September 21, 2023 | Allison Robertson

Mastering the Art of Negotiation: Strategies For Lowering Your Monthly Bills


Mastering the Art of Negotiation: Strategies For Lowering Your Monthly Bills

Cash in hand and confused man split image

Ever notice how the cost of monthly bills can sneak up on you? It's a drag, but good news—you’ve got the power to change things. 

Let's get down to business with some savvy strategies to slash those bills. Whether it's your internet, cable, or electricity, a bit of negotiation can do wonders for your wallet.

Research First

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In the world of negotiation, knowledge is power.

Before you engage with your service providers, arm yourself with data. Understand the market rates for the services you're subscribed to.

Compare packages and offerings from different companies. If your current rates seem exorbitantly high, you have a solid starting point for negotiation.

Stay Polite and Patient

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Negotiations can often feel like treading a thin line.

You need to be assertive but respectful. Staying patient, even when the discussion gets protracted or heated, is key.

 A positive attitude, politeness, and persistence are your best friends in this journey. It can sway the person on the other end of the line to help you.

Ask for a Supervisor

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Customer service representatives often have limited authority when it comes to granting discounts.

If your negotiation seems to be hitting a dead-end, it's perfectly all right to request to speak with a supervisor or someone higher up in the chain of command.

Their decision-making power may be just what you need to get that bill lowered.

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Start High, Then Gradually Concede

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Negotiation is an art, and sometimes asking for more than what you want can work to your advantage.

When you aim high, you leave room for compromise. This strategy allows you to gradually back down to what you really wanted in the first place, making the other party feel like they've won a concession.

It's a psychological tactic that can often result in successful negotiations.

Remember, it's essential to be realistic and fair in your negotiations. Asking for too high a discount might result in an outright refusal and hamper the negotiation process. Aim high, but stay within reason.

Be Prepared to Switch Providers

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Customer loyalty is laudable but not always financially rewarding. Service providers often lure new customers with attractive deals, forgetting their long-standing patrons.

If your current provider is resistant to negotiations, don't hesitate to consider these better-priced alternatives. The prospect of losing a customer might just make your current provider more flexible.

Leverage Customer Loyalty

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However, loyalty can sometimes play in your favor. If you've stuck around with a service provider for years, make sure they know it.

Businesses spend a lot on acquiring new customers, and they often prefer to retain existing ones than go hunting for new ones. Make your loyalty known, and it might fetch you a discount.

Consider Bundle Offers

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Service providers often offer discounts for bundling services.

For instance, if you have your internet and cable TV from two different providers, you might find it cheaper to bundle them with the same company.

These bundled packages can often cost less than individual services, giving you more room to negotiate.

Have a Backup Solution: Added Value over Discount

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Sometimes, despite your best negotiation efforts, a service provider may simply be unable to reduce your bill.

But that doesn't mean the negotiation has failed!

You can shift your strategy from seeking a discount to looking for additional services at no extra cost. This approach is all about securing added value.

For instance, if your cable provider can't reduce your monthly subscription fee, ask for additional channels or an upgraded package at the same price. 

If you're negotiating with your internet provider, perhaps they could increase your data limit or improve your internet speed without additional charges.

In essence, a backup solution allows you to walk away with an improved deal, even if it's not the discount you initially sought.


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