Mostly Five Tips for Buyers for an Effective Product Sourcing

Whether you are a seasoned buyer or new to the industry, your biggest secret to success lies in an effective sourcing. It is nothing but choosing and buying the right products for your brand from designers, manufacturers, and wholesalers, merchandising them in an attractive way and satisfying your customers' demands. This helps you in maximizing your sales and meeting your business goals. But, sourcing can be a challenge at times because you might encounter some challenges during the whole process. Like procurement of the best merchandise, costs involved and quality of the products, and many others.

So, here are 5 essential tips that will help you enhance your skills for an effective product sourcing:

1. Be a Good Researcher

To become a successful buyer, you need to be a good researcher. Since every project calls for a different strategy you need to put those extra efforts in learning and becoming more knowledgeable. This means researching what your target customers are looking for, from where you can get the best deals on the products for your store, and creating marketing strategies say, by partnering with local businesses.

2. Keep Yourself Organized

Sourcing is not a cake-walk, it is a serious business. You will have to deal with a lot of things like gathering relevant information and implementing on the tasks that are required to connect the right products with the right customers. For this you need to stay organized and build a system which will help you keep a track of line sheets, contacts, etc.

3. Stay Updated with the Latest Information


This is applicable to every industry. To be successful in a job or business, you always have to stay updated with the latest information. So, as a buyer make a habit of reading blogs and articles relevant to your business. You can also attend seminars, conferences, and trade shows to get deeper insights and increase your knowledge bank.

4. Focus on Building Stronger Relationships

The success of your business depends on the power of your connections and how strong your relationships are with people you are associated for your business. Look for ways which will help you build better and long term relations. Meet them in person and try to stay connected even after a project gets over.

5. Ensure Great Quality Products and Control Over the Costs Involved

Quality matters the most to customers and to win them, you need to maintain it. No matter what your line of business is, you should focus on offering the best quality products. And this is possible only by forming healthy relationships with designers and manufacturers. It will give you a chance to assess the products yourself and stay abreast of the money you are spending, ensuring timely delivery and good quality for your products and satisfy.

Skilled Professionals Global Product Sourcing

About product sourcing, but maybe you don't know exactly what it means. In this article, we are talking about what product sourcing is and how it can benefit your company.

If you are a part of a business, you are aware of the fact that any firm has different departments, such as Finance, Human Resources, Sales, Legal, IT or Accounting. Many companies have outsourced some of these departments, either to save money or to add more skilled professionals to their teams.

Recently, a new trend has appeared, a trend called product sourcing. Properly doing product sourcing, especially when we are talking about global product sourcing, is a quite difficult task. To properly fulfill it, you need a passionate specialist, that has the appropriate skills and knowledge, as well as a wide network of collaborating suppliers. Sourcing basically means searching and identifying the best sources of products and services that your company needs and negotiating a favorable contract with those sources.

Since sourcing is a rather new concept, many people don't know the difference between sourcing and procurement. You might think that there are the same thing, but sourcing is only a part of the entire procurement process, which consists of a collection of processes, not only buying the needed product and services.

Why do so many businesses seek the services of sourcing companies? For the same to reasons we mentioned before to be responsible for the outsourcing of other company departments (HR, Finance, 

Accounting). The first reason that determines businesses to surrender the responsibility of sourcing to third parties is saving money. By cutting a whole sourcing department, you reduce the headcount of your business, thus paying less money for wages and related activities. However, most companies choose to get help with their sourcing due to the fact they realize which are their limitations. 

They come to realize that they do not have enough experience, knowledge and relationships in the industry to achieve the results they desire. By giving this tasks to a third party, they achieve a better understanding of the methods, steps and processes involved in sourcing. This way, no more mistakes are made, deadlines are respected and things run smoothly from one end to another.

Sourcing companies have something your company probably doesn't have. In their years of experience in the field, they have built relationships, based on trust and mutual respect, with different suppliers all around the world. Even when looking for a new supplier, they will know which are the signals of a trustworthy supplier, as well as the price ranges and ascending or descending trends on the market. 

If you have reached the conclusion that you need such a service, don't hesitate to go online and do a simple search. You will find many companies that offer sourcing, procurement and logistics services, but to make sure that you choose the right one.

How To Selling Product And Idea

You're working on straight commission, or you're a work at home mom... you're in sales. (Yes, seriously)

A lot of people think that being in sales means that you have to knock on doors or make cold calls. And that couldn't be the furthest thing from the truth.

In life, you're either selling or you're buying.

You could be trying to convince your best friend to go to the movies at 7:30 instead of 9:30. And whoever gets the other person to agree is the one who sold it and the other one bought it.

Or you could be at a job interview trying to get a job as a data entry clerk. While you're in that interview, you're selling the hiring manager on why they should pick you over all the other candidates. And even once you're hired, you have to perform well enough on a daily basis and sell your services on a daily basis so they don't fire you.

So, being in sales doesn't always mean that you're trying to get someone to agree to buying a product or service from you.

That being said, I'd like to actually talk about the process of selling any idea, product or service. And this process is done in 5 different steps.

1. Find qualified prospects

You can't sell car insurance to someone who doesn't have a driver's license. You can't sell a family phone plan to someone who isn't married and has no children.

These people simply are not qualified to buy from you.

So the most important thing you could do for yourself to make your selling life easier is actually go after people who are qualified to say "yes". They have to not only be financially capable, but emotionally and intellectually competent to understand what they're buying and keeping.

2. Find out what their specific hot button is

People buy the same things for different reasons, and your job is to find out what that specific reason is.

One person could be buying the service to avoid pain, and the other could be buying to gain pleasure. The service essentially does the same thing, but that thing means different things to different people.

So, your job is to ask great questions to find out the specific reasons why that person wants your product or service instead of trying to push a reason on them.

3. Educate them about their options

The natural progression from finding out why they want your product or service is to explain to them what different options are available to them that could fill that need for them.

For example: If a family has explained to you that they need life insurance, there are different types of life insurance policies that can cover their family. There is Term Life that can cover the family for a certain period of time, and there is Permanent Life that will cover the family indefinitely.

Each product has different features and different costs and so the client needs to be aware of these things so that they can make an educated decision.

4. Find out which 2 options they find more attractive

Following the previous example, let's say your client has expressed to you that they're interested in Term Life insurance.

Well, there are many companies that offer that product and there are many different "terms of time" that they can choose from. So, through a series of probing questions, you have to find out which two are the MOST attractive to them.

This is because most people get overwhelmed and confused from the vast variety of options that are available. And because they are overwhelmed, they usually don't even go through with the purchase because it's "just too much".

5. Ask for a commitment

And finally, once you've explained everything that is available and found out which two options are the most attractive, your job is to confidently ask for a commitment. 

"Mr. & Mrs. Smith... we've gone over your needs and you've told me that you're interested in A, B, and C. And based on the research that I've done for you, we've come to agree that these 2 companies are the best for those features. And you've mentioned to me that you like company 1 over company 2. So, is there any reason that you can think of that we wouldn't go through with this decision today?"

It all comes down to this...

If you actually have a product or service that truly adds value to people's lives... your job is to do everything that you possibly can to make sure that they own that product or service.