{"id":3428,"date":"2020-10-09T04:30:08","date_gmt":"2020-10-09T09:30:08","guid":{"rendered":"https:\/\/top1.fm\/DailySalesTips\/?p=3428"},"modified":"2020-10-09T00:33:50","modified_gmt":"2020-10-09T05:33:50","slug":"sales-tip-629-why-buyers-behave-the-way-they-do-part-5-strategic-mark-schenkius","status":"publish","type":"post","link":"https:\/\/top1.fm\/DailySalesTips\/sales-tip-629-why-buyers-behave-the-way-they-do-part-5-strategic-mark-schenkius\/","title":{"rendered":"Sales Tip 629: Why Buyers Behave The Way They Do (Part 5 – Strategic) – Mark Schenkius"},"content":{"rendered":"

\"\"“A word of caution is that most companies don\u2019t have a lot of items in the strategic category. If they would, they would have run into serious issues by now, so don\u2019t assume too quickly you\u2019re in the strategic category.” – Mark Schenkius in today’s Tip 629<\/p>\n

Why buyers behave the way they do?\u00a0<\/strong><\/p>\n

Join the conversation below<\/a> and check out the links!<\/p>\n

ROI 10<\/a>
\nThe Other Side of Sales<\/a>
\nMark Schenkius on LinkedIn<\/a>
\n601: Why Buyers Behave The Way They Do (Kraljic Matrix Series Part 1)<\/a>
\n608: Why Buyers Behave The Way They Do (Part 2 \u2013 Routine Items)<\/a>
\n615: Why Buyers Behave The Way They Do (Part 3 – Leverage)<\/a>
\n622: Why Buyers Behave The Way They Do (Part 4 – Bottleneck Items)<\/a><\/p>\n

Have feedback? Want to share a sales tip? Call or text the Sales Success Hotline: 512-777-1442<\/strong> or Email: scott@top1.fm<\/strong><\/p>\n

Transcript<\/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 to conclude his 5 part series. Mark is the founder of ROI 10<\/a> where he helps sales professionals get better at dealing with buyers, and he\u2019s also the author of \u201cThe Other Side of Sales<\/a>,\u201d where he shares his perspective after 15 years in procurement. Here he is:<\/p>\n

Mark Schenkius: Hi everyone, I\u2019m back with part five of Kraljic\u2019s purchasing portfolio matrix. If you haven\u2019t been following along, you\u2019re going to have to go back and binge a couple of great sales tips from the last couple of weeks. So far, we\u2019ve covered the framework as well as 3 of the 4 quadrants of the matrix.<\/p>\n

Today, we\u2019ll cover the 4th and final quadrant: \u201cStrategic items\u201d<\/p>\n

When we have a high supplier risk and high-profit impact items, we talk about strategic items. An example of this could be a patented material a buyer needs to source that is absolutely critical to their product. They basically have nowhere else to go and without it, They would not be able to sell their products anymore impacting profits significantly.<\/p>\n

The purchasing approach for a buyer would be to form a strategic alliance with this particular supplier. This means looking at both product and process innovation as well as agreeing on a long-term commitment that is mutually beneficial.<\/p>\n

These types of relationships consume a lot of a buyer\u2019s time and they require a very specific skillset because connections need to be built at every level in both organizations.<\/p>\n

So, what does his mean for you as a sales professional?<\/p>\n

Well, firstly, you have finally secured the attention of a buyer. Well done!<\/p>\n

Secondly, an immediate thought could be to exploit the situation considering the customer is dependent on you. However, be careful here. Since the product or service you provide is so critical to the operating model of the customer, you could easily push them into bankruptcy if you overplay your hand. And that probably isn\u2019t your intention neither.<\/p>\n

Instead, by intensifying co-operation, you can build a sustainable long-term business model that is valuable to the both of you. If you make sure the buyer doesn\u2019t want to go somewhere else, you have no risk at all losing this business now or in the future.<\/p>\n

A word of caution is that most companies don\u2019t have a lot of items in the strategic category. If they would, they would have run into serious issues by now, so don\u2019t assume too quickly you\u2019re in the strategic category.<\/p>\n

That\u2019s it for Kraljic\u2019 purchasing portfolio matrix. Hopefully, it will benefit your current and future dealings with buyers.<\/p>\n

Happy negotiations everyone!<\/p>\n

Scott Ingram: For more about Mark and his book \u201cThe Other Side of Sales<\/a>,\u201d click over to DailySales.Tips\/629<\/a> and we\u2019ll have everything for you there including direct links to all of the other tips in this series.<\/p>\n

Then be sure to come back tomorrow for another great sales tip. Thanks for listening!<\/p>\n","protected":false},"excerpt":{"rendered":"

“A word of caution is that most companies don\u2019t have a lot of items in the strategic category. 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