2 lessons learnt, maximize your profit potential
Hey guys
In 2004, my ping pong hobbie took me to China, where I met a blue haired aussie guy with a drive for business. During the next few months, we spent a lot of time haggling in the Chinese markets because everything was so cheap back then. Items for 500 yuan would normally be haggled down to 50 yuan, this was common place. I would often have to carry him home after he had too much "Chinese Wing" to drink. It's a potent spirit, 60% or so, and to an extent increased his ability to reduce the prices.
Bartering became such a habit after returning to the UK, that I naturally continued asking for discounts in places most people don't bother with, like bars and corner shops. Amazingly, a few places actually did give me a discount, even on beer.
The lesson I brought back with me was 2 fold, an is especially useful in the IM world. Don't be scared to price your products/services higher than you feel comfortable with. The perceived value may be higher than you realize in other people's minds, so do your research and find out what people will pay. Secondly, don't be scared to ask for a discount. It takes seconds for this conversation to be completed, and you'll be surprised what people are willing to accept. It also helps to build relationships, since the bouncing back and forth is enjoyable if you frame it with a smile
In 2004, my ping pong hobbie took me to China, where I met a blue haired aussie guy with a drive for business. During the next few months, we spent a lot of time haggling in the Chinese markets because everything was so cheap back then. Items for 500 yuan would normally be haggled down to 50 yuan, this was common place. I would often have to carry him home after he had too much "Chinese Wing" to drink. It's a potent spirit, 60% or so, and to an extent increased his ability to reduce the prices.
Bartering became such a habit after returning to the UK, that I naturally continued asking for discounts in places most people don't bother with, like bars and corner shops. Amazingly, a few places actually did give me a discount, even on beer.
The lesson I brought back with me was 2 fold, an is especially useful in the IM world. Don't be scared to price your products/services higher than you feel comfortable with. The perceived value may be higher than you realize in other people's minds, so do your research and find out what people will pay. Secondly, don't be scared to ask for a discount. It takes seconds for this conversation to be completed, and you'll be surprised what people are willing to accept. It also helps to build relationships, since the bouncing back and forth is enjoyable if you frame it with a smile
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