What’s the lowest you’ll go on that LG Stainless Washing Machine?

This is a question I’ve gotten about kajillion times and most recently got yesterday about a really expensive brand new LG washing machine and an Xbox 360.

What is the lowest I’ll go on that LG Stainless Washing Machine and why, in the name of all that is holy, would I answer that question? Now, I’m not formally trained in the art of negotiation but I’ve dealt with many people who think they are channeling Donald Trump. I’m fairly certain you don’t want to just blurt out you’re lowest price and there’s more than one reason for it.

When you take that bait, you’re actually negotiating with yourself and giving up any leverage you might have. Here’s a short list of possible bad outcomes from giving in to this even one time

1. The price on every product you sell is now up for negotiation.
2. If they actually purchase that LG washing machine or LCD TV, they ask for further discounts when they also buy HDMI cables, Blu-Ray Players, etc because they are buying so much stuff.
3. The bottom price you just gave that customer to make the sale is now going to be the index for every other sale you make to that customer and anybody they know.
4. The customer may not even be buying at any price. Some people just enjoy seeing how much they can get you to lower your price. When they say “thanks” or “I’ll think about it” and walk out of your store, you will feel like a complete douche.

Here’s the simple way to counter this tactic. Instead of giving them a lower price, have the customer make an offer. It establishes that they are serious about buying and that they do have a price in mind that they are willing to pay.