Behind the Wheel and the Deal: Unpacking Negotiation Tactics 🚗💼

When I think about negotiation tactics, I often reminisce about my experiences buying a car. Whenever I make a purchase, I feel like I got the best deal. Yet deep down, I know that the “discount” I received was factored into the original price. Regardless, the “feel-good factor” prevails, and I must admit, my car dealer excels in conveying this feeling. 🌟

In wealth management, even though I have never personally negotiated with clients in this industry, I imagine similar tactics are at play. Clearly and effectively explaining a holistic wealth management approach without diminishing existing relationships creates a sense of being understood and valued by the client, like how I feel during my car purchases. 💰

Addressing the pricing issue early on reminds me of the importance of setting clear boundaries, like car buying and choosing an engine. It not only saves time but also demonstrates professionalism. And then there is that familiar “feel-good factor”: offering a personal discount that requires checking with a superior, emphasising exclusivity, limited client capacity, and the quality of service, cultivates a unique sense of appreciation. ✨

Similar tactics and strategies exist in every industry. It is always about building trust, emphasising value, and forging long-term relationships. And when it is executed as skillfully as with my car dealer, it is no wonder I have felt like an all-time winner driving the same brand for the past 25 years. 🏆

Source: LinkedIn