When it comes to maintaining your business, negotiations play a key role in growing and pleasing your audience. Whether it be haggling over the price of a car or changing your brand name to better suit your niche, everything is a negotiation in business.
In a recent podcast by Grit, host by Dan Benjamin says:
“Any kind of agreement that you ever make with anybody is a negotiation of one kind or another. Whether it’s how much you’re willing to pay with a car, how much you’re gonna be making at your job, how much your raise is going to be for…The biggest mistake you can make in any negotiation, ever, is to stand up and walk away.”
He goes on to explain that you should never accept a first offer as final. There is always room to talk. An amateur move is to avoid negotiation. No matter what the situation, one can always find a middle ground.
Although there are cases where the price is non-negotiable, it never hurts to ask. Bulk prices and repeat customer discounts are easy starting points. The worst thing they can say is no.
Often the tactic of throwing a low ball price, your bare minimum, out on the table can be surprisingly effective. With services and the like, prices are prone to having some wiggle room, and you might get a deal.
There is one thing to keep in mind during these negotiations, as world-famous golfer and horse breeder Gary Player said:
“Everything in business is negotiable, except quality.”
Be sure in your transactions that you do not sacrifice the character of your business. Maintain your standards and don’t be afraid to do some research to be sure you’re getting the best bang for your buck.
The podcast goes on to further discuss negotiations in business, even mentioning the recent change in name due to listener feedback as an example. Even this is an example of meeting in the middle with your audience, and according to Benjamin, the new name is better suited for the show. It’s a bit of a lengthy audio, but definitely worth the listen.