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Using Powerful Negotiation Skills To Bargain A Lower Selling Price
A Buying Manager for a large multinational business significantly improved his negotiation skills and results by asking a simple question most within the market now faces. What can we do right now in order to immediately reduce our purchasing spend within one specific section of the business?
It was critical for him to attain a substantial reduction on their existing spend without compromising the quality or quantity of the products, services and applications being supplied. Anyone who have had some negotiation training, will immediately acknowledge some of these principles.
1. Thoroughly explore all alternatives accessible to both you and your counterpart.
You should have a good comprehension of exactly what will happen if you don't achieve the improvement in price that is necessary. Can you buy from a different vendor? Can you sell more of your product or service to other clients? Can your customer buy from another provider?
Exactly what proportion of your supplier's business is represented by the volume of transactions between your corresponding organisations and so forth. Understanding what both you and your counterparts will do if negotiations fail will help you to understand the balance of authority. You may even discover a much better alternative to renegotiating the cost!
2. Slightly overstate your needs
You need to ask for more than you need to acquire. If you need to achieve a 5% increase on your selling price, then you should be asking for a 7% increase. Asking for more than you have to get enables you to make a concession to your counterpart. No one likes to negotiate with someone who is rigid and inflexible and if you are not really prepared to make any allowances, then it is highly unlikely that your counterpart would make any concessions.
3. Highlight similarities
As humans we are more likely to be affected by those who are perceived to be similar to us; effective sales training endorses this. Regardless of whether you need to obtain a price decrease from your supplier or a price increase from your customer, highlight the similarities between yourselves and between your organisation & theirs. For example, just like you and your co-workers at DEF Company, we at LMN Corporation also have significant pressure on our input costs and expenses. This has made it imperative that we change the price of the product.
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