Guess what everyone? I’m in Vegas!
For the past week and a half, I’ve been staying in the Bellagio hotel on main street. This is the first time I’ve ever visited sin city and I have to say that the idea of leaving anytime soon does not appeal to me. Between the beautiful chocolate fountains and the spectacular night shows, my Christmas was just perfect.
For those of you who have been here before, you should know that shopping in Vegas is incredibly satisfying. Even though they don’t celebrate Boxing Day here, practically everything is on sale. I personally love browsing through vendors and kiosks since the prices are arguable. I like to bargain with the sales associates, not only to receive the most desirable prices, but also to observe the tactics they use to maximize their income. I would like to share with you what I’ve learned about bargaining and sales tactics, these worked well for me and hopefully they will help you too!
Bargaining tips and notes:
1) The Guilt Trip: One of the most popular sales tactics I’ve seen used by vendors (and the most effective in my opinion) is to let the customer set the price. When asked the price of an item, the salesperson will answer the question with another question: ‘how much would you pay it for?’ I’ve read about this in the book ‘Dr. Strangelove’s Game‘, which focuses on the history of game theory. Basically it works like this: when the customer is put on the spot to name his/her price, there is a natural guilt they would feel about naming too low a price. For example, if a customer thinks the item would be worth $10, he/she will usually say $15 instead to not seem cheap. The price a customer offers is usually the maximum they would spend on the item instead of the minimum they wish to spend. The salesperson will act on that maximum and stretch it as far as they can. So bottom line is, don’t be afraid to name low prices!
2) Walk Away: I haven’t tried this one in Vegas since the prices are usually within a reasonable range, but when I visited Beijing a summer ago, this was my favourite trick. When the vendor refuses to lower the price any further; simply walk away. Don’t walk too fast though, allow time for the vendor to call after you. Most of the time they will; and when you walk back to that kiosk, there will be a lower price waiting for you.
3) Competition: I’m sure you all understand the theory of supply and demand. If there are two vendors selling the same item, ask both vendors for their price. If they turn out to be selling at the same price (which they usually do to avoid extreme competition that would be of inconvenience to both of them), ask one vendor to lower the price. If he/she refuses, start walking towards the other vendor. They will call you back since after all, it’s better to make less of a profit than to make none at all. This works both ways however, if an item becomes extremely popular at a kiosk, it will be easier for the salesperson to refuse bargaining.
4) Just a few bucks short: Use this tactic if you have lots of change. Bargain with the vendor first, and if the minimum price they offer is still not satisfactory, tell them you don’t have enough to meet that minimum. Don’t be too greedy, my personal idea of being a few bucks short ranges from $1-$5 lower than the price offered. Too much ambition is not a good thing.
5) The Sweet Talk: This is definitely a bargaining tactic that salespeople will appreciate. Compliment your salesperson! Sometimes all you need is a sweet attitude to get the price you want. I for one am extremely weak to compliments, and I’m sure it’s not just me. Make a vendor’s day and they will make your day.
Bargaining is so fun if you know what to do, but some people like to take advantage of what they know. When you’re out there negotiating for the best price, remember that somebody worked hard to make these items available to you. Be considerate of the salesperson who provides you with cheaper prices than what you’ll find in stores. These tips are meant to from help you out of spending more than you have to, not to act as the vendor’s kryptonite. Use your new found powers for good! xD