WBSP083: Grow Your Business by Learning To Navigate Vendor Consolidation Situations by Your Key Customers w/ Paul Serafino
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How would you feel if you had a handful of customers with huge leverage decided to consolidate their vendors and put pressure to cut the prices further that you might not be able to afford? No one wants to be in this situation. What would you do if you faced this situation? Would you expand your operations to explore further cost reduction opportunities? Would you rather shut down your operations? Would you try to sell hard and not take no for an answer? Or Would you start looking for other customers?
In today's episode, we have our guest, Paul Serafino, who discusses how manufacturers and distributors can get through vendor consolidation situations by their key customers. He also discusses why thinking from the overall capacity is vital to deal with such problems than limiting it to your four walls. Finally, he provides several relationship-building and negotiation techniques to help overcome the price pressure and help create superior value and strategic partnerships with your customers.
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