Do you find yourself intimidated when faced with the possibility of negotiating with a “seasoned pro salesperson” whether you are buying a car, cellular phone service or buying a house? You are not alone.
Negotiating for your business or personal life strikes fear into the hearts of even the most outgoing person. However, when you master the art of negotiation it can be challenging and rewarding. So how do you wind up a winner in the negotiating game without “leaving money on the table?” Here are 7 key tips from Capstone’s professional media buyers to insure that your negotiations go your way.
BEFORE YOU SHOP:
1. Establish Your Objective(s)
Be honest with yourself first. What EXACTLY do you need? Develop a list of what you must-have, might be good-to-have, don’t have-to-have and really don’t want. Include an assessment of technology – is the latest cutting edge device and/or accessory necessary or will tried-and-true do?
No brain surgery here! And YES you have to have one, don’t let your sales associate establish it for you. Do they really need to know anyway?
Whatever you do DON’T spend more than you plan to – make the salesperson work to accommodate your budget.
Nothing beats preparation. The internet is a great place for research and “reviews” along with an old reliable such as “Consumer Reports” along with pertinent articles in industry & Trade magazines. Visit different suppliers in your area as well. Look at competing products and manufacturers. When you’re sick of doing the groundwork then you know you’re ready.
NOW GO SHOPPING!
Once you have completed the above go ahead, negotiate. Take the initiative and bargain like you mean it because now you will be in a position of strength. You will know what you want, how much you should pay, when you need it, different places to get it.
4. Involve a friend
Having a “second pair of eyes” never hurts because often a good friend can point out features that you may miss. If your friend is a seasoned negotiator, that can only help. Just don’t rely on someone else to do your negotiating for you or you won’t know the thrill of closing a great deal.
5. Give Yourself Plenty of Time
It is true that time is on your side. Have you ever wondered why salespeople try to get you to buy immediately or worse yet- don’t let you leave if they think you are not going to? They do this for a living you (most likely) do not. The other side of the time variable is equally dangerous- waiting until the last minute. Don’t establish unreasonably short timeframes for purchases either.
6. Sleep on It
You’ve heard it before “If it sounds too good to be true . . .” This is ALWAYS true with negotiating especially when you are making a big purchase. When you have a rule to “sleep on it” you can avoid making a snap decision just because the salesperson is really good at selling versus if the deal is actually a good deal. Nothing puts the purchase in perspective better than sleeping on it,
7. Don’t be Afraid to Say No
Your last decision for a negotiation should ALWAYS be to walk if you aren’t sure or if the deal doesn’t fit your budget. Just knowing that you are willing to walk away and say “No”will take a tremendous amount of stress out of the equation.
Finally, when you are ready to purchase, don’t be afraid to write the check. You won’t regret it this time.