SlingShot Connections’ Post

Embarking on my journey as an Assistant Buyer in the Household division has been an exhilarating adventure. Discovering innovative products, forging connections with global vendors, and collaborating with creative minds has broadened my horizons. However, I've come to realize that the cornerstone of success in this role is in-depth product knowledge. Proficiency in computer skills, report generation, and data analysis is essential, but secondary to understanding the intricacies of our products. To truly thrive, one must develop a profound understanding of: 1. Product features and benefits 2. Materials, quality, and craftsmanship 3. Market trends and consumer demands 4. Supplier capabilities and limitations This foundational knowledge enables informed decision-making, effective vendor management, and strategic purchasing. In this dynamic industry, staying curious, asking questions, and continuously learning about products is crucial for growth and excellence.

If you sell high consideration products, you're probably selling to a buying group. So it's important to know the common roles in the group ⬇ 👱 Initiator: Identifies the need or opportunity that the purchase could address. 🧔 User: Directly interacts with the product or service regularly. 🧕 Influencer: Shares expertise and advice through their knowledge or authority on the subject. 🧖 Decision Maker: Has the authority to say yes or no to the purchase, often senior executives 👴 Gatekeeper: Controls the flow of information and access to other members of the buying committee. 👩 Buyer: Handles the procurement and purchasing process by negotiating terms, managing contracts, and compliance. 👦 Champion: Advocate for the purchase internally, pushing the decision forward and rallying support among stakeholders. 👧 Financial Approver: Approves the financial aspect of the purchase including the budgetary allocation. Once you know the roles, start thinking about how your systems and processes can target buying groups. Read more here ➡ https://bit.ly/3SQV2r6 #B2Bsales #BuyingGroups #GTMstrategy

Buyer, Manager, Consultant

#MentorThoughts #Procurement - Being a creative artist ! #Creativity is #intelligence having fun ! #Professionals turned #Practitioners admire intelligence, and they are always attracted to fun and that combination is fantastic ! Are you one ? Someone asked me if there is creativity in Procurement, and my response is always how much enough is enough in say #SpendAnalysis. What different strokes and mix of radiant colors can you apply deeper ? Here are a few that you can creatively deep dive into the world of colors? What is your top commodities and categories ? Does your yearly spend trend line looks like your career line ? Which category gives you best opportunities? Which suppliers would have the best value colors? How many preferred suppliers have you identified? How much you’re spending with them? Hey, what about number of underperforming suppliers? How many have you transformed them to preferred suppliers? What percentage of spend is locjed with contracts? What percentage have you happily bought on spot? For sure, the more deeper you dive, the more mix of colors you can apply ! Go ahead and recreate your lost art in the beautiful world of #procurement

There's a fine line to walk between trying to exude that you can "be everything to everyone," and trying to stock the most niche and highly specific items. But it could be that when multiple customers call you about the same item you don't stock, it may be worth examining the logistics of carrying that item. Even if the ultimate conclusion is, "no, we can't stock that," evaluating the situation may reveal other things you may be able to utilize! Customer curiosity is a powerful purchasing motivator, especially when you have what they're looking for! Feel free to get in touch if you have any questions about niche or specialty items.

Coming from the world of buying and procurement, I do get it .. it’s tough for suppliers trying to squeeze your priorities into a busy and overworked buyers to do list, but there is always a good strategy to follow. For one, being persistent without bordering on nuisance is key. Personally suppliers contacting me every 4 weeks or so was acceptable for a general business update and opportunities to grow brand and category. Secondly know the buyers current challenges and company objectives and align. Present solutions and opportunities to grow. Your updates should include valuable insights and meaningful news about your brand and how the buyer can capitalise on this. Speak and present in their language. A buyer won’t care for volume performance updates in litres or Kilograms. Follow up with intent and capture salient actions and next steps. Ask questions that encourage dialogue and a response. On the flip side, Don’t shy away from buyers calling you if they are faced with any disruptions to supply for example. Face into the challenge and over communicate as much as possible to instil confidence. Most buyers are busy on Mondays & Friday afternoons, as well as peak trading times for their category. If you want to be involved in range reviews, do your research & try to targer when they are actively looking at their range. Most buyers will actively share a range review calendar (hopefully). Lastly be patient and be respectful. Buyers do need time to discuss a proposal internally. Give them some time before reaching out again. It does take time to build a strategic and collaborative relationship with a buyer. Be persistent but respectful, add value and you will make that break through!

The collaboration between, a Technical Manager,Product Manager, and Category Manager is pivotal in effective vendor negotiation. The Technical manager ensures that technical specifications and quality standards are met without unnecessary expenditures, leveraging their deep knowledge to avoid overpriced or unsuitable solutions. The Product Manager aligns the product needs with business goals, ensuring that negotiations focus on securing goods and services that support the product's lifecycle and market success, potentially leading to volume discounts or favorable terms. Meanwhile, the Category Manager analyzes market trends and competitor strategies, using this data to negotiate better prices and conditions, thus directly reducing costs. Collectively , these roles enable a company to approach vendor negotiations with a comprehensive strategy that optimizes both product quality and profitability.

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