scott@top1.fm<\/strong><\/p>\nTranscript<\/h3>\n
Scott Ingram: You\u2019re listening to the Daily Sales Tips podcast and I\u2019m your host, Scott Ingram. Today Mark Schenkius is back with another super insightful tip. Mark is the founder of ROI 10 where he helps sales professionals get better at dealing with buyers, and he\u2019s also the author of \u201cThe Other Side of Sales,\u201d where he shares his perspective after 15 years in procurement. Here he is:<\/p>\n
Mark Schenkius: Hi everyone,<\/p>\n
Today I\u2019ll share some key insights why buyers run RFP\u2019s. It helps you to better understand how to deal with them. Here\u2019s an interesting opening statement for you:<\/p>\n
New suppliers love RFP\u2019s because it\u2019s an opportunity to win business. Existing suppliers fear RFP\u2019s because there\u2019s a risk of losing business. It\u2019s almost that simple.<\/p>\n
Therefore, when a buyer runs an RFP, it\u2019s crucial to know for you, as a supplier to them, how likely the buyer is going to change supplier.<\/p>\n
If you\u2019re a new supplier, a high likelihood to change is ideal whereas as a current supplier, you obviously prefer a low likelihood to change. So, regardless of whether you\u2019re a new or existing supplier, it pays to know.<\/p>\n
Firstly, I\u2019ll run you through 5 options why buyers run RFP\u2019s. Secondly, I\u2019ll give you some tips how you can find out which of these options apply to your particular buyer.<\/p>\n
The following 5 options are in increasing order of likelihood to change supplier. The first one means it\u2019s highly unlikely that they will change and the fifth one means there is a high likelihood they will change supplier.<\/p>\n
Option 1. Pressure:
\nThe buyer is happy with their current supplier and they want to put pressure on them; probably to lower prices. They use an RFP to create a perception of competition. Needless to say, there is a very low likelihood the buyer will actually change supplier.<\/p>\n
Option 2. Policy:
\nThe buyer runs an RFP since this is an expectation from the company, but they have no real intention of changing. There is a low likelihood the buyer will change supplier.<\/p>\n
Option 3. Benchmark:
\nThe buyer is benchmarking service or tariffs of their current supplier. There is no real interest to change unless there is a significant opportunity. Medium to low likelihood to change.<\/p>\n
Option 4. Benefits:
\nThe buyer is interested in changing suppliers only if benefits can be achieved on quality, service, and\/or price. In essence, this is a true RFP whereas the first 3 are fake RFP\u2019s. There is a medium likelihood to change.<\/p>\n
Option 5. Change:
\nThe buyer is actively looking to change supplier most likely due to issues with their existing supplier. This is an ideal situation for new suppliers since the likelihood to change will be high.<\/p>\n
So, how do you know which of these 5 options applies to you. It\u2019s definitely not an easy one since most of the times, a buyer won\u2019t tell you. However, it\u2019s important to look for signals.<\/p>\n
For example, does the buyer have a history of changing suppliers, or do they tend to stick with the old.<\/p>\n
Or potentially, any information you pick up in the market around issues with their existing supplier.<\/p>\n
And perhaps, the best option of all, is to ask questions to your buyer and the rest of their organization. Ask whether there are policies for running RFPs or ask them under what condition they are open to change suppliers.<\/p>\n
In any case, it\u2019s good to know upfront what your chances are during RFP\u2019s, both as an existing and as a new supplier.<\/p>\n
Happy negotiations everyone!<\/p>\n
Scott Ingram: For links to connect with Mark and to get a copy of his book “The Other Side of Sales<\/a>,” just click over to DailySalesTips\/771<\/a><\/p>\nOnce you’ve done that, be sure to come back tomorrow for another great sales tip. Thanks for listening!<\/p>\n","protected":false},"excerpt":{"rendered":"
“The best option of all, is to ask questions to your buyer and the rest of their organization.” – Mark Schenkius in today’s Tip 771 Why buyers run RFP? Join the conversation below and share your thoughts! ROI 10 The Other Side of Sales Mark Schenkius on LinkedIn Submit a Sales Tip Have feedback? Want…<\/p>\n","protected":false},"author":2,"featured_media":2399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"content-sidebar","footnotes":""},"categories":[40],"tags":[],"class_list":{"0":"post-3343","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-daily-sales-tips","8":"entry"},"yoast_head":"\n
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“The best option of all, is to ask questions to your buyer and the rest of their organization.” – Mark Schenkius in today’s Tip 771<\/p>\n