If you are looking to get the best possible bargain whether you are in a department store, car lot or at a street stall in Bangkok, here are some suggestions that will help:
1. Be prepared to walk away. Know what your BATNA is. (Best Alternative to Negotiated Agreement). Know what you will walk away to if they do not offer you a good enough bargain.
2. Name your price first. There is a concept in negotiation called Anchoring. It means that the first figure mentioned will set down the anchor and influence figures mentioned from then on. Make sure you are the first person to say a price.
3. Do your research. Understand the product you are negotiating over and what the price is in different places. The more facts you have at your disposal the easier it will be for you to hold a strong bargaining positioning.
4. Be really nice. People are influenced by people they like. There is a myth that suggests that bargaining is about arguing with the other person. It is not. It is about persistence and making an effort but always being as nice as possible to the other person to help them make up their mind.
5. Give them an excuse. In terms of helping them make up their mind, think of an excuse that they can use to justify giving you the best deal possible. Maybe you will soon be looking for something else or maybe you have friends that may be interested. Only make promises that you will keep but think of ways to make them happy to give you a bargain.
These five strategies are a handy guide to bargaining as effectively as possible next time you get the chance.
