Much focus is often placed upon the ability to sell. Countless lectures, classes, videos and column inches have been dedicated to strategising techniques in selling products to various customers, but with this emphasis on educating people in the art of persuasion, it could be argued that the ability to be a good buyer is just as – if not more – important.
A lot of pressure sits on the shoulders of a retail buyer. Responsible for planning, selecting and purchasing quantities of goods and merchandise that are then sold in stores, the success of a company could very well come down to the ability of a buyer. It’s not exactly a straightforward job, either. Various complexities can arise from any angle – budgeting complications, relationships with salespeople and tough decision making all come into the equation on a daily basis; so how can a buyer perfect their profession?
What does a buyer do?
So what does a buyer do? To give you a simple buyer job description, a buyer is responsible for sourcing and deciding which products to sell. This process involves researching the target market and potential products, placing orders, analysing sales data to shape future decisions and building rapport with suppliers and manufacturers.
Characteristics of a buyer
Certain attributes can make a person an exceptionally good buyer. Skills of a good buyer include:
Industry knowledge
The first thing that a buyer needs is an understanding of their industry. This means they should know the types of products that are available and the price they usually sell at, as well as their target customer’s preferences. Without this information, you run the risk of purchasing stock that does not sell, or reducing your profit margin by paying too much per unit.
Organisation
Another one of the most important characteristics of a buyer is organisation. Going into any meeting prepared is key to having a positive outcome. This means that a buyer should always do their research, taking time to determine their priorities, as well as getting to know the products that they want to buy, the manufacturer or supplier that they are speaking with and having an awareness of their room for negotiation. Bring any documents and research with you if you are meeting a supplier in person, or have them to hand if you are speaking remotely.
Relationship building
Having the ability to build rapport can have a significant impact when it comes to sourcing in-demand stock and negotiating a good price. Being able to build relationships with sellers is an important skill to have.
Passion for products
Being able to share your passion for the products you are sourcing can help to impress sellers. Making it clear that you have done your research within your chosen market will also prevent them from suggesting any unreasonable prices.
Buyer roles and responsibilities
We will now take a look at the various buyer roles and responsibilities that help them to make the right purchase decisions. By understanding the different buyer roles and responsibilities, you can be confident in your ability to source products and negotiate to get the best merchandise for your business.
Choosing Brands/Suppliers
The job of a buyer begins with choosing brands or suppliers to do work with, and if you’re employed by a company working on a global scale. Whilst choosing distributors that remove the frustrations of dealing with brands across borders is a simple way around this problem, the chances are you will eventually bump into some international barriers.
These come with a string of potential roadblocks: culture, language and timezone; oftentimes, all three at once. Different corners of the world perform all sorts of
In these instances, it’s vital to remain patient, to listen and adapt to the environment. In any situation, do your homework into cultural practices in wherever you may be heading.
Due diligence behind a company or product is a must anyway, and going that step further to take the time to understand who you are dealing with (and where) will be very well received.
Another key factor in choosing new suppliers is taking the time to assess every opportunity.
The life of a buyer is a very busy one – and being approached by different distributors will become a frequent occurrence. It’s vital that buyers don’t become too
Buyers want to work with someone honest, open, and with a strong plan to grow, and while they might already have that in who they are already in business with, the best buyers are always on the lookout for better; to constantly improve and expand.
The Importance of Relationships for a Good Buyer
Just as dealers trust that buyers are giving them the best prices and services as possible, that goodwill needs to be replicated on their side too. Honesty, trust and mutual respect are key in a strong working relationship, and even if it means missing out on a short-term cost cut, long-term reliability is a much more valuable asset for a business, let alone a buyer.
Holding good relationships with salespeople can give buyers access and insight exclusive to them. Companies will share information for upcoming projects unavailable to the public, and this inside knowledge can promise huge benefits in the buying process – allowing for a much more accurate forecast.
Not only that, but these relationships can offer stability. A well-known supplier grants reliable products, prices and services for as long as that feeling is sustained. Couple this with the inside access and the buying process becomes much easier.
Making Tough Decisions
As a buyer, it is your job to make decisions. Be it negotiating, choosing between suppliers or picking products – difficult decisions come up on a daily basis. Making them would rarely be considered ‘easy’, and a lot of it comes down to experience and knowledge. But the bottom line is that the numbers don’t lie, and while it is easy to go off personal interest, these decisions often don’t work out unless backed by logic. The numbers don’t lie; a simple assessment, but a hard truth that should be adhered to.
Prioritise your brand and make calculated choices in sales and targets – and ensure they tick every single box before coming to a conclusion.
A Good Buyer Needs Patience
Though making a purchase is almost instantaneous, when buying, you have to play the long game – and patience is a key element in being a good buyer. We’ve already established that the decision-making process can be tough, so why rush into a decision? Relationships take time to build, and selecting suppliers can take no end of meetings and calls.
Research comes into play in every department – take the time to look into a product’s target market and competitions to see how it stacks up. Even going as far as looking into customer reviews on various channels, and which countries it’s available in.
The pricing of a product is important, but not definitive, and ‘after-sale support’ can make or break a brand. It’s the long game – does a company have a robust repair/return system? There’s more than spending money to buying – everything has to be followed through thoroughly, and it takes a lot of patience.
The responsibilities of a good buyer in retail are more complex than ever as the landscape becomes increasingly more competitive and pressures on the role intensify. As budgets continue to be pinched and anxiety around political issues such as Brexit persists, having the right buyer in place to navigate the minefield of purchasing the right products could make or break a business.
Summary
By understanding buyer roles and responsibilities, as well as developing the skills of a good buyer, the process of buying products and merchandise can be simplified.
David FeakinsCEO and Founder of Modus Brands
