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Hey, today I'm going to be talking about negotiation examples in real life and how that applies to making money online. Everything in life is a negotiation and instead of doing it in person it happens online.
Apart from affiliate marketing online another side hustle I have is with selling internet domains, where negotiating the price is a lot of it.
Lately, I've been reading many types of negotiating books and I wanted to share my thoughts on them that could help you. One of the most powerful techniques to get more in your life by negotiating is by using standards.
With domains you look at related sales and point to them to increase the price of the thing your selling, just like a home. Related sales are set standards.
You can also apply this to everyday life.
Kenneth Reyes called Verizon many times to get his billing address changed. It wasn't changed, his bills got mailed to the wrong address and he was charged late fees.
Instead of getting angry, which is the worst thing someone can do right? He got Nicole a customer service representative on the phone. He asked Nicole , does Verizon have high customer-service standards? She of course responded to yes. You see how he anchors the standards in?
Then he asked is calling 4 times to update a customer address in line with Verizon's standards? She of course said no. She fixed the address and removed the fees.
Then Kenneth says I'm a longtime customer, could I get something for all my trouble? By asking he got 2 months of free cell-phone service.
When you apply standards in a negotiation also means you can ask for exceptions to standards. Say you purchase something and it breaks right after the warranty. Ask if they have ever made an exception. Of course the relationship you have with someone can help you in this regard.
When it comes to standards you fall to the highest level of preparedness and by doing a little research up front you can negotiate better and get more.
The second negotiation example that can help you in the real world and with making money online is by being incremental. Apart from selling internet domains I really enjoy affiliate marketing and that is all incremental.
Apart from making videos I create ebooks and give them away, same with articles and podcasts. This is all free and I send people to my website that contains a very short video. Next is an offer that is very small.
If someone doesn't take advantage of the offer, then comes free samples they receive and many other opportunities to get the offer that costs barely any money.
When someone does buy, then they are presented with a higher offer, then another even higher offer all the way up to thousands of dollars. You see how it's incremental?
A big reason people say NO to what you want is because of the perceived risk. You can reduce this risk by being incremental, this basically comes down to being patient.
An extreme offer is an offer upon which no reasonable standard or information is based, as perceived by the other party. The tactic of asking for a lot to give yourself negotiating room will too often backfire.
If you make an extreme offer and then quickly back off it, the other party things you were trying to take advantage of them, mistrust takes place. An extreme offer is opposite of being incremental, and the chances of the other party accepting it are much less.
