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Apr 20
2016

Price Negotiations

Posted by: Steve Marr

Tagged in: Untagged 

Years ago King Solomon wrote, "’It's no good, it's no good!’ says the buyer--then goes off and boasts about the purchase.” (Proverbs 20:14, NIV) This reminds us that negotiating price is an old art. In theory we negotiate price mostly because the buyer may not understand the lowest selling price somebody will agree to and the seller may not understand the highest price the buyer might pay. If a buyer knew that the exact price after negotiations would be $10 for an item, the buyer would put the $10 down and walk out happy.

 

Most stores in the United States have fixed pricing even though you may be able to negotiate a volume discount in some cases. However, it's very unusual for somebody to buy a $4,000 with a credit card but ask for a 2-3% cash discount. Most of us don't like to haggle that way.

The other issue with haggling is that it takes time you could use to get lower pricing with long-term negotiations. You also have to factor in the element of lost time and work because you spent extensive time in negotiating a price.

When you do your homework prior to purchasing items, part of that homework needs to include understanding the price you should pay. You can use the Internet, Amazon.com and other pricing tools to help you quickly understand the lowest price available. Commercial transactions often have other tools that would help you understand the appropriate price to pay for certain products and services.

Long ago I had responsibility for purchasing and spent considerable time interviewing vendors, listening to proposals, and analyzing pricing structures so I could make the best educated decisions for product and services for the business. This was very time-consuming. Today if I had the same responsibilities I believe I would be able to accomplish much more work much faster by using many of the available pricing tools.

Here are key questions to ask yourself next time you need to negotiate price:

·      Do I have solid pricing information?

·      Do I know what my pricing boundaries should be?

·      Can I offer my price without wavering?

·      Can I refuse protracted negotiations when my research has already identified the correct price range?

When you have taken the time for research and confirmed the price range, you can enter pricing negotiations with confidence.

You can also reject pricing that does not reflect your research and save time and energy you can give to other parts of your business.

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