#395 - Mastering the Art of Supplier Negotiation and Sourcing with Lyden Smithers
Join the remarkable Lyden Smithers and myself as we embark on an explorative journey into the world of master negotiations and strategic sourcing. Lyden, unfolds his transition from a novice Amazon seller to a negotiation wizard capable of securing the best supplier terms. Harnessing the power of preparation and financial knowledge, we dissect his proprietary six-step strategy that takes negotiation talks beyond surface-level discussions, aiming for growth-driven, mutually beneficial outcomes. Witness how his personal growth, transformed him from a hesitant speaker to an influential global presence, and soak in the tales of leading China Magic trips that embody the spirit of true product engagement and supplier relationships.
Venturing into the realm of sourcing, we tackle the complexities of navigating China's manufacturing landscape, comparing it to the business infrastructure in the UK and US. I recount firsthand experiences and strategies that reveal China's unparalleled capabilities, even for smaller-scale orders, and discuss the delicate balance of fostering lasting, win-win partnerships with suppliers. Stepping further into innovation, we examine the tactical moves necessary for crafting unique products and securing coveted exclusivity deals, emphasizing the significant role of strong factory relationships and the art of protecting one's intellectual property while maintaining a competitive edge.
As we close the episode, we pivot towards the pursuit of business profitability and the nuanced strategies that can lead to a lucrative exit. He’ll share insights into optimizing financial metrics such as EBITDA margins, COGS, and advertising spending, all while keeping an eye on the broader picture of portfolio profitability. The conversation wraps up with a look at the rise of TikTok Shop in the e-commerce ecosystem and the immeasurable value of community in accelerating business growth. Finally, a gentle reminder that a well-curated mental diet, rich in quality information, is as vital to your success as the nourishment you choose for your body.
In episode 395 of the AM/PM Podcast, Kevin and Lyden discuss:
- 11:05 - Navigating Supplier Negotiations Successfully
- 16:50 - Building Relationships in International Business
- 19:00 - Challenges With Production Costs
- 22:09 - Sourcing Challenges in Global Market
- 30:07 - Product Development for Better Pricing
- 33:49 - Navigating Innovation and Supplier Relationships
- 36:04 - Product Development Supplier Relationships
- 42:04 - Identifying the Biggest Wastes
- 40:18 - Strategies for Business Profitability and Growth
- 45:56 - Portfolio Optimization Through Quintile Analysis
- 49:39 - Diversifying E-Commerce Market Strategies
- 50:42 - Mastering Amazon and Building Communities
- 52:53 - Importance of Like-Minded Networks
- 57:00 - Kevin King's Words Of Wisdom
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