You're facing a stubborn vendor in negotiations. How do you break through their pricing resistance?

In tough negotiations with vendors, I focus on a few key strategies. First, I thoroughly research the market to understand pricing benchmarks and use that knowledge to strengthen my position. Next, I explore value-add opportunities—whether it's offering increased volume, faster payment terms, or potential referrals—that don't necessarily affect the price but offer mutual benefits. Finally, I emphasize the value of long-term partnerships, which can motivate the vendor to offer more flexibility. By combining these approaches, I aim for a win-win outcome.

First, know your product and be confident about that. If vendor is stuck in particular rate. Hear him properly and try to find out why he don't wanna give flexibility. Then act accordingly.

In my experience as a merchandiser, breaking through a vendor's pricing resistance starts with understanding the reason behind their stance and determining if it's fair. If the reason is fair, I explore alternative solutions, such as adjusting order quantities, delivery timelines or revise product specifications to reach a compromise. If it's not fair, I do a counter costing with another vendor who’s capable of executing the order while maintaining the necessary product quality and standards.

Handling a vendor who’s being firm on price can be challenging, but with the right approach, you can often find a way through. Here are some practical strategies that may help: 1.Get to the Root of Their Stance: Try to dig deeper into why they’re so set on their price. Ask questions to understand any hidden costs or concerns they might have this help you to build trust 2.Use Data to Your Advantage: Come armed with information. Whether it’s market trends or competitor pricing, having facts to back up your case can shift the conversation from opinions to a more data-driven discussion. 4.Alternatives: Explore other options that might be valuable to them, like flexible payment terms, larger orders, or adjusting the scope of services

*Value Proposition*: Emphasize how your offering solves specific business problems, shifting the focus from price to value delivered. *Offer Incentives*: Propose longer contracts or larger order volumes in exchange for better pricing, creating a win-win scenario. *Confidence in Pricing*: Maintain confidence in your pricing strategy and be prepared to walk away if necessary, as this can reinforce your position.