Negotiating prices with buyers is a very important strategy to master because this will help you as the seller gain as much profit as possible. Many experienced buyers who try and negotiate will try and finesse you out of a few dollars by changing the price at the very end of the deal to make you stressed and accept the deal even if it isn’t a good one. It can be very hard when you use flash deals and other methods to try and gain the interest of the buyer. And then at the very end, they turn around and try and change the deal after you made it as good as possible for them and even identified all the needs for this product. Here are a few tactics that buyers use to try and negotiate the price
- Anchoring: The buyer suggests a target price to anchor the bargaining range.
- Whack Back: The buyer pushes back on the first price offered.
- Sticker Shock: The buyer is surprised or taken aback by the price you’ve offered.
- Cherry Picking: The buyer unbundles a solution to gain concessions.
- Pencil Sharpening: The buyer primes the seller into accepting a price drop.
- Going, Going, Gone: The buyer creates a sense of urgency, even threatening to leave entirely
So as a buyer, you need to know all of these tricks the buyer will try and try to combat them and hold your ground. The most common trick is anchoring which is when they establish a budget cap that they will not go past no matter what. for example “We’re looking to spend no more than $500,000 for this.” The worst thing to do is to tell them that your price is higher than that and you can’t go lower because you will then immediately lose the deal. so you need to walk with them and ask why this is their max price and get them to break done their reasoning. Because when they do this you could find loopholes to penetrate and get them to see your point of view on why you would pay a little more for your product
BoweryJE22
Brendan this is very insightful, I love how you included the different tactics that buyers try to use on sellers. I agree with what you said about immediately turning down a price, that will never get you a sale. Negotiating with them until you find a loophole you can pursue is very smart. I really enjoyed this post, good work!
Brendan, great stuff my man. The different tactics being listed out of how buyers use them on sellers is helpful and insightful! Negotiating is very important as well.
I never learned about these tactics and their are something I will definitely be using and looking for when negotiating. Anchoring is so common and it is something definitely to look out for.