Did you know that you can haggle over the price of products that you buy at just about any retail store? Most people think that you can only negotiate prices on cars, but the truth is you can negotiate the price on just about any product. The retail price is a suggested price and is the starting point for negotiation. You can negotiate a lower price just about anywhere from the high-end retailer to the discount grocery store using these 5 techniques.
Before I explore these techniques, I want to state that there are always going to be certain stores or products where they simply will not lower their prices due to strict policy (but these are generally in the minority…most of us just don’t realize that). The only way to find out if you can get something cheaper is by asking. Don’t be bashful!
1. Talk to a manager.
One way to score a discount on a product is to talk to someone with decision making authority. Customer service reps and cashiers often lack the authority to give you a lower price than the one that has been posted. Sales managers and store managers have the ability to give you that 52″ flat screen television at a discounted price. Managers know exactly how much an item has been marked up, so they know how much they can mark it down and still make a profit. Remember it’s always beneficial to talk to a manager. At the very least, they can throw in a free service plan, waive your delivery fees, or give you a future discount. So, ask to speak with a store manager the next time you are in Best Buy or Whole Foods Market.
2. Be informed and know competitor’s prices.
The key to paying less than the retail price is to know everything about the product including competitor prices. Many places like Best Buy have a price guarantee policy (that we don’t hear much about) where if you show them evidence that an established store or website is selling the product at a chaper price, they will match that price. Learn all that you can about the item and how much you would be willing to pay for it. A knowledgeable and informed consumer is a confident consumer. Let the store manager know that you are interested in buying the item but not at the current price. Remember to be respectful! Stores hate to lose a sale but will let a rude customer walk. Managers are often willing to discount items or throw in freebies in order to close a sale. Once when I was shopping for an office desk, I was able to convince the store manager to give me a 30% discount and throw in a free lamp, desk protector, organizer, letter tray, coffee mugs, pens, and stationary.
3. Become a repeat customer.
Stores absolutely love a loyal repeat customer. Repeat customers get the best deals because they are the lifeblood of any successful business. It is much cheaper for companies to retain a current customer than it is to try and attract a new one. So, get to know the senior employees at your favorite stores. Are you a regular shopper at Macy’s? Talk to store management and see what kind of discounts you are entitled to for being a loyal customer. You can even use this strategy at restaurants as well. Are you a loyal TGI Friday’s customer? Let Friday’s management know. Repeat customers get free drinks, appetizers, and desserts. You may even score the occasional free entrée. The more that they recognize your face, the more savings you will get.
Do you use location-based social media networks like FourSquare, GoWalla, or Yelp? All of these networks have mobile phone apps that allow you to “check-in” and they document how many times you’ve visited the store. Many big names like Starbucks are offering specials to the “mayors” of their stores on FourSquare, but you might also pique the interest of a manager by showing them how often you frequent their store.
4. Buy in volume.
Remember this simple rule: The more you buy, the bigger the discount. If you are buying 5 DVD’s, you should expect a much greater discount than if you are only buying one. Stores often use price breaks as an incentive to entice buyers to buy more items. You can increase your purchasing power by shopping with a buddy. Shop together if you and a friend are both looking to buy a washer and dryer. You will get a much better deal on 2 washers and dryers than one. Let the manager know that this is a package deal. The only thing a store manager hates more than losing one big ticket sale is losing two big ticket sales.
5. Know what the “hot items” are.
You are a lot more likely to get a discount on a regular item than the current hot product. For example, you will get a better deal on a regular laptop PC compared to an iPad. An iPad is a hot seller right now so companies have no incentive to sell these items at lower prices. Check the shelves to see what items are in abundance. You will get the lowest prices on in \-stock items in which the company has excess inventory.
Have you ever negotiated a better deal on an item at a retail store? Did this post encourage you to go out and get a great deal? I love hearing stories about how people got a great deal. Let’s hear yours!
(Photo credit: lordcolus)
