Quotes

If a customer questions your high asking price and asks for a counter-offer, avoid making an immediate decision—even if you have the authority to do so. Instead, let them know you need to consult with your supervisor and get back to them. Even if you don’t actually need to go through the process, this gives you time to think and keeps the conversation open. Customers often look for multiple suppliers and use other quotes to pressure you. This is a common practice in procurement. If you agree on the spot, they might still try to negotiate again later. By postponing the decision, you give yourself more leverage and create space for future discussions. The longer the customer waits, the more likely they are to return, increasing your chances of closing the deal. When customers can't get what they want right away, they tend to push harder for a lower price. That’s your opportunity to take control. As long as you’re confident in your product quality, aim to set your price close to what other suppliers are offering. But how do you know what others have quoted? Don’t ask the customer directly—that could put you in a weak position. According to purchasing psychology, buyers typically expect a 5% discount when negotiating. They’ll subtract 5% from another supplier’s quote to bargain with you. With this knowledge, if the customer gives you a number, you can estimate what others might have offered. However, it's important not to reduce your price by more than 2–3% at a time. Avoid making big adjustments, as that may make the customer think you still have room to lower the price further. You want them to believe you’re firm but reasonable. Always keep your pricing strategy flexible, but never too aggressive—this builds trust and shows professionalism. Remember, the goal is to maintain a balance between being competitive and protecting your margins. A well-thought-out negotiation strategy will help you secure deals without sacrificing your value.