Knowing when to negotiate the price for a product — whether you’re the customer or seller — can be a tricky and uncomfortable situation. It can also be thrilling and fulfilling, depending on your knowledge, experience, and outlook.
But how does one know when it really is the right time to participate in such exchanges?
Negotiate when the price doesn’t feel fair — whether it’s in your financial favor or not.
Personal anecdote:
I had been looking for a hot minute for a photographer to take some new pics — for social media and branding. A friend of mine pleaded with me,
“Please, I’m begging you to use my photographer! She’s amazing, her photos are outstanding, she’s super reasonable and she makes the whole experience so chill!”
Okay, you don’t have to tell me twice (if you’re a friend I trust, of course).
So, I decided to give this photographer a call and set up a time to shoot with her.
Here’s the thing: Her rate was so low, I felt I had to negotiate up with her.
See, when I took into account her…
- Price
- Portfolio
- Reviews
…combined with the amount of time needed for a productive shoot…
Paying her that small of a rate just didn’t seem fair. She was hesitant and, for whatever reason, not easy to persuade. That said, there was no way I was not going to pay her more. And, I did.
What negotiations should feel like.
Both parties should walk away feeling satisfied — that they both got a great deal.
I’ll just end with this…
Don’t negotiate just to negotiate. That’s my personal opinion. You know in your heart of hearts when it just doesn’t feel like you’re going to (or the other party is going to) be getting your (or their) values worth.
So, that’s step one in evaluating when you should negotiate!
Now, for much more on this, like why you should do your homework before negotiating, the power listening / empathy plays in the process and why the price is almost always negotiable (even when you’re told it’s not), then listen to the Build Your Tribe episode below:
And don’t forget to subscribe to BYT for weekly shows dedicated to your overall business growth and success!
