Nothing beats the satisfaction of securing a discounted price for a product you purchase. Whether you’re getting a price cut from a small town business or a multinational conglomerate, you can’t beat the feeling of receiving a discount as a customer. It may not surprise you that many in the general public don’t know how to get discounts, but sales people can struggle too.
It sounds counterintuitive doesn’t it? If you can raise a price during negotiations surely you can lower it too, right? Many sales people struggle to take the initiative when aiming for a discount in both formal and informal environments.
Negotiations depend on an organic flow between all involved parties. Equally, your success in negotiations depends on preparation and knowledge of key phrases you can deploy to maximum effect. We’d like to walk you through eight phrases to use when negotiating a lower price that will achieve this maximum effect for you.
‘All I have in my budget is X.’
This particular phrase is best used when negotiations have broken down to a certain degree. This doesn’t mean that they’ll fail completely but the seller is likely to be indicating they can’t make the price go lower. They’re trying to hardball you, but you can still secure a discount.
You don’t need to have a concrete budget in mind, instead, this phrase should be used to ensure the seller knows your absolute maximum price. In effect you’re hardballing them back, giving you the last word in the negotiation process. Sales can be tough so don’t be afraid to act strong to get a discount.
‘What would your cash price be?’
Cash is king in regular times and even more so during times of crises. A lot of businesses will offer a discount if sales are secured via cash. This is because cash is extremely important for businesses to hold as it secures their liquidity, which in turn provides more stability in an uncertain economy.
You can exploit this as a customer and get your interlocutor to give you a discount for the product in question. Cash deals are also quicker to secure than credit or debit transactions, meaning the seller receives their funds quicker. Take advantage of cash as everyone wins.
‘How far can you come down in price to meet me?’
Sometimes during the sales process you may arrive at a point where you require further information to proceed. As a customer sometimes it’s difficult to work out how much leeway you may have to receive a discount. In such a scenario you should use this phrase.
The trick to using this phrase is knowing when to use it to maximum effect. It’s a potentially risky road to take as it might make you appear desperate to the seller and more open to losing the initiative. You have to exercise your best judgement. Definitely don’t use this phrase in negotiations where you should have done research beforehand.
‘What?’ or ‘Wow!’
Want to get your interlocutor’s attention and immediately put them on the backfoot? Then use one of these phrases to shock them. This is best deployed in less formal settings but the reaction it will elicit from the seller will almost certainly secure you a discount.
Most people have an insatiable need to be liked and sellers are no exception. Using this high-tensity sales phrase will create a flinching effect and a desire to avoid causing disappointment, even though it may run contrary to the seller’s interest. Your inerolucter may immediately drop the price to avoid that scenario, or at the very least, begin discussions about a discount.
‘Is that the best you can do?’
Similarly to the previous point this is an aggressive phrase that when well-timed can have a tremendous impact. The trick to using this phrase is silence. After saying this particular phrase take a moment in complete silence.
Maintain this silence for as long as you can. People are uncomfortable with prolonged awkward pauses and will speak just to fill the gap in conversation. This puts them on the backfoot and they will offer a compromise to continue the negotiations. This is a tried and tested technique used by salespeople and police officers alike, so use it.
‘I’ll give you X if we can close the deal now.’
You can bring the sales process to a speedy conclusion using this sales phrase. As a customer you have to know when to walk away and when you have one more opportunity to extract a good deal from the process. The Americans have a name for this particular kind of phrase; it’s called a lowball.
This phrase works best if the sales person you’re working with requires a sale as fast as possible. Therefore it’s an excellent idea to deploy this discount technique during target season at the end of each month or quarter. You will find that if you lowball at a price that seems ridiculous you might not get that specific price, but the seller may drop their price a long way down to achieve a quick sale.
‘I’ll agree to this price if you will throw in free delivery.’
You might not always receive a discount but sales goes far beyond prices. You can also receive free goods and services as part of a deal. In fact, using this phrase is one of the easiest ways to get a discount as sales people often have wider latitude to give away free goods than a price cut.
Look for signs of your interlocutor showing hesitance. If they give off signals that they’re unsure about losing out on a deal, but can’t actually go down on the price, use this phrase. This phrase works best if you make it clear that you are willing to walk away if they are not willing to add something complementary to the deal.
‘Your competitor offers the product for X but I’ll pay X right now.’
A lot of companies offer discounts if you can prove that their competitor sells a product for a cheaper price. Some will even go further and offer to sell at a cheaper price than a competitor you buy the product from them. Therefore never be afraid to point out a competitor’s rate if it’s cheaper.
You can use this discount phrase in a variety of environments but it works especially well with electronics companies. Just make sure to do your research. It’s crucial that you also provide up to date information on a competitor’s prices.
Negotiation is a tricky business for even the most experienced sales professional. Therefore it’s crucial you keep practicing and challenging yourself. Always consider how you can get more out of any negotiation, and how you can improve yourself too.
Have you used any of these phrases in your own sales negotiations? What was the best discount you received using a sales phrase? We wanted to highlight our eight favourite phrases, now tell us which are yours.
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