Negotiating Tips, Negotiation Strategies February 11, 2011

7 Essential Questions Prior to Negotiating with a Buyer

If you are selling, your bargaining leverage is determined by how much you know about the buyer’s attitude toward the product or service. As is usual, the more you know about the other party, the better. Negotiation is all about getting buyers to buy and sellers to sell. Following are six essential questions you should ask your buyer:

  1. What specific objections to the product does the buyer have?
  2. What doesn’t the buyer like about your competition?
  3. What specific benefits of your product or service are the most important to your buyer?
  4. Does your buyer believe in your product or service’s quality?
  5. What is the attitude of your buyer about you and your product or service?
  6. Are there indications that the buyer is ready to buy?

Remember, you are trying to increase your knowledge so that you have better leverage. If you know what objections your buyer has, then you can counter. If you know your buyer is looking for quality over price, you can tout the long-life of your product or other details that make sense.

Dr. Chester L. Karrass reminds sellers of a rule of economic life called the “plumber principle.” The “plumber principle” says that the value of services is greater before they are rendered than after. Dr. Karrass writes: “Plumbers know that the time to negotiate a price is when the basement is full of water.”

Based on the “plumber principle,” perhaps we could add one more essential question:

7. How urgently does the buyer need your product or service?

We have said it before, in negotiations, knowledge is indeed power.

If you are a seller, what questions do you ask your buyers? Please share in the comments.

THE PROGRAM WAS GREAT! MY SEMINAR LEADER AND THE STRUCTURE OF THE COURSE KEPT ME CONSTANTLY STIMULATED. I NOW AM BETTER PREPARED TO GO INTO AN IMPORTANT NEGOTIATION MEETING AND STAY IN CONTROL, WHILE FINISHING THE MEETING SATISFIED.

Deanna D.
CASE MANAGER at THE JACKSON LABORATORY

IF YOU HAVE THE TRAINING BUDGET AND TWO DAYS TO SPARE, YOU'LL STRUGGLE TO FIND A PROGRAM MORE FAR-REACHING, ON-POINT, AND INSTANTLY IMPLEMENTABLE.

Jeff G.
BUSINESS DEVELOPMENT MANAGER at THE M.K. MORSE COMPANY

EXCELLENT COURSE, BRINGS MORE CONFIDENCE IN MY ABILITY TO NEGOTIATE. I THINK THIS COURSE IS A MUST FOR ALL EMPLOYEES WHO DEAL WITH CUSTOMERS.

John S.
CHIEF ENGINEERING MANAGER at EXXONMOBIL

THIS WAS VERY EFFECTIVE WITH A STRONG FOCUS ON BOTH-WIN NEGOTIATING.

Kathleen L.
SENIOR ANALYST at BLUE CROSS/BLUE SHIELD OF MICHIGAN

THE KARRASS CLASS WAS THE SINGLE BEST TRAINING CLASS/SEMINAR I HAVE EVER ATTENDED. EVERY TIME WE DID AN EXERCISE IT TAUGHT YOU WHAT TO DO DIFFERENTLY NEXT TIME. THANKS.

Kim C.
PROCUREMENT at AMERICAN EXPRESS

THIS PROGRAM HAS GREATLY INCREASED MY CONFIDENCE AND ABILITY TO NEGOTIATE FOR MYSELF AS WELL AS MY COMPANY.

LaDonna E.
SENIOR STRATEGIC BUYER at HALLMARK

THE NEGOTIATING CLASS WAS VERY INFORMATIVE. THE INSTRUCTOR PROVIDED AN INSPIRATIONAL MESSAGE THAT CAN BE APPLIED TO EVERYDAY LIFE.

Mary S.
INTERNATIONAL SOURCING at FMC TECHNOLOGIES

WE NEGOTIATE EVERY DAY OF OUR LIVES, BOTH PERSONALLY AND PROFESSIONALLY. THIS COURSE DEFINES THE PROCESS AND PROVIDES TECHNIQUES TO ACHIEVE SUCCESSFUL RESULTS.

Phillip H.
VICE PRESIDENT at GE

PRIOR TO THIS CLASS I FELT AS THOUGH I WAS GETTING EATEN ALIVE BY INTERNAL NEGOTIATIONS WITH SALES REPS. NOW I FEEL PREPARED TO CHALLENGE WHAT THEY ARE SAYING AND BET TO THEIR REAL NEEDS.

Steve Q.
PLANNER at HONEYWELL

MANY PEOPLE FAIL TO ACHIEVE THEIR POTENTIAL BECAUSE THEY DON’T SEE THE OPPORTUNITIES TO NEGOTIATE A WIN/WIN AGREEMENT WITH THEIR COLLEAGUES. THIS CLASS IS AN EYE OPENER TO THIS DYNAMIC..

Stuart B.
CONTRACTS MANAGER at HEWLETT-PACKARD
Contact US
[email protected][email protected]+1 323 866-3800
SEMINARS
About Us
AboutDR. CHESTER KARRASSGARY KARRASSFAQGLOSSARYPRIVACY POLICYBLOG
QUICK LINKS