The Value of Negotiation; What You Should Know About Negotiating
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.
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