23 Effective Negotiation Strategies & Tactics to Score a Great ...

Haggling, also known as bargaining, is a form of negotiation two parties engage in when trying to come to an equitable agreement for the price of goods or ... Skiptocontent AdvertiserDisclosure AdvertiserDisclosure:ThecreditcardandbankingoffersthatappearonthissitearefromcreditcardcompaniesandbanksfromwhichMoneyCrashers.comreceivescompensation.Thiscompensationmayimpacthowandwhereproductsappearonthissite,including,forexample,theorderinwhichtheyappearoncategorypages.MoneyCrashers.comdoesnotincludeallbanks,creditcardcompaniesorallavailablecreditcardoffers,althoughbesteffortsaremadetoincludeacomprehensivelistofoffersregardlessofcompensation.AdvertiserpartnersincludeAmericanExpress,Chase,U.S.Bank,andBarclaycard,amongothers. SpendMoney Shopping 23EffectiveNegotiationStrategies&TacticstoScoreaGreatDeal By AmandaPell Date September14,2021 FEATUREDPROMOTION TwitterFacebookPinterestLinkedInEmail AdditionalResources 37BestWaystoMakeMoneyfromHome(Legitimate) 28BestNewBankAccountPromotions&Offers-July2022 11BestCash-BackCreditCards-July2022 16BestNewBrokerageAccountPromotions&BonusOffers–July2022 8BestStockstoBuyRightNow(July2022)-InvestmentIdeas 11BestStockPickingServicesofJuly2022 Haggling,alsoknownasbargaining,isaformofnegotiationtwopartiesengageinwhentryingtocometoanequitableagreementforthepriceofgoodsorservices.Inmostpartsoftheworld,hagglingisawayoflife.It’snotaspopularhereintheUnitedStatesasitisinothercountries,butthat’squicklychanging.ItmayhavetakenusabitlongertocatchuptoEuropeandtherestoftheworld,butAmericansarebeginningtorealizetheadvantagesofnegotiatingforalowerprice. Hagglingisaskillthattakestimetodevelop.Somemightevenconsideritanartform.However,onceyouhaveafirmgrasponhowitworks,you’lldiscoverhowrewarding—andevenenjoyable—hagglingforalowerpricecanbe. TheArtofNegotiation:TipsforScoringtheBestDeals&Prices Readytostartsaving?Followthesetipstobecomeanexcellentnegotiatorandgetthebestdealsonyourpurchases. DoYourResearch Halftheworkofsuccessfulnegotiationhappensbeforeyoueverstepfootinthestore.Doyourhomeworkaheadoftimetosetyourselfupforsuccess.MotleyFoolStockAdvisorrecommendationshaveanaveragereturnof618%.For$79(orjust$1.52perweek),joinmorethan1millionmembersanddon'tmisstheirupcomingstockpicks.30daymoney-backguarantee.SignUpNow 1.KnowWhatYouWant Specificityiskeytosuccessfulnegotiation.Nevergointoasituationplanningtobrowsearoundandchoosewhatyouwantonthespotbeforenegotiatingagreatdeal.Figureoutexactlywhatyouwant—downtothebrand,model,color,size,andotherspecifics—beforeyouevenleavehome. Beingsureofwhatyouwanthelpsyoumakeinformeddecisionsthroughoutthenegotiationprocess.Italsogivesyouanauraofconfidenceandknowledgeabilitythatmayinfluencethesalespersontoopenwithalowerprice. 2.KnowtheItem’sRetailValue Lookupthepricelistingforyourtargetitematavarietyofstorestodetermineanaccuratepricerange.Takenoteofwhetherit’sabestsellerorsomethingthatseemstobesellingmoreslowly,andperusebuyerreviewsinthecommentssectionsoftheproductpagesonline. Usingthisinformation,havearealistictargetpricerangeinmind.It’sreasonabletoaimfora10%to30%pricereduction,butlookingfora50%to60%discountonanitemisnotlikelytobewell-received. 3.ShopAround Inadditiontoyouronlineresearch,takethetimetovisitsimilarstoresinthesameareasandaskquestionsaboutyouritem.Hopefully,youcanfindachattysalespersonwhowillgiveyouvitalinformation.Forexample,perhapstheitemhasn’tbeensellingwelllately,orthere’saglutofinventoryontheproduct.Anyamountofinformation,nomatterhowinsignificantitmayseem,canhelpinyournegotiations. 4.KnowtheBestTimetoHaggle Figureoutwhenastoreisleastlikelytobebusy.ConsultGoogleMaps’visitdata foralocationtoseewhenthestoreistypicallyempty.Youmayevenwanttoconsidertakinganunconventionallunchbreakonedayandgoingwhenmostpeopleareatwork. Also,plantonegotiateattherighttimeoftheyear.Ifanitemyouseekisseasonal,looktobuyitattheendoftheseason.AnothergreattimefornegotiationonmostproductsisrightafterChristmas,whentheholidayrushisoverandstoreshaveseenanincreaseinreturns.Especiallyifyou’rewillingtotakeanopen-boxitem,youhaveahigherchanceofscoringalowerprice. 5.NegotiateWiththeRightPerson Youwanttodealwithsomeonewhohasacertainamountofauthority.Managers,supervisors,orseniorsalespersonnelusuallyhavethepowertoofferyouadeal,sodon’twasteyourtimetryingtohagglewithasalesclerk.Doyourresearchaheadoftimetofigureoutwhoyoushouldspeakto. 6.UnderstandtheSalesperson Onceyouknowwhoyou’regoingtobespeakingwith,trytofindopportunitiestoobservethembeforeyouapproachthemyourself.Thisinformationcanpotentiallyhelpyoujudgehowopentheyaretoloweringthepriceandtowhatdegreetheywillreduceit. Makeaseparatevisittothestoreandobservehowtheybehaveattheirjobandhowtheyreacttoothercustomers.Ifyou’reabletocatchanothercustomerbargainingwiththem,that’sagoldenopportunitytogaininsight. 7.ConsidertheVenue Inmostcases,thepricesinlargedepartmentstoresarefixed,whereassmallerstoresandfamily-ownedshopsaremoreconducivetohaggling.Thesameprincipleappliestoserviceindustries.Forexample,youprobablywon’tbeabletohagglewiththemanfromthecablecompany,butself-employedcontractors aremorelikelytobeopentoabargain. Sometimes,largerstorescanbepersuadedintoabetterdeal,especiallyiftheirsalespeopleworkoncommission,inwhichcasetheyusuallyhaveatleastsomeleewayinadjustingthefinalpriceofanitem.Largefurniturestoresandcardealerships aretwoexamplesofbiggerretailerswheredealsarestillpossible. BePrepared Onceyou’vedoneyourresearch,prepafewthingsaheadoftimetoincreaseyourlikelihoodofsuccess. 8.DressStrategically Everyonewantstolookgood,butifyougolookingfordealsdressedlikemoneyisnoobject,thesalespersonmaybelessinclinedtolowertheprice.Youmightthinktheywon’tnotice,butexperiencedsalespeoplearetrainedtobeextremelyobservant. Youwanttolookpolished,butavoidexpensivebrandnamesandaccessories.Ifyoudressdownwhilestillappearingputtogether,thiswillleavethemguessingastowhatyoucanandcan’tafford. 9.BringaFriend Theysaythere’ssafetyinnumbers,butwhenitcomestohaggling,there’sstrengthinnumbersaswell.Bringingafriendalongcanputthesalespersonatasubtledisadvantagethatwillmakethemmorelikelytoagreetoyourterms. Ifyou’realone,anothertrickthatworkssimilarlyiscallingafriendonyourcellphoneforadvicewhileyou’reinthestore.Manytimes,thesalespersonwouldrathercomedownslightlyinpricethanrisklosingthesale. 10.BringYourSmartphone Youshouldhavemostofyourprimaryresearchdonealready,buthavingtheabilitytoverifyclaimsontheflycanbeessentialtothebargainingprocess.Ifasalespersonclaimstheirpriceisthelowestavailable,youmayknowthat’salie,buttheonlywaytoverifyitistopullupalowerprice onyourphone. 11.BePleasantandRelaxed Evenifyoudohavetowhipoutyourphonetocatchasalespersonwithanunverifiedclaim,bepreparedtodosowithouteverabandoningyourpleasant,relaxeddemeanor.Ifyou’renervous,edgy,orconfrontational,thesalespersonwillpickuponthisandbemorelikelytoclamupwithoutgivingyouadeal.Ifyouhaveahardtimebeingcharismaticwhilehandlingdifficultorconfrontationalconversations,askafriendtohelpyoupracticebyroleplayingdifferentscenarios. 12.SetaBudgetandSticktoIt Haveabudgetinmindwhenyouleavethehouse,andonceyouleavethehouse,don’talteritnomatterhowmuchtermsmayshiftduringthenegotiationprocess. Ifthesalespersonmakesanofferthat’saboveyourbudgetbutsoundstoogoodtoresist,askifyoucancomebackthefollowingdayafterrunningthenumbersagainsttherestofyourexpenses.Iftheysayno,that’sasignthedealmayactuallybeatrickindisguiseandyou’rebetteroffturningitdown. UseTheseStrategies Asyou’reintheprocessofbargainingwithasalesperson,thesearesomestrategiesandtricksyoucanusetolowertheprice. 13.AskforaDealonMultipleItems Youmaynotbeabletogetasalespersontocomedownonthepriceofanindividualitem,butifyou’reinterestedinmorethanonepurchase,youmaybeabletogetalowerpricebybundlingthem.Often,theopportunitytoselltwoormorethingscanincentivizeasalespersontolowertheindividualpricesofeachitemslightly. Justbesureyou’vedoneyourmathandarecertainyou’regettingagooddeal.There’snopointingettingadiscountonitemAifyou’regoingtooverpayforitemB. 14.PointOutDefects Thisisoneofthefewnegotiationtacticsthatcanalsoworkinlargedepartmentstoreswherebargainingusuallyisn’tonthetable.Ifapieceofclothinghasatearandyouknowyoucouldmenditonyourown,bringittothecashierandaskifthey’rewillingtogiveyoutheclearanceprice(sincethat’slikelywheretheitemwillendupotherwiseanyway). Thiscanalsoworkifyou’rewillingtoacceptarefurbished orstoremodeliteminsteadofasealedproduct.Ifthestoreisnearingtheendofitsrunonaproduct,theymaybewillingtosellthestoremodelatalowerpricesinceitwillhavesomewearandtearfrombeingondisplay. 15.ShowDisinterest Nevershowthesalespersonhowmuchyouwanttheitem.Don’tletanyfacialexpressionsgiveawayyourtruefeelingsorintentionsforthepurchase.Remember,you’reupagainstsomeonewhodoesthisdayinanddayout.Ifyoushowtheslightestbitofenthusiasmforthepurchaseyou’reabouttomake,thesalespersonwillpickuponthis. 16.BeAssertive Beassertivewithoutbeingrudeoraggressive—asenseofpleasant,self-assuredconfidencewillgoalongway.Maintaineyecontact,avoidanypotentialnervoustics,anddon’tbeafraidtoshowyou’vedoneyourresearch.Themoreauthorityyouproject,themoreseriouslyasalespersonwilltakeyou. 17.BeWillingtoWalkAway Whenyoureachanimpasseinthenegotiation,youhavetoconsiderwalkingaway.Unlessit’satrulyuniqueitem,mostlikelyyouwillfinditorsomethingsimilarelsewhere. Thankthesalesperson,walkaway,anddon’tlookback.Whenitbecomesclearyou’rereallyleaving,theymaystopyouandofferanevenlowerpriceratherthanrisklosingthedeal. Don’ttrytofakethis—salespeopleareexceptionallygoodatcallingthisbluff. 18.ShowHesitation Peoplewho’vealreadydecidedtheywantsomethingdon’thesitate.Ifyouhesitatewhilebargaining,you’resignallingtothesalespersonthatyou’llwalkawayifthedealisn’tgoodenough.Pausingtocontemplatedemonstratestothesalespersonthatyouneedtobeconvinced,motivatingthemtofindwaystoincentivizeyoutobuy. 19.BeComfortableWithSilence Whenthesalespersongoesintoawell-practicedsalespitch,stayingquietisagoodwaytoshaketheirconfidence.Whenyoudon’ttalk,theyhavenoideawhat’sgoingthroughyourmind.Lackinganyinformationaboutyouforcesthemtoconsidertheinitialbargainingpricecarefully.Moreoftenthannot,theywillsettheinitialpricelowtoavoidscaringyouoff. 20.MakeThemSetthePrice Oneofthefirstthingsasalespersonwilltrytogaugeishowmuchyou’rewillingtospendontheiteminquestion.Theymayeventrytogetyoutostartwithanopeningbid.Thisisunwiseandshouldbeavoidedatallcosts. Alongwiththis,nevertellasalespersonyourbudget.Oncetheyknowwhatyou’rewillingtospend,they’llmakesureyouspendit—eveniftheywouldhavebeenwillingtosetalowerprice. AvoidHagglingFauxPas Thetipsabovecoverstrategiesyoushouldaddtoyournegotiationapproach.Therearealsosomecommonnegotiationmistakesyoushouldbesuretoavoid. 21.Don’tRush Rushingautomaticallyplacesyouatadisadvantagebecauseitletsthesalespersonknowwhereyoustand.Ifyourushovertoanitemwhenyouenterastore,ittipsthemoffthatyouwantitverymuch.Ifyourushtheprocessofnegotiating,ittellsthemyou’relikelywillingtosettleforlessofadiscountinordertosavetime.Slow,relaxedmovementandconversationgivesyouthemostleveragetobargainwith. 22.Don’tBeArrogantorCondescending Inalivelysessionofhaggling,temperscansometimesflare.Alwayskeepyourcool,andavoidbecomingoffendedandoffendingthesalesperson.Youwanttomakeclearthatyou’reknowledgeableandhavedoneyourhomework,butyoushouldavoidtalkingdowntothesalespersonoractinglikeaknow-it-all.Maintainingacalm,confident,andpleasantdemeanorwillsetyouupforsuccess. 23.Don’tTakeThingsPersonally Ifyournegotiationattemptdoesn’tgowell,that’sOK.Negotiationisaskillthatrequirespractice—you’reboundtogetitwrongthefirstfewtimesaround.That’swhyit’ssoimportanttobewillingtowalkawayandtryagainatadifferentstoreorwithadifferentitem. Additionally,ifthingsdogetheatedwhileyou’rehaggling,trynottotakeanythingpersonally.Ifyouslipupandloseyourcool,thencutyourlosses,thankthesalesperson,andendtheinteraction.Learningtomanageyouremotionstakestime,andwithpractice,you’llbeapronegotiatorinnotime. FinalWord It’suptoyouhowhardyouwanttohaggle.Somepeoplegetsogoodatnegotiationtheyalmostconsideritasport,whileotherstakeamorecasualapproach.Thekeyisrememberingyouhavenothingtolose—unlessyouinsultthesellerorcauseascene,nosalespersonisevergoingtorefusetosellyouanitemjustbecauseyoutriedtonegotiatethepricefirst. Sogiveitashot!Youmightbesurprisedatwhatkindofthingsyoucannegotiate,fromstandardretailitemstomedicalbillstocreditcardfeesandbeyond.Youmightgettokeepafewextrabucks,oryoucouldscoreasteeplydiscountedsale.Youneverknowunlessyoutry! JumptoTheArtofNegotiation:TipsforScoringtheBestDeals&PricesFinalWord FEATUREDPROMOTION TAGS: TwitterFacebookPinterestLinkedInEmail Stayfinanciallyhealthywithourweeklynewsletter AmandaPell AmandaisawriterandcontentstrategistwhobuilthercareerwritingoncampaignsforbrandslikeNatureValley,Disney,andtheNFL.Shenowspecializesinpersonalfinanceandwealthmanagementcontent,coveringeverythingfromretirementstrategiestoestateplanningtocreditcardbonusesandbeyond.Whenshe'snotknee-deepintrendsresearch,you'lllikelyfindherhikingwithherdogorwithhernoseinagoodbook. FEATUREDPROMOTION DiscoverMore RelatedArticles Shopping Lifestyle Seeall MakeMoney WorthyReview-AuctionDiamonds,Jewelry,andLuxuryWatchesOnline Relatedtopics Weansweryourtoughestquestions Seemorequestions GetOutofDebt Doesmedicaldebtaffectyourcreditscore? Seethefullanswer» SaveMoney HowcanIsavemoneyoncabletelevision? Seethefullanswer» ExtraIncome WhatarethebestCraigslistalternatives? Seethefullanswer» InvestMoney Howdoyouinvestinart? 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