerve-raking. The skills you must possess are more like an amalgam of persuasion abilities and manipulation.
The future of commerce is e-commerce…
Success doesn’t come easy in the retail business, especially not in these days. The advent of technology has changed negotiation strategies to 360 degrees. We’re no longer bargaining face to face because we do it in the virtual world. Being informed and prepared is a retailer’s greatest advantage. Negotiating with buyers online and convincing them of the quality of your products is completely different from old-school bargaining techniques. Marketing a business in the virtual world and developing smart selling strategies has managed to revolutionize the way we envision commerce.
How do you negotiate with other vendors?
You recently decided to open a retail business but you need products. How do you approach other vendors? How do you negotiate with them? Meeting with a vendor for the very first time will call for some negotiation strategies. They might or might not know about your business; start talking about the history of your business and briefly mention your goals. The best way to win a vendor on your side is to talk about a future expansion plan. You basically inform the vendor that what you want to do can help his business too.
Make technology your best friend
The main difference between losers and winners in the retail business comes down to a sole factor: tech savvy. The industry is going through some critical changes where old-fashioned selling strategies and negotiation techniques are no longer useful. Savvy retailers finally understand that the online world can make or break their business. Technology gives retailers an edge, it helps them target people directly interested in their products thus boosting sales and controlling costs.
Are you up for the challenge?
How do you negotiate with people you’ve never seen in your life? How do you appeal to their senses? How do your convince them to buy? The answer: social media. Today’s strongest marketing campaigns happen online. Twitter, Facebook, Instagram, Pinterest, Tumblr, and more, can help retailers negotiate without actually negotiating. Social media campaigns don’t entail persuasion; they’re rather based on people’s curiosity to see what a new page or profile has to offer. Whether you’re selling clothes, food, or house appliances, having a website that’s not properly optimized is like not having a website at all. Nobody will know who you are if you don’t have social media presence.
The influence of social media on your business…
Retail businesses with a strong social media impact will inevitably attract both vendors and customers. If your company’s Facebook page scores 100k fans you will immediately grab attention. Vendors will start contacting you to propose deals. How do you negotiate with them? Dealing with negotiations online have the same principles are real-like techniques, yet you must know how to adapt your style.
A vendor wants you to promote THEIR products on YOUR Facebook page. What do you do? Do you accept? Not so fast. You can’t risk losing your fans, so you might want to have some guidelines in mind. For example, if you’re selling leather products like shoes and clothes, you can’t accept to market products made of synthetic leather. Your credibility is at stake so you might want to think twice before saying ‘yes’ to a vendor who’s willing to give you a lot of money for that campaign.
There’s no doubt that the retail industry can’t survive anymore without technology. Social media is your audience now and if you’re not using it, people will never know who you are. Every company wants to achieve success yet only those that are truly dedicated end up recognized in the virtual world. It’s only natural to negotiate for a good deal, yet it’s equally important to have your priorities straight. Whether we like it or not, retailers are exposing their business online, which means that maintaining a good reputation, is of the utmost importance.