Why pay retail prices when it is so easy to save your hard earned money.
Here are tips that will help you never pay retail prices again.
For over 25 years, I have helped companies of all shapes and sizes save millions of dollars and make even more.
During my travels, I realized that the same techniques I have used to help large companies can be successfully applied to the individual consumer to help them save their money and never pay retail prices again.
Here are just a few of the most powerful tips you can use daily to save your money.
Enjoy! 1.
Plan Ahead The easiest thing that anyone can do to save a lot of money is to plan ahead.
People who buy on impulse rarely if ever factor in the price of an item during the buying process.
Frankly, they don't care about saving the money or have a different priority at that particular moment in time.
By planning ahead for the purchase of any item, you give yourself the time to properly research the marketplace for sales, deals, incentives, coupons, online codes, rebates and more.
Use your time to define what specifically you want to purchase and develop your specification.
Then find products that meet your needs and make a simple list of product descriptions, model numbers, features, and anything else that is important to your use of the product.
Make sure to give yourself sufficient time to find the best source and prices.
The more flexible you are in the timing of your purchase, the higher the chance you will be able to find the item at a substantial savings.
2.
Narrow the Field After you have defined what specifically you are looking for, begin to compile a list of the top three to five retailers with the best prices for the product you are looking to buy.
It is essential to make sure the products specifications are the same across each retailer (especially when it comes to electronics) so that you are comparing apples to apples.
The more names you can add to your list, the more options you will have when it comes to upgrades, discounts and negotiation strategies.
After your list is complete to your satisfaction rank the list based on your preference.
If you care most about price, you will rank according to price.
If you care most about some other feature such as loyalty points, then you will rank the list differently.
You get the idea.
Once you have completed this step, you can now develop a specific strategy to connect with the retailer and work out the best deal for you.
3.
Collect and Organize Collateral With your list now complete, begin searching for collateral.
These are specific bits of information that identify the product and the sale price being offered by the retail source.
Collateral can take the form of sale fliers, web specials, clear-outs, coupons, online codes, manufacturer or retailer rebates, and the like.
One valuable resource is product comparison websites and searches.
Print off, retain and organize your collateral to use in the negotiation process to support your position.
4.
Negotiate Starting from the bottom of your list and working your way to the top, contact each retailer either face to face or on the phone and describe the item you are looking for.
Mention the best deal you were able to find and ask them to beat it or offer you a better deal.
Sometimes the front line salesperson does not have the authority or inclination to be helpful, in which case you should ask to speak to a manager, supervisor, general manager, or anyone else who you feel would have the authority to give you a better deal.
Do not accept any deals on the spot until you have worked through your entire list.
Make sure to document each deal as it is offered so that you can update your approach as the process continues.
Ensure you keep track of the names of individuals who you have spoken to and exactly what they are offering in their deal.
5.
Second Pass Once you have gone through the entire list, identify the top deals that have been offered in your negotiations and go back to the retailers that have made some form of offer to you during negotiations to give them a second chance at matching or beating the top offer.
You will be surprised at how many retailers will play ball the second time around, especially if they feel invested in the negotiation process.
By the end of the second round of negotiations, you should have at lease two or three offers that are identical or slightly apart on a few minor details.
6.
Sweeten the Deal At this stage, you can begin to work with your top two candidates.
If you feel there is still room to maneuver in the deal process, be creative about the next steps.
By taking this deal to a level that is larger than an individual sale, you can capture additional attention by the retailer, which can lead to a better overall deal.
For example, offer to buy more than just that single item.
If you are looking for a large screen TV, consider offering to buy a well priced DVD player or other peripheral.
Also, if you are in the market for more than one of a single product, offering to buy in volume will garner additional discounts.
If not, message your friends to see if any of them would like to get in on the sweet deal you negotiated.
Volume sales of the same product typically qualify for volume discounts if you achieve the minimum numbers set by the retailer.
If you are a savvy negotiator and feel that you have really got a fantastic deal, ask the retailer for a specific amount of time to check with your friends to see if you can meet their volume requirements, and then post the deal specifics to your FB, Twitter or even Craigslist and Kijiji to boost your volume.
Many retailers have outside sales reps that perform this function to a certain extent, but you can benefit from this strategy with practice.
7.
The Cherry on Top So far, we have covered the step by step process of finding and negotiating a good deal.
At this point, you are feeling great and have saved a ton of money.
The final step that will save you even more money or give you additional benefit are actually outside of the deal.
Method of payment can represent additional music to your ears especially if you have a credit card which offer cash-back, loyalty points, or other benefits that are important to you.
Placing the purchase on your card can mean money in your pocket or more miles toward that dream vacation.
Additionally, mail-in rebates from the manufacturer can sweeten the deal after the purchase has been completed.
Looking for these peripheral savings is an important part of the overall deal, turning a good deal into a great deal.
8.
Think Outside the Box Big Box Retailers and other large retail chains, both brick and mortar and online, can seem like they are providing you with more options and more savings however this is not always the case.
The membership cost of Wholesale clubs must be factored into every purchase over the membership period.
If you do not shop there often, the sale price will not represent a significant savings to you.
Outlet stores may also seem to represent good value, however they often have products that are out of fashion, clear-out stock, limited selection or products of sub-standard quality.
Going to a smaller local retailer can lead to the best deal for the best product.
9.
Global Village The internet has expanded not only our reach with respect to data, information, research and connectivity, it has also opened a world of choice for finding and buying products online.
Many online retailers have the capability to ship both worldwide and across regions with ease.
This means that not only can you buy a product that might not be available in your region, you can also take advantage of differences in currency value to get an even better price.
Be careful though, as some online retailers operate in the exact same way as a brick and mortar retailer.
For example, if the online retailer stocks inventory of a product, they must add the ongoing cost associated to that inventory into the price of the product.
Sure that means that as soon as you buy the product, it will begin the process of being shipped to you, however you are paying a premium for that product.
Additionally, as the product sits in inventory it degrades in quality and can become obsolete when compared to new products being released into the marketplace.
These may look like a good deal but you are sacrificing something in the process.
Look for a retailer that is providing you with a brand new product that has not been sitting in inventory for more than 3 months.
Websites retailers that have structured their operation to eliminate inventory with all of its associated costs take advantage of "Just In Time" supply arrangements that eliminate the need to stockpile inventory.
Some of these retailers pass the savings on to the customer while others maintain their prices at current levels to realize more profit at the expense of the customer.
Asking the question to the right person will clarify their practice and give you the information you need to make a buying decision.
To ensure you are getting a new product, you can obtain the model number and confirm with the manufacturer the release date of the model you are interested in purchasing.
In markets such as electronics, this is vital to ensure you are getting a product that will last well into the future.
Having used these techniques for over to decades, they have been highly effective in saving substantial amounts of money for the businesses I have consulted, projects I have managed as well as personally.
I hope you have fun with it and more importantly keep more of your hard earned money where it belongs...
in your pocket!
Here are tips that will help you never pay retail prices again.
For over 25 years, I have helped companies of all shapes and sizes save millions of dollars and make even more.
During my travels, I realized that the same techniques I have used to help large companies can be successfully applied to the individual consumer to help them save their money and never pay retail prices again.
Here are just a few of the most powerful tips you can use daily to save your money.
Enjoy! 1.
Plan Ahead The easiest thing that anyone can do to save a lot of money is to plan ahead.
People who buy on impulse rarely if ever factor in the price of an item during the buying process.
Frankly, they don't care about saving the money or have a different priority at that particular moment in time.
By planning ahead for the purchase of any item, you give yourself the time to properly research the marketplace for sales, deals, incentives, coupons, online codes, rebates and more.
Use your time to define what specifically you want to purchase and develop your specification.
Then find products that meet your needs and make a simple list of product descriptions, model numbers, features, and anything else that is important to your use of the product.
Make sure to give yourself sufficient time to find the best source and prices.
The more flexible you are in the timing of your purchase, the higher the chance you will be able to find the item at a substantial savings.
2.
Narrow the Field After you have defined what specifically you are looking for, begin to compile a list of the top three to five retailers with the best prices for the product you are looking to buy.
It is essential to make sure the products specifications are the same across each retailer (especially when it comes to electronics) so that you are comparing apples to apples.
The more names you can add to your list, the more options you will have when it comes to upgrades, discounts and negotiation strategies.
After your list is complete to your satisfaction rank the list based on your preference.
If you care most about price, you will rank according to price.
If you care most about some other feature such as loyalty points, then you will rank the list differently.
You get the idea.
Once you have completed this step, you can now develop a specific strategy to connect with the retailer and work out the best deal for you.
3.
Collect and Organize Collateral With your list now complete, begin searching for collateral.
These are specific bits of information that identify the product and the sale price being offered by the retail source.
Collateral can take the form of sale fliers, web specials, clear-outs, coupons, online codes, manufacturer or retailer rebates, and the like.
One valuable resource is product comparison websites and searches.
Print off, retain and organize your collateral to use in the negotiation process to support your position.
4.
Negotiate Starting from the bottom of your list and working your way to the top, contact each retailer either face to face or on the phone and describe the item you are looking for.
Mention the best deal you were able to find and ask them to beat it or offer you a better deal.
Sometimes the front line salesperson does not have the authority or inclination to be helpful, in which case you should ask to speak to a manager, supervisor, general manager, or anyone else who you feel would have the authority to give you a better deal.
Do not accept any deals on the spot until you have worked through your entire list.
Make sure to document each deal as it is offered so that you can update your approach as the process continues.
Ensure you keep track of the names of individuals who you have spoken to and exactly what they are offering in their deal.
5.
Second Pass Once you have gone through the entire list, identify the top deals that have been offered in your negotiations and go back to the retailers that have made some form of offer to you during negotiations to give them a second chance at matching or beating the top offer.
You will be surprised at how many retailers will play ball the second time around, especially if they feel invested in the negotiation process.
By the end of the second round of negotiations, you should have at lease two or three offers that are identical or slightly apart on a few minor details.
6.
Sweeten the Deal At this stage, you can begin to work with your top two candidates.
If you feel there is still room to maneuver in the deal process, be creative about the next steps.
By taking this deal to a level that is larger than an individual sale, you can capture additional attention by the retailer, which can lead to a better overall deal.
For example, offer to buy more than just that single item.
If you are looking for a large screen TV, consider offering to buy a well priced DVD player or other peripheral.
Also, if you are in the market for more than one of a single product, offering to buy in volume will garner additional discounts.
If not, message your friends to see if any of them would like to get in on the sweet deal you negotiated.
Volume sales of the same product typically qualify for volume discounts if you achieve the minimum numbers set by the retailer.
If you are a savvy negotiator and feel that you have really got a fantastic deal, ask the retailer for a specific amount of time to check with your friends to see if you can meet their volume requirements, and then post the deal specifics to your FB, Twitter or even Craigslist and Kijiji to boost your volume.
Many retailers have outside sales reps that perform this function to a certain extent, but you can benefit from this strategy with practice.
7.
The Cherry on Top So far, we have covered the step by step process of finding and negotiating a good deal.
At this point, you are feeling great and have saved a ton of money.
The final step that will save you even more money or give you additional benefit are actually outside of the deal.
Method of payment can represent additional music to your ears especially if you have a credit card which offer cash-back, loyalty points, or other benefits that are important to you.
Placing the purchase on your card can mean money in your pocket or more miles toward that dream vacation.
Additionally, mail-in rebates from the manufacturer can sweeten the deal after the purchase has been completed.
Looking for these peripheral savings is an important part of the overall deal, turning a good deal into a great deal.
8.
Think Outside the Box Big Box Retailers and other large retail chains, both brick and mortar and online, can seem like they are providing you with more options and more savings however this is not always the case.
The membership cost of Wholesale clubs must be factored into every purchase over the membership period.
If you do not shop there often, the sale price will not represent a significant savings to you.
Outlet stores may also seem to represent good value, however they often have products that are out of fashion, clear-out stock, limited selection or products of sub-standard quality.
Going to a smaller local retailer can lead to the best deal for the best product.
9.
Global Village The internet has expanded not only our reach with respect to data, information, research and connectivity, it has also opened a world of choice for finding and buying products online.
Many online retailers have the capability to ship both worldwide and across regions with ease.
This means that not only can you buy a product that might not be available in your region, you can also take advantage of differences in currency value to get an even better price.
Be careful though, as some online retailers operate in the exact same way as a brick and mortar retailer.
For example, if the online retailer stocks inventory of a product, they must add the ongoing cost associated to that inventory into the price of the product.
Sure that means that as soon as you buy the product, it will begin the process of being shipped to you, however you are paying a premium for that product.
Additionally, as the product sits in inventory it degrades in quality and can become obsolete when compared to new products being released into the marketplace.
These may look like a good deal but you are sacrificing something in the process.
Look for a retailer that is providing you with a brand new product that has not been sitting in inventory for more than 3 months.
Websites retailers that have structured their operation to eliminate inventory with all of its associated costs take advantage of "Just In Time" supply arrangements that eliminate the need to stockpile inventory.
Some of these retailers pass the savings on to the customer while others maintain their prices at current levels to realize more profit at the expense of the customer.
Asking the question to the right person will clarify their practice and give you the information you need to make a buying decision.
To ensure you are getting a new product, you can obtain the model number and confirm with the manufacturer the release date of the model you are interested in purchasing.
In markets such as electronics, this is vital to ensure you are getting a product that will last well into the future.
Having used these techniques for over to decades, they have been highly effective in saving substantial amounts of money for the businesses I have consulted, projects I have managed as well as personally.
I hope you have fun with it and more importantly keep more of your hard earned money where it belongs...
in your pocket!
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