What Does “What's Your Best Price” Mean?

In every negotiation, the question often comes early: “What’s your best price?” For sellers, this can feel like a trap; for buyers, it’s a strategy. It’s a question that holds weight—sometimes used to apply pressure, sometimes to test boundaries, and other times simply to gauge flexibility. But what is the best price, really? And more importantly, what’s the best way to respond?

The reality is that the best price isn’t always the lowest price. It’s the number where both parties walk away feeling like they’ve gained—not just a deal, but real value.

Best Price Meaning: What Does "Best Price" Really Mean?

When buyers ask for your “best price,” what they’re often seeking is assurance. They want to know they’re not leaving money on the table. But in negotiation, the best price meaning is more complex. It’s not just a number—it’s a strategic point that aligns value, need, timing, and alternatives.

From the seller’s perspective, “best price” may mean maximum return with minimal resistance. From the buyer’s side, it may mean optimal value for cost. And both parties often forget that value and price are not synonymous. This misunderstanding leads to haggling when it could lead to problem-solving.

The Psychology Behind Price Questions

Price-focused questions are usually more emotional than they appear. When someone asks, “What’s your best price?” they may be using it to assert power, express skepticism, or test for desperation. In some cultures, it’s a customary opening move. In others, it signals discomfort about perceived value.

Skilled negotiators understand the psychology behind such questions and refuse to get rattled. Instead of interpreting it as confrontation, they see it as an invitation to clarify, educate, and reframe the dialogue.

The WOW Approach to Price Negotiation

At FastCompany’s member’s blog, Tibor Shanto introduced the “WOW” approach—short for Wish, Optimal, Walk Away. This framework is one of the most practical price negotiation tools available and deeply aligns with KARRASS’s belief in preparation and structure.

In WOW negotiations, each party defines three key price points:

• Wish: What you’d ideally like to get—think of this as your high anchor.
• Optimal: The point where both sides receive meaningful value—a true win-win outcome.
• Walk Away: The lowest acceptable price before the deal becomes unviable.

This wish want walk away system forces clarity before the conversation begins. It prevents emotional decision-making and turns “what is the best price” into a structured dialogue rather than a chaotic haggling session.

Dr. Chester L. Karrass taught that the best negotiators are prepared. WOW negotiations give structure to that preparation. When each party knows their thresholds, concessions become intentional—not reactions.

“Best Price” vs. “Fair Price”: Knowing the Difference

It’s critical to distinguish between “the best price” and a fair price. A buyer might push for a deep discount, but if that discount compromises quality or trust, it’s not a win. The best negotiators educate the other party: price must reflect the total value of the offer, not just the upfront number.

For example, a lower price without post-sale support may be far costlier in the long run. By highlighting factors like reliability, speed, expertise, and future savings, sellers can help buyers recognize when a “fair price” actually is the best deal.

How to Respond to “What’s Your Best Price?”

The question “What is your best price?” is often less about the price itself and more about pressure. A good negotiator knows not to answer too quickly or too directly.

Here are a few ways to respond strategically:

• “That depends on the scope of what you’re looking for.”
• “Let’s talk about what’s most important to you—then I can tailor something that works.”
• “I can give you the best value once I understand the full picture.”

These responses open the conversation instead of closing it down. They buy you time, protect your range, and reinforce the concept of value over raw pricing.

How to Anchor High Without Losing the Deal

Anchoring high is a time-tested technique in negotiation—but only when supported by confidence and logic. Sellers often fear scaring off buyers with a high first offer. But in reality, most buyers expect to negotiate. A high anchor creates negotiating space and sets expectations.

The key is to justify the anchor. Demonstrate why your product, service, or solution is worth the price: its track record, outcomes, service model, or long-term savings. And when you make concessions, don’t move downward too quickly or too steeply—trade each movement for something meaningful in return.

Best Price Negotiation Tactics

Rather than anchoring on numbers, successful negotiators shift toward terms, timing, and extras—the non-price variables that create mutual wins. Here are a few tactics aligned with the KARRASS philosophy:

• Trade, Don’t Give: Never concede price without obtaining something in return. If you move on price, request better payment terms, faster turnaround, or a larger volume.
• Justify Your Price: Communicate the value clearly. Support your price with outcomes, service levels, or warranties.
• Slow Down the Process: If pressured, don’t rush to respond. Strategic pauses often lead to better results than knee-jerk answers.
• Stay Above the Line: Dr. Karrass often spoke of negotiation as a process—not a battle. If you focus on value creation, not just concession, price becomes just one part of a larger picture.

What If the Buyer Won’t Budge?

Every negotiator encounters hardliners. When a buyer repeatedly asks, “What’s your lowest price?” or insists on unreasonable terms, it’s important not to panic. Don’t take the stance personally—it’s likely a tactic.

Instead, try this:

• Ask why price is their focus.
• Explore non-monetary variables that matter to them.
• Reframe the conversation: “Let’s figure out how to make this work holistically.”

The more you move the discussion toward the total package, the less oxygen price alone will take up.

How to Frame Price as a Process, Not a Number

The best way to negotiate price is to avoid making it a binary question. Frame it as part of a larger solution:

• “Let’s look at the overall scope, timeline, and value delivery.”
• “We structure our pricing based on what creates the most success for our clients.”

This kind of framing shifts the mindset from “What’s your best price?” to “What’s the best deal we can build together?”

How to Get the Best Price Without Sacrificing Value

Buyers often chase the lowest price, but great negotiators look for the best available price—the one that meets needs, supports long-term success, and avoids hidden costs. To get the best price:

• Research alternatives and understand the seller’s constraints.
• Be specific about what you want and what you’re flexible on.
• Use silence effectively. Sometimes, simply pausing creates room for movement.
• Focus on total value: service, support, reliability, and future relationship.

As Dr. Karrass taught, “You have more power than you think.” But to use that power wisely, you must frame the negotiation in terms of value—both price and non-price.

What Is the Best Way to Say Price Is Negotiable?

Sellers must walk a fine line when signaling flexibility. Saying “everything’s negotiable” may weaken your position, while saying “the price is firm” may close the door too early. The best way to say price is negotiable is with clarity and confidence:

• “We have some flexibility depending on your priorities.”
• “If there’s room on your end for adjustments in terms or volume, we can find a number that works.”
• “Let’s find a solution that fits both of us.”

These statements show willingness without desperation, which invites a collaborative rather than adversarial conversation.

The Power of Value Creation

Dr. Karrass emphasized that price is only one of many variables. “The way to settle price differences in a manner that leaves both parties satisfied,” he said, “is to move into a process of determining what non-price attributes are available that can increase value for both sides.”

Think about:

• Delivery timelines
• Training or setup support
• Payment terms
• Future orders or referrals

When both sides contribute to value creation, price becomes a function of the bigger picture, not the entire deal.

FAQs about Negotiating Best Price

What does “best price” mean in a negotiation?

In negotiation, “best price” is often a relative term. For buyers, it typically means the lowest possible cost for the desired outcome. For sellers, it represents the most favorable terms that still close the deal. The true “best price” is a meeting point—where both parties feel they’ve received fair value and no one feels taken advantage of.

How should I respond to “What’s your lowest price?”

Rather than naming a low figure, try redirecting the conversation: “That depends on the final package of services and terms. Let’s explore what matters most to you.” This keeps you from cornering yourself and helps shift the focus to value.

What is your last price meaning?

When someone asks for your “last price,” they are usually trying to close the conversation with a final offer. It's often a tactic to elicit the lowest number you’re willing to go. Be careful—revealing your “last price” too soon removes your leverage. It's often better to say, “Let’s work through the options before we talk about final numbers.”

How do you negotiate your best value?

Negotiating best value means looking beyond price. It involves understanding what matters most to each party and structuring the deal to deliver more of that. Whether it's better support, faster delivery, or long-term partnership benefits, value-based negotiation leads to more satisfying and sustainable outcomes.

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