What is your #1 tip for successfully negotiating prices with a customer?

When a customer says something like, Can I get a better price, never ever make an offer, even if you know your bottom dollar need.

Respond with something like, do you have an offer?  and when they come back with a number, start you emmy award winning performance.  Look concerned, puzzled, start counting under your breath, stare off in the distance, finally sigh and shake your head and couter offer higher.

sale made!

@Rustler :smileyvery-happy: I love that!! It sounds like you have it down to a science. 

Absolutely agree, Rustler! No price negotiation. :)

Honestly? My #tip is "don't". We don't very well go into the grocery store 5 cents short of even 1 potato and expect to walk out of there with it, do we? I get (sadly) that we've managed to create a society of "cheap or free" thinkers, who expect to get great quality for nothing, but that's the fastest way out of business. 

Absolutely, honour that that's where the "price negotiator" is in their business journey, but walk away. The conversation rooted in honouring that person winds down like this: "I absolutely expect you to know your pocket and honour your budget. As a business owner, I too have to honour mine, so I won't be able to move on price. I'm still here, however, when you're able to afford this service at a later date. Wishing you all the best!" Note, I don't recommend someone else - that's putting another person in a difficult position.

Hope this helps!

Thank you @Crystal-Marie-Sealy for putting it all into perspective. You're creating the confidence in your fellow entrepreneurs to ensure they stay true to themselves. Once you stopped negotiating prices, did you see your business improve? 

Whether you dicker on a price or not, really depends on the business model.

We have a retail store and only dicker some for a wholesale order, walkin customers pay the ticket price.

We also have a womens clothing consignment store - we do dicker on price there.  The consignor is interested in sales income and turn over.

I sell at a vendor trade fair, I always dicker there.

And yes I have called a manager and asked as for a better price, walmart, home depot, lowes, and some others, and got it most of the time.

@Rustler It sounds like you have a number of businesses! Can you tell us a little bit about each of them? Thanks for sharing your wealth of knowledge and experience! 

Audry, yes we have several.  I try to identify a niche, start up something with the plan of selling it in 3-5 years and usually keeping an equity stake/unpaid consultant status.
Retail clothing brick and mortar, with an ebay component
Consignment clothing brick an mortar
Consultant with the state school system teaching teachers how to teach math, 5-12
Tutorials as an on line download
I do scroll saw work both original art and custom work - vendor fairs
I did private equity managment for a while, but I am slowly ending that one.
Renatal Property - houses
I sell used/old Harley parts on line, I get asked to find something, I do, then I buy it and have it drop shipped and get paid
bulk pre-preprinted forms - though this mostly word of mouth not a real business
QB desktop help with friends that I do not charge for, but get paid in karma and surprisingly discounts on stuff their friends sell me as a result of word of mouth, or free beer and bbq, free hunting lease, etc etc.

What accountants don't realize is the difference in outlook between the accounting consulting business and what I refer to as a real business, dealing with in- and out-bound shipping, customers, phones, etc.  Accounting is 5% of running a real business.

Happy Monday, @Rustler!

All of your businesses and endeavors are incredibly inspiring. I'm looking forward to learning more from you and having you share your experiences and knowledge with our fellow entrepreneurs in the community. Keep sharing! :smileyhappy:

Thanks, @AudreyPratt. I really did! You begin to attract a different type of client. It also helps that you then no longer have a reputation for engaging in price negotiation.