The fact that a person sells a good at a less price compared to the amount they got doesn’t mean the negotiation went bad. Actually, the negotiation was good but one of the negotiator (who is the seller) is a bad negotiator. You have every right to bargain for anything you want to get so does the buyer have every right to fix/ flex a bargain. The fact that the seller sells his product at a low price means he/she is okay with the price, there is nothing like I just gave them a fair price since they wanted to buy the product. Negotiation is Negotiation, from north to south, east to west. There is nothing like “simple sell no negotiation”
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The price you pay for a product or service is the value you have placed on it after thorough negotiation, no more no less – Gbenga
Nobody was born as a good negotiator, it isn’t inbuilt but it can be learned from the day to day activities of buy and sell, opening and closing of business deals as well as sharing formulae among friend, peers and families. You do not have to get a degree from Harvard or Oxford University in other to negotiate properly. Negotiation starts from as simple as sharing an orange to as complex as closing a multibillion dollar deal.
Never be shy when negotiating, you are paying to buy value from your previous earning as well as buying satisfaction from the product or service – Gbenga
Why do you have to negotiate when the price is right?
You believe the price is right? Well, I agree will like to agree with you but I can’t agree with you. Let me set a simple example. You need a cloth that you can wear to look smart and good so you go to a store, where you see an expensive design for $1500 and you decided to get it. Actually, buying the cloth is good, but if you go to another store, you will get additional cloth for a little cheaper designer where both you and the seller could beat down prices until you get it for $15. That is called Value for money, Not all designers are of good quality, what you need is satisfaction and value for your money
The price isn’t right until the negotiators comes to an agreement. A bottle of coke could be said to be sold as $0.20 from advertisers and newspaper but a seller might sell it for a little higher or lower than the price due to certain factors such as transportation, location, events and a lot more, so it is left to negotiation.
When I was a little younger, I always see my mother get more value for her money whenever she goes to the market to get things compared to me even when we go with the same amount. That is the work of negotiation. When I asked her, she said in her words “Young man, always leave a room for negotiation whenever you are buying anything. Most asking price will never favor your pocket, you have to bring it to your pocket size”
The divided by 2 plus 10% formulae
You might be hearing this for the first time but trust it works in any type of negotiation that involves money. If you are willing to get something or make a deal and the price you get is quite high or the maker gives you a price, never rush to give a counter offer, take your time and do a simple math. Divide the asking price by 2 and add 10%of the asking price to the price you get as your counter offer. Trust me, it works well. Never expect the seller to give you at that price but be sure he/she will not go 10% above the price you have just mentioned because you have set a pivot for negotiation. Your first counter offer is the pivot for your bargaining and that is what the seller will use as a yardstick to conclude the negotiation.
I will be drawing the curtain here for now, I will be bringing more on Negotiation in my subsequent posts.
You can also check out my blog @gbenga for more exciting posts.
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I read that in some Southern countries negotiating is a normal fun like talking or story telling. If you do not do this, the others may be angry with you.
Again, in other countries it is only businessmen who do it, others not. If you try to negotiate, people will be angry with you. :)
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Actually, different people have different norms. Like in the middle east, it is a normal thing to negotiate while in the united state, not everyone negotiates.
The truth about negotiation is that you are putting a price on the hour you put in getting the money you are about to spend. Working for 12 hours to get $100 and then spend it all on a sweatshirt shows that you have placed a value on the 12 hour work which is a sweatshirt.
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Hi dear @gbenga
Interesting post. I think that negotiantions are based ob the contest of the economy of the country that you are, fir example on Venezuela(where i am now) we are under a critical hyperinflaction, so a price of something that you buy on morning changes 2 hours later, so negotiate Is very hard; but i agree that the main parameters you explain Is a very good guide.
Mainly we have (on Venezuela) to raises the price to a 50% for fight with this kind of phenomena. On our case this Is a special Situation and Is very hard to follows a guideline.
Anyway i apreciate your awesome article, Is very good! 👍
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Wow!!! Rise at 50% is quite a difficult thing to survive with.
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Yes it is!, i actually live a hell because of that. ☹️
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The case of Venezuela is so rare and peculiar that almost nothing that applies in other parts of the world can be applied. Seriously it is a case study in other latitudes as some friends tell me, it seems that it causes a lot of curiosity as it was that we fell into such a bad situation.
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Yes it is!, i actually live a hell because of that. ☹️
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Negotiating is simply an art. Not everyone is for that. Many nobles like it, it's just the value that's in the market and that's it.
I've learned this thanks to the fact that I've changed countries, and I do sales work. It's not easy, but you learn.
The possibility and the way of negotiating varies according to the place, the country, certainly.
I'll keep an eye on your next publications.
Thank you for bringing this up for discussion.
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I have also noticed that at the act of negotiating varies from one location to another and learning how to do this can vary based on location.
How do you cope with negotiation in your current country?
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Hello friend @gbenga
My job is a hardware store salesman. Specifically of PVC products (pipes, taps, accessories, among other things). It is very competitive that business, since there are many that offer the same.
I apply the logic, here for a few cents they claim, I base a lot on that, lower the price of some products but I put a minimum margin of purchase and usually it works. The other thing is to get involved with the customer from the human side, a little bit beyond the merely commercial side. There comes a time when they always buy from me, because I establish a kind of commercial friendship with them. This is not exactly my area of study, it's not what I was trained in, but I've adapted and tried to learn along the way. It's worked for me.
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Thanks @josevas217 for sharing your experience with us here. It is good seeing a sales person confirm the importance of Negotiation.
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Negotiating is an interesting topic, especially in terms of psychology. If a person lists something at a specific price, it could mean they truly believe it's worth that amount, or it could mean they know it's really not and they are just hoping to extract the most value they can.
To the person who feels the price is not right, keen negotiating skills will be required to talk down the price (depending on how firm the other person is.) In psychology terms, I would say negotiation is a form of manipulation. Human beings have created a system in which the best manipulators win. Thought provoking!
Solid read, keep up the great work!
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You are right. It is a game of the manipulation. A game of a winner and a loser or a win win game, it depends on how well you can handle the situation. Most salesperson and marketers understand this so they use it to their advantages.
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Hi @gbenga
You are right business is business, anywhere in the world, under any form of exchange is a good or service.
There are always the factors involved in that business and one of them is the price of the good or service, where a shopper will always look for the cheapest way to buy and the seller to find a utility, will always look for the way to win even if he is losing in some occasions, he already threw his hook and only expects the fish to bite.
Greetings.
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You understand the game very well. I guess you negotiate sometime. This is a game of satisfaction for my money.
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I am a very poor negotiator. Fortunately at our latitudes the prices are most of the time fixed and it's not necessary to define the price. When I visit my wife's family in Turkey it's another thing. When it comes to negotiating a price they ask me to shut up. First reason is that from my accent they induce I'm foreigner and then I get special prices and the second is that I have no experience in this "sport" ;-)
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Amazing... in my country, men are given exorbitant prices while women are believed to be conversant with the market. So as a man, you have to be very good at bargaining so as to get a win win price.
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That of doing "special prices for tourists", which is the same as saying "selling more expensive to tourists", is a bad thing that I also have to see for my latitudes. It is a problem because it harms tourism and creates a bad reputation for exploitation against tourists, by charging them with prices that are not valid for anyone else.
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I really never knew anything about the divided by 2 and add 10% rule until I read this post. I can now understand why I have been a terrible bargainer all along. Cheers!
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I am glad you liked this post. If you come from a region where you have to bargain, then you must understand the bargaining rule. The difference between a person who get more with a dollar and a person who get less with a dollar is bargaining.
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@tipu curate
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Upvoted 👌 (Mana: 0/3 - need recharge?)
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Dear @gbenga
Interesting read. I've never been good in negotiating - especially off-line. So I found articles like the one you pubished quite valuable.
I think you've made small mistake here. Word "where" doesn't seem to fit this sentence ? :)
I think we're living in 2 different words. In europe fixed price is fixed price :) There isn't any room for negotations when it comes to small items. It's not middle east , africa or asia - where bargaining is a daily quest :)
From my experience- trying to negotiate price in "my" part of the world would simply annoy everyone. Such a huge difference, isnt it?
Solid upvote on the way :)
Yours, Piotr
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Thanks for taking time to read my post. I made made the necessary corrections, it was a typo.
Price might be fixed in terms of buying goods in europe but at the same time, negotiation is very important in business deals and being able to negotiate is a very good thing.
I understand that different people and regions have different practices and norms but do people negotiate while trying to conclude on a deal or do they just accept the price giving to them?
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Dear @gbenga
Obviously if you're making a deal - then there is room for negotation. But if price is fixed and displayed - then noone will ever like to 'negotiate' and if you would try to do that, then you most likely will be treated very poorly. Like someone unwanted.
Seriously, if you try to bargain then most people will treat you like a joke and time-waster. I've been to north africa and middle east. I went through russia, mongolia, china. I've spent years in number of Asian countries. So I believe I've some view on that issue :)
Yours, Piotr
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When prices are fixed then the seller is saying that there is no room to negotiate and this is common with supermarkets but in Open markets in so many parts of Africa, you are expected to negotiate because every seller wants to make an extra profit
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Resteemed already @gbenga.
Solid upvote on the way :) (once vp will recharge to 100%)
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Thanks a lot... it is good to be a member of this community and part of this project
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hi @gbenga
I see quite a few comments :) I'm glad to see that :)
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Yes, I will be doing more with steem. Thanks @crypto.piotr
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Hi, the /2 + 10% rule sounds interesting, maybe I will try it once when I will negotiate with someone, if it works :-) Thanx
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I am glad you liked my post, you could give it a try in an open market.
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Thank you for that idea of dividing by 2 and adding 10%, I had never heard it and it would be good to try it whenever I have a chance.
I remembered that a friend who works in a restaurant had told me once that when I negotiated the price of the purchase of the ingredients, I tried to offer 30% less than what the seller asked, knowing that the other party was going to discuss that until that they reached an agreement, when I asked him why that percentage, he told me that one of his relatives worked in food sales and had told him that they used to increase their profit margin by a little more than 50%, so if they got to reduce 30% they would still be earning something and as a restaurant it buys in greater quantity than an individual, because the seller would not see the offer so badly.
I clarify, this question applies only to the case I have, I do not know if in other areas the percentages of profits and the volumes of sales lead to choose other percentages.
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Hello @gbenga
Nice to read your publication. However I can say that I’m not a very good negotiator.
If I see a high or cheap price of some stuff, the only thing I can do is pay for it.
Sometimes you can’t negotiate the price in some super markets, but if your go to the small mall maybe you can do this.
This is not about shy for me, because many people are working to get some profits for their products, but as you said. Satisfaction for me is to help others instead of negotiating for a cheaper price.
Great article by the way. This is very difficult for me to express, my mind think different if we talking about business...!!
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I am glad you read my post. I am really happy to hear you say satisfaction to you is seeing others make profit, that is a very good way to assist humanity
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Interesting theory is like to put it to test
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