5 Ways to Gain the Upper Hand in Rate Negotiations
The truth is, in the business world it is all about perception. How the vendor views you ultimately decides how he will treat you as a customer. Negotiation is a kind of psychological game we play, and like in every game there is a winner and a loser, the person with the upper hand while negotiating wins the game. Moreover, like for every game there are tactics or techniques which help you win, similarly, there are certain negotiation techniques which help you gain an upper hand when negotiating. These are as follows:
1. Every successful negotiator knows the importance of one imperative factor which helps them in getting a good deal. The factor is having a good knowledge regarding prices and rates prevailing in the market. Extensive knowledge regarding the market or at least good preparation of negotiating regarding the specific product gets you very far. The seller would get intimidated or find it hard to manipulate the situation and convince you if you already have a lot of knowledge regarding the product and the prevailing market price of the product, because obviously the reasonable price would be in line with the market price.
2. If you do not have extensive knowledge regarding the product of concern, then another way to gain the upper hand when negotiating is by pretending that you know. Now this is a rather difficult thing to do because even the best of actors can sometimes make it obvious that they do not have much familiarity. The best way to avoid such a situation is to simply gather basic information regarding similar products and the market rates of those products.
3. Confidence is another factor which ultimately determines if you win or lose the negotiation game. You being sure of what you what and being self-assured makes it hard for the other negotiator to manipulate you or deceive you. Confidence gives you the power to control the situation and resultantly, helps you get what you want out of the deal.
4. Another important thing that should be done is cross-questioning. When you cross question the seller, it puts him/her in an unnerving situation and is hard for him/her to answer cautiously and deviously. The numerous questions usually help you in finding out a lot of information which the seller might not have previously voluntarily mentioned. This very act gives you an upper hand when negotiating.
5. Lastly, it is essential to know the power of silence. When negotiating, if the seller puts forward an offer or demands something that is more than what you want to give, the best thing to do is remain silent. Especially when you do not have a lot of knowledge regarding the product and the market price, silence makes the other party get confused and usually leads them on to believe that the offered price is above your range. Thus, being silent and not overbearing leads you to gain an upper hand in negotiations and consequently a better deal.
