How to negotiate with unfaithful vendors?

Hi friends. Today I will tell you about how you can negotiate with unfaithful vendors and buy products at the right price.

If you would have asked me this question 2 years ago, I would not have an answer. But after watching a video of Anurag Aggarwal, I can guide you on exactly how to negotiate.

There is no reason you should believe me until I tell you that I have practised Anurag Aggarwal's principles of negotiation and won many deals myself. 

How to negotiate with unfaithful vendors, how to close a deal successfully, tips for negotiating better, how to haggle a price,

I would like to give you an example of my latest deal. When I was staying in Mumbai, I used to walk down to Dadar regularly. Once I needed to purchase a mobile case. A shopkeeper quoted ₹150 for the case that I liked. I paused for a few seconds and told him 'I am not going to buy it for more than ₹50'. A haggling went on. He brought down what he was quoting, and I went up a little bit. Subsequently, the final offer of rupees 80 was made, and I bought that case for ₹80.

Had I not followed the principles of negotiation, I would have lost 100% on that item.

Negotiation is required everywhere. From buying the smallest grocery item to getting a hike in your salary, you have to negotiate everywhere.

Now the question is how to learn the art of negotiation? How to haggle? How to convince the other party and bring the prices down.

Why are the unfaithful vendors an easy spot for negotiation and how to find who is being unfaithful?

You can negotiate with unfaithful vendors because they are the only ones who are ready to negotiate. The fixed price shops are rigid and won't entertain bargaining.

I am going to teach you how to negotiate or bargain. Below is the step by step strategy for negotiation:

Before negotiation

  • Knowledge of the product

As a customer, you should be aware of the product that you are buying. How would it benefit you?

Let's look at the two cases below.

Case 1: Suppose you have to buy a shirt. You would go to a shop and simply ask for a shirt.

Case 2: You have to buy a shirt and you are very specific about your demands. You would ask for a Khadi cotton checked shirt.

Which case do you expect the shopkeeper to show the best he has, at minimum cost? Of course case 2. Because in the subconscious of the shopkeeper's mind, he knows that you are already aware of the item and its prices.

How to search? Some ways to search about the product include Google search. But the best way to acquire knowledge of a product is to ask from the local people. The person who is indulged in the occupation of the same product can offer you the best of the knowledge.

During negotiation:

  • Do not make the first offer

When I went to buy that mobile case I did not tell the shopkeeper 'give me this case for rupees 80'. Instead, I let him make the first offer.

Tip: Prior if you are not confident about the exact price of a product then do not make the first offer. If you are confident enough then only you must make it.

  • Speak less and confidently

There are defined steps to bargain. You should not lose your calm and blabber.

  • Offer as much less as possible

This step is not included in Anurag Aggarwal's rules for negotiation. I found this tip in Rich Dad poor Dad. Robert Kiyosaki says that when he negotiates the offer for a piece of real estate, he opens his quotation from half of the price of what the seller offers. Suppose the seller offers him to buy a house for $35000, Robert would open from $17,000 and somewhere in the midway, he closed the deal successfully.

After negotiation:

After the closure 2 situations may arise.

  1. Either you would have negotiated so well that the seller is hardly able to manage any margin.
  2. Or you have bought the product for a high price.

If case 1 has occurred you can immediately offer an advance to the seller so that he won't back out of the deal. If case 2 has occurred you should not regret or criticize the seller after you find out the truth. Don't cancel the deal. Be a man of your words. Let it be a win-win situation for everyone.

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