Secrets to Effective Procurement in Competitive Markets with Jeremy Smith

Jeremy Smith, the Managing Director at 4C Associates, joins us in this episode. 4C Associates is a 120+ person European focused Commercial, Procurement and Supply Chain consultancy delivering sustainable impact in Retail & Consumer, Life Sciences, Public Sector and Financial Services. He has been with 4C for about 13 years, and has amassed another 10 years of procurement consultancy before this tenure.

Backed by Jeremy’s decades of expertise, we explore effective methods for standing out in competitive markets, the importance of low-maintenance introductions, and the value of referrals. He explains exactly what procurement professionals look for when evaluating suppliers in RFP processes. Jeremy also provides insights into navigating procurement-led processes, the challenges of reverse auctions, and how to maintain engagement during periods of silence. 

Topics covered during this episode include:

• Jeremy’s personal journey from a quantity surveyor to procurement expert.
• How procurement professionals evaluate suppliers in RFP processes.
• Balancing organizational knowledge with the risk of becoming complacent.
• Why communication is vital during procurement processes, especially when experiencing delays.
• How to maintain engagement and pressure after a two-week period of silence from potential clients.
• The importance of being selective and realistic with the three-question framework for qualifying opportunities.
• How suppliers should engage with procurement departments when selling marketing services.
• Why early, low-maintenance introductions and referrals are better than spammy outreach.
• Challenges of reverse auctions and how to avoid commoditization in procurement processes.
• How suppliers can differentiate their services early to avoid being commoditized.
• Usefulness of the Kraljic matrix in strategically positioning your company.
• Practical advice for smaller companies bidding for larger contracts.
• The significance of building relationships with procurement professionals while maintaining humility.

Jeremy Smith on LinkedIn: https://www.linkedin.com/in/jeremysmith27