In a commerce negotiation, two polar-opposite errors are common. The seller (That’s you!) wants to earn as much as possible, and the buyer wants to spend as little as possible!
How can you avoid these hurdles or consumer crossroads when selling your gifts and goodies online?
Through careful preparation that includes an analysis of the Zone Of Possible Agreement (ZOPA) or bargaining range in business negotiations between seller and consumer.
We will call it “eZOPA” for the purpose of our lovely blog post and it will describe the rational zone and negotiations between buyer and seller where an agreement can be made in which both parties will agree to without feeling cheated out of their money and time. In other words, a “win-win”.
Within this zone, a sale is possible. Outside the zone no amount of negotiation will lead to a sale. So, there’s a sweet spot to hit and these steps are instructions on how to find and enlarge that very target.
You should know how low you can go to still make a profit as well as how high you can go without losing a potential client!
A negative bargaining zone can be overcome if negotiating parties are willing to get to know one another. If your customer knows that you are selling a better quality product, the customer might allow you to raise the zone. If you know that you are selling to a segment that might be willing to pay more for a better quality product, you can also raise the ZOPA.
Easy payment terms (Payflex)
Adding more value to your product (freebees, combos, promotions, etc.)
Selling unique products that can’t be bought elsewhere.
Identify a special need for your product.
Acquiring your products at a lower price than your competitors.
Having superior knowledge of your product, market and economic conditions.
For the best outcome, pay attention to each of these steps and you are sure to run a successful eCommerce store in no time.
Some say it’s easier said than done. Those people also usually don’t have eCommerce sites.
Your leap of faith awaits!