How can you leverage your purchasing history to negotiate better vendor pricing?

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If you want to save money and improve your vendor relations, you need to know how to negotiate better pricing with your suppliers. One of the most powerful tools you have is your purchasing history, which can reveal valuable insights into your spending patterns, demand fluctuations, and vendor performance. In this article, you will learn how to leverage your purchasing history to negotiate better vendor pricing in four steps.

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Pablo Becerra

Senior Buyer/ Manager at Kopykake Enterprises

1 Analyze your data

In order to get a better understanding of your past purchases, the first step is to collect and analyze the relevant data. You can use various software tools, such as spreadsheets, databases, or procurement platforms, to organize and visualize this information. When analyzing your data, you should pay attention to metrics like how much is spent on each vendor, product, or category; how often orders are placed; how orders vary by season or month; whether orders match inventory levels and sales forecasts; and how satisfied you are with vendor quality, delivery, and service. By doing so, you can gain insight into your strengths and weaknesses, opportunities and threats, and bargaining power and leverage.

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Pablo Becerra

Senior Buyer/ Manager at Kopykake Enterprises
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I agree this is always a smart way to begin. By knowing what kind of purchasing power you bring to the table gives you a good reference from which to begin your negotiations. For example if your annual purchase volume is a few thousand dollars to a company that generates millions of dollars every year you may not have much from which to go off unless there is a personal history between you and the vendor.

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2 Benchmark your prices

The second step is to benchmark your prices against the market and your competitors. You can use various sources of information, such as industry reports, trade journals, online platforms, or networking events, to research the current and future trends in pricing, supply, and demand. You can also compare your prices with other similar buyers or sellers in your niche or region. By benchmarking your prices, you can determine if you are paying too much or too little, if you have room for improvement, and if you have a competitive advantage or disadvantage.

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3 Plan your strategy

When planning your strategy for negotiating better vendor pricing, you should consider various techniques, such as setting a target price and walk-away price, preparing a list of benefits and concessions, and prioritizing your needs and wants. Additionally, it is important to choose the best time and place for the negotiation, build rapport and trust with the vendor, use your data and benchmarks to support your arguments, ask open-ended questions and listen actively, explore alternatives and options, make trade-offs and compromises, and close the deal. With an effective strategy in place, you can increase your confidence and clarity, avoid common pitfalls and mistakes, and achieve your desired outcomes.

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4 Monitor your results

The fourth step is to monitor your results and evaluate your performance. You can track your savings and costs, measure vendor satisfaction and loyalty, review contract compliance and adherence, solicit feedback and suggestions, identify areas for improvement and learning, and celebrate successes and reward your team. This way, you can guarantee that you are getting the best value for your money, maintain a positive and long-term relationship with your vendor, and enhance your skills and knowledge for future negotiations.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you leverage your purchasing history to negotiate better vendor pricing?

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1 Analyze your data

2 Benchmark your prices

3 Plan your strategy

4 Monitor your results

5 Here’s what else to consider

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