We have all made mistakes that we regret. But what matters is that we learn from them and ensure that they are never repeated again. This approach applies to bartering as well. However, the repercussions of making a mistake in this sector can affect an investor pretty badly. Therefore, you must ensure that you avoid such errors at all costs. Listed below are some things that you must NOT do at any point of this business.
Bartering with Retail Stores
The success of your bartering heavily relies on the individual you are negotiating with. Therefore, you must ensure that you choose the most suitable person. Do not try to barter with retail stores since they always offer non-negotiable prices. This will not help since bartering is all about flexible price tags. Thus, you must try out your luck amongst street vendors and small convenient stores.
Guessing the Value of the Item
There is nothing worse than being uninformed about your own product. In order to exchange the item, you need to know it like the back of your hand. For instance, before you purchase gold for bartering purposes, you need to learn all about the metal. Research about the market price, target audience and alternative options. This will enable you to become more confident during the bartering and thereby will make you look more credible.
Looking for More than What Your Came for
When bartering with another person, do not keep negotiating even after you get a reasonable deal. If you think that the price is appropriate for the item, then take the deal immediately. If you keep pushing the seller to lower the price, you might tip them off and ruin the entire deal.
Using Anger/Force as a Business Tactic
You cannot threaten/force someone to buy your item or accept your price if they are not interested. This is both unethical and illegal. Despite what you may think, your personality can influence the bargain to a great extent. Politely welcoming the customers with a smile and thanking them for their time can make a positive impact on the customer.
Using Help from a Local
When you barter in unfamiliar destinations, do not use the help of locals. Although an extra hand wouldn’t hurt, these people can be agents working for commissions. Thus, they might steer you to stores that are beneficial to them instead of taking you to stores that might benefit you. Therefore, if a local offers to help you out, politely decline their help and handle your business on your own.
Bartering All Alone
There is nothing wrong with dragging a friend along – especially if it is your first time. This will enable you to play the good cop/bad cop. This will give you the opportunity to make a wise and sensible decision. Moreover, a friend can voice his/her opinions on the matter and thereby prevent you from making an impulse purchase.
These mistakes can affect the productiveness of the battering more than you can imagine. By avoiding these potential pitfalls, you can make your barter a successful and profitable one.