How much does the market engagement process matter in Business?
How Much Does The Market Engagement Process Matter In Business?
Almost as much as rules of any game matter to the champions of that game. If you are a competitive sailor, or a golfer you know how vital it is to know the rules of the game and play by the rules.
Otherwise, you risk being disqualified, or getting penalties.
Just consider Tiger Wood’s two shot penalty at the US Masters in 2013 for a wrongful drop. If even the best player in the world, who has been totally immersed in the game since he was 2 years old can make mistakes about the rules, what chance do we lesser mortals have?
Fortunately, in business the things are different
While there are general set of rules as per the legal principals in the country, the rules of engagement are left to the parties.
For this reason it is vital to take complete control of the game by designing the rules of the game in such a way that you meet your objectives for the game.
Now, does that mean your vendors have to lose along the way?
Most companies structure and run the market engagement process in a rather formulaic and archaic manner. Perhaps this is a legacy of procurement protocols or legislation enforced by governments or anti-corruption departments.In my book Outsouring 3.0 you can read the key questions to ask during Market Engagement preparation.