How Anchoring Impacts the Negotiation Process
The ability to negotiate is a critical skill for salespeople.
There’s also no single perfect approach. Your ability to effectively negotiate a deal is more about your ability to read the situation and act accordingly than it is about talking a prospect into doing what you want them to do.
Instead of seeing your negotiation style as a singular way of doing things, I recommend having a negotiation toolbox you can pull from to quickly adapt your negotiation style to the deal you’re looking to close.
When making a purchase, it’s natural for buyers to experience a phenomenon called anchoring bias, which is the tendency to focus heavily on the first price they see in the context of a sale. During a negotiation, anchoring bias can create a challenging scenario for sales reps depending on the information that has been shared.