The price of a bunch of banana by the roadside is already set by the seller. Or is it?
The price of fixing your car is set by the mechanic. Oh really?
The price of a hotel room is set by owner. Is that so?
Who fixed these prices? Are they non-negotiable like the 10 Commandments?
So where does this price-fixing leave you, the buyer?
It seems like you’re almost always at their mercy. And sometimes bargaining can almost seem like begging which is definitely not something any self-respecting indivudual wants to do especially the male gender.
So what if there is another way?
Thankfully there is! And your favourite business trainer is going to tell you how to get this done, the right way😁
If you are negotiating within a physical shop, show the seller, the number of options available to you on Jumia or Konga this lends you the POWER OF SUBSTITUTES.
If in a hotel, and want a reduction in the room rates stated, go to www.hotel.ng and browse other hotels within a 1mile radius. Show this information to the front desk and negotiate a better rate.
If you are in Lagos traffic (as in the case of a banana hawker), beckon the hawker when the cars are in motion already… and flash him your money, and say, “I want N500 banana” this adds the pressure of TIME on them.
Don’t ask how much the banana is. Simply state how much you have and sell them your money in exchange for the banana. If in a shop, show them the item on your phone with the price.
That way you anchor the price first, and set a psychological advantage of being the first to state your limit.
Next show them the money. So they know it’s not “audio money”, most people don’t want to walk away from money there’s usually some psychological pain/regret that comes from “losing” what could be theirs.
It is important to maintain a positive attitude while bargaining, make light-hearted jokes, blame Buhari for border closure or make a compliment about their appearance, shop aesthetics, physical gait etc.
Lastly, be sure you go for a WIN-WIN on both sides in every outcome, otherwise you won’t have alot of deals brought to your table next time.
What are your favourite negotiation strategies?