When a buyer and seller argue, nothing can be predicted until the final word. Mostly, buyers get their tactics right through as bargaining is a part of all lives. However, some nifty negotiation tactics can help you evade even the most challenging bargains in the face.
As a seller, you aim to advertise your product, promote its benefits, and negotiate its value that adds profit to your pocket. Read ahead to know how it is done the right way:
Negotiation Tactic #1
The Pushback Strategy
The pushback strategy commonly aims to make the seller insecure about their listed pricing. They may say, “This price will simply not do; if it was lower and made more sense, I would immediately buy.” Most buyers use it during the earlier stages of negotiation to intimidate the buyer into lowering product prices.
One apt way to swerve out of it is to ask, “it’s been priced after considerable research. Can you help me understand why it doesn’t make sense?” Most buyers do not think further than the first step and might not provide a substantial explanation. Doing this can help you not stay cornered and amplify your decision to keep the pricing intact.
Negotiation Tactic #2
The Pressure of Limited Time
Crunching the negotiation time in half is a way buyers can have a sure-shot go at their final offer. Some do it by name-dropping competitors; others throw an act of being in a hurry. What you can do is catch if it is a bluff. Most buyers do not have the competitor’s contacts. However, some may be genuine about their powerful bargaining tactics.
You can avoid the whole scenario by coming to a middle ground. Provide an alternative to the negotiated amount. For example, if the buyer wants a 10% cost reduction, offer them an 8% give or take.
Not giving into the act of the customer being in a hurry and maintaining your cool even if they have to leave can help you keep the power with you. Alternatively, you can also play into the act and mirror the haste and drop the price to your middle ground and double down to do the deal quickly to “save them time.”
Negotiation Tactic #3
Selective Memory When Bargaining
Let us think that you have been negotiating with a buyer for a while. The facts and logic are on the table. However, the pricing is not agreeable. If your client suddenly blurts, “Oh wait, I do not remember agreeing to that price,” and lowers it further, it is time to get serious.
Try to avoid this issue and ignore it. Try and remember every possible counterargument your client has placed, and bring them up as a reminder. The only way to counter selective hearing is to listen carefully.
Negotiation Tactic #4
The Classic Temper Tantrum Bargain
The temper tantrum is a classic stick-to-my-offer-or-else negotiation tactic that many buyers use. Keep in mind, you know your product, you know its worth, and you know your price.
Most of the time, this heightened emotional outburst of, “It is outrageous pricing!” has no logical base. It might be a well-thought-out listing price, but not to their liking. Try being more constructive and professional in the face of this temper, and you will see it boil down to negotiation. By doing so, both parties can focus on the objective of buying and selling the desired product.
Negotiation tactics like these work in various workplaces. These tips are logical, professional and allow the client to explain their reason to bargain. Try them out to secure your profit margins and be unmoved.