“Negotiation” has become a part of our daily lives, especially when it comes to shopping and haggling with sellers to lower the price. While some may think that negotiation has been around since the early days of trade, others consider it to be a developed “skill.” In reality, thousands of people continuously search for the basics of negotiation on Google.
So, what is the topic of negotiation? Are there steps to ensure its success? Here are 5 tips for negotiating smartly and getting fair prices:
1. Research Different Places
Research is your strongest ally when making choices and decisions during negotiation. If you want to buy an air conditioner, research the types of air conditioners, their price ranges, and the additional services you can get alongside the product, such as delivery, installation, or free maintenance.
- Start by considering the option you’ll choose during your research without rushing.
- Appear knowledgeable about the market in front of the seller to make them show their competitive edge.
- Check market prices and their fluctuation rates to determine how much you’ll need to negotiate.
2. Initiate Negotiation Positively
Sellers rarely reduce the price they offer unless you request it. Ensure that you do this in a respectful manner without pointing out flaws in the product or service or claiming that you’ve seen lower prices elsewhere.
- Take advantage of the profit margin set by the seller, as they might be willing to negotiate when asked.
- Share your current budget with the seller and ask for suitable solutions.
- Show confidence in the seller and what they offer, as they may feel the need to satisfy you in return for your business.
3. Balance Your Willingness to Buy
If you don’t show your willingness to buy, the seller may not provide the interaction or level of interest you desire. They might even think you’re just wasting their time. On the other hand, if you show complete willingness to buy, the seller might take advantage of your need for the item or your happiness upon getting it to raise the price. Choose a balanced approach.
- Take your time to make purchase decisions when you feel they don’t suit you.
- Be ready to walk away at any time to avoid emotional spending.
- Don’t accept discounts too quickly until you’re sure you’re getting the best price.
4. Choose the Right Timing
In local stores with variable prices, a seller’s willingness to negotiate may vary throughout the day based on sales traffic. If it’s a good day for them, they might not mind making less profit on your purchase later in the day, and vice versa.
- Negotiate in the evening when the seller might want to meet their daily sales goals before closing.
- Buy items when demand is low, such as purchasing bags and school supplies at the start of summer.
- Purchase items that are perishable at the end of their season when the seller may be more willing to dispose of them.
5. Provide Incentives to the Seller
All sellers want to increase their sales, but the difference lies in their desire to maximize profits. This type of negotiation might not necessarily be verbal but aims to convince the seller that they benefit the most from any discount they offer you.
- Negotiate when buying multiple items, showing strong purchasing power that would result in significant losses for a seller who doesn’t agree.
- Negotiate after visiting the same store two or three times to make the seller realize your commitment to shopping with them.
- Mention to the seller that you’ll recommend their store to others indirectly, possibly implying that losing you as a customer would mean losing others too.
In conclusion, while these tips are based on common sense observed in many markets, negotiation situations will vary from one seller to another. Choose the stores that suit you first before resorting to negotiation, and remember that negotiation is simply an attempt to obtain fair prices that allow you to fulfill your needs while also ensuring the success and continuity of other businesses.