HOW TO NEGOTIATE LIKE A BOSS 

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The world of technology is full of scammers, scoundrels, and Scumbag Steves just like any other industry. If you don’t know what you’re doing it’s incredibly easy to become prey to a hard negotiator that’d love nothing more then to hustle you. The following aren’t vague tips like “Be yourself” or “Project confidence”, but tried and true tips for negotiations. Don’t believe me? Watch Pawn Stars and you’ll notice the similarities.

1. Set a high and low 

Before you consider anything, immediately set the maximum and minimum price you’d be willing to pay. In the heat of the moment, it’s easy to lose sight of a reasonable bargaining range. Having a clear cut vision allows you to “psychologically anchor” your price and keep emotions on either sides sides influencing you. An incredibly shrewd negotiator will often use emotions and various tactics to manipulate you. A negotiation is about the bottom-line not how the other persons grandma is in the hospital, their wife/husband left them, or a sick pet. If a price cannot be reached, don’t be afraid to walk away.

2. The “Bogey”

A “bogey” is using a single aspect of an item to drive the price either up or down. The main characters in Pawn Stars could find something wrong with anything and use it to drive down the price. There’s a scratch on the bumper? It’s worth maybe half of your first offer, brah.  You basically use something insignificant to claim the value is lower then the opposing party first offers. A bogey can also be used to drive up the price also. To counter a bogey, be prepared to counter with an equally sound statement about why it is worth the amount it is. On Pawn Stars (and “Real life”), people tend to willfully accept without providing a sound counter and that’s how they get people to sell for nothing.

3. “Meet me half way” 

When the negotiation begins to wind down and a price is about to be reached, you may want to throw out the classic “meet me half way”. From a psychological standpoint, it shows compromise and presents an aura of trust to the other party. It may also push the price in your favor and get you a sweet deal. In smaller deals, this can produce only marginal yields, but meeting halfway in large deal could save you a serious chunk of change. A good example can be found in the pawn stars video above.

Author

Theodore Smith

My name is Teddy Smith. I live in Mt. Airy, NC (AKA "Mayberry"). I own a consulting business called TAS-Tech. In my spare time, I enjoy researching real-estate and playing tennis.

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2 Comments

  1. Jesse Springfield June 26, 2014 at 11:32 am

    Good post. The last sentence in “The bogey” section is just so true. Having the ability to effectively counterpunch is every bit, if not more, important than following some set script going into any negotiation.

  2. Jake Gardner June 27, 2014 at 5:17 am

    I don’t believe in moving on price. This may be true when buying for home use but if you are buying for business you usually get what you pay for. If you can drive the price down then you need to seriously consider why you are able to do that.
    Does this mean that they were trying to rip you off in the first place? If so do you really want to do business with these people.
    Or are they taking value out of your products by either reducing the support or reducing functionality?
    When I sell things I don’t move on the price. The price is the price, for that you get an excellent product and outstanding support. If people are not interested in that then they can go somewhere else where they will not receive the same service. I do not believe in moving on recommended spec just to get a sale this is how you get unhappy customers.

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