Negotiation expert reveals ‘power questions’ to put ‘more money in your pocket’: ‘Don’t be lazy’

Businesses make a lot of money with happy customers. Consider banks, they love customers who leave large sums in low-interest accounts.

When you realize that companies won’t proactively offer you better deals without an incentive, negotiation becomes a valuable tool to save on everyday expenses.

From lowering your bills to getting better service contracts or getting discounts on expensive purchases, you can walk away with better terms, more value and more cash. your pocket

With the cost of living on the rise, ask these six questions so you don’t leave good money on the table.

How can I negotiate the savings? Do your research

Before any negotiation, whether it’s for a service contract, a bill reduction, or a discount on a high-priced item, arm yourself with knowledge of what other suppliers are offering.

Understanding the market and having alternative options gives you strength and, most importantly, the confidence to ask an informed question.

For example, if you’re negotiating a lower internet bill, research competitors’ offers and note promotions.

Being able to reference better deals from other providers adds weight to your conversation.

Power question:

“What discounts or promotions should I know about that may not be advertised?”

This often reveals hidden deals or unadvertised opportunities.

When should I ask for a discount? Time matters

Time can make a difference.

For invoices or service contracts, companies tend to be more flexible towards the end of a billing cycle or fiscal quarter when they want to meet targets.

Likewise, high-volume items often see price reductions during the holidays, clearance sales, or year-end promotions.

Power question:

“I noticed that this service/product usually has discounts around this time. Is there an upcoming offer or discount that I could take advantage of now?”

Also, approach negotiations before a contract expires. If you ask for a lower rate after your contract has ended, you are negotiating from a weaker position. Ask early, when the company has a stronger incentive to retain you.

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Leverage your loyalty

If you’ve been a loyal customer, use that as leverage.

Businesses value long-term relationships, especially in industries such as insurance, telecommunications and retail.

When you call to negotiate, mention how long you’ve been with the company and your desire to stay, but only if they offer better terms.

For larger purchases, check out loyalty programs, memberships, or partner offers that could lower your price even further.

Power question:

“What can you offer to keep me as a loyal customer?”

This simple question often leads to retention discounts or special offers.

Bundle services or buy in bulk

Negotiating multiple services or items at once increases your bargaining power.

Many companies offer bundled discounts for services like internet, phone and streaming, or bulk discounts for larger retail purchases.

Power question:

“If I bundle these services/items, what kind of discount or enhanced offer can you offer?”

You are offering the company a bigger sale and in return you expect more favorable terms. Position this as a conditional value exchange.

You are giving them more business and they should be willing to offer you better terms in return.

Be polite, but firm

Negotiation is as much a matter of tone as it is of strategy.

Being polite and respectful is very important, but it’s equally important to be firm and clear about your expectations.

Make sure you’re upfront about what you want, whether it’s a lower rate, a contract extension or a discount.

Power question:

“I understand you may not be able to offer me that price directly, but what can you do?”

This keeps the conversation open and gives the other party room to meet halfway.

If the person you’re talking to doesn’t have authority, don’t be afraid to ask for your request to be escalated to someone who can make a decision.

Superiors tend to have more flexibility to provide what you need.

Don’t be afraid (or lazy) to leave

Sometimes the best leverage is to be willing to walk away if the deal doesn’t meet your expectations and there are alternatives. This especially applies to high-volume items or service contracts. If you are not satisfied with what is offered, don’t be afraid to explore other options.

Power question:

“I’m looking for the best value and may have to explore other options if this doesn’t work out. Is there any way we can come to an agreement before I go elsewhere?”

This shows that you’re serious about getting the best deal, which can lead to last-minute discounts or incentives to keep your business.

The key is knowing when to stand your ground and when to walk away. If the company values ​​your business, they will often come back with a more competitive offer.

bottom line

You always get 100 percent of what you don’t ask for.

Negotiating lower bills, better service contracts and discounts on bulk items isn’t about being difficult, it’s about being proactive and making sure you’re getting the best value for money.

You’ll be surprised how much room there is to negotiate when you approach conversations with confidence, time, and asking better questions.

Glin Bayley, author of The negotiation manual (Wiley $34.95) is a negotiation specialist, non-executive board director, author and speaker. Glin’s unique approach to trading is centered on a powerful belief: It’s not what you do, but who you become in the process, that truly unlocks success.