From ‘Buyer Beware’ to ‘Seller Beware!’
Caveat Emptor, or buyer beware was the dominant concept for decades. No longer, the balance of power has shifted, with the seller reluctantly ceding control to a more sophisticated and cynical breed of buyer. Today it is the seller who must beware!
The seller is no longer ‘the ringmaster’ of the sale, often being reduced to the role of a mere spectator. This is particularly the case where buyers are turning to the competitive tendering process (i.e. RFPs, RFIs and RFQs) to keep suppliers at ‘arms length’ during the selection process.
Arguably for the first time buyer sophistication has surpassed that of sellers, as buying processes, business cases and buying teams become the order of the day. All these have major implications for the seller. The tables have turned, ‘buyer beware!’ is now ‘seller beware!’