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Friday, April 30, 2021

Sellers from Mars and Buyers from Venus - VII

Excerpt from my upcoming book at amazon.com - "Sellers from Mars and Buyers from Venus - Elements of Nature Meet B2B Sales" 

How to apply the framework of elements on a stakeholder for persona mapping  
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Application 
The first step is to identify the key elements representing their human traits to apply this framework to any individual. Out of the five elements, a primary and a secondary element plays a vital role in shaping our personality and appearance. Let's apply this framework of creation and destruction of five elements and their elemental attributes with few examples to identify primary and secondary elements.

Steve Jobs

Background
Steven Paul Jobs was an American business magnate, industrial designer, investor, and media proprietor. He was the chairman, chief executive officer (CEO), and co-founder of Apple Inc. Steve is widely recognised as a pioneer of the personal computer and smartphone revolutions.

Appearance

The following characteristics indicate that Space (Metal) element as primary:
  • had a muscular body but in the latter part of life became slim because of illness
  • his face was oval-shaped
  • had lined lower cheeks, and 
  • had wide space between features

The following characteristics suggest that the Fire element is secondary:
  • had a pointy nose, and 
  • had long hair in his youth and later on became partly bald with a receding hairline

Engagement, Communication, Clothing

Space (Metal) attributes are evident in the following behaviours 
  • was self-made and was always keen on the big picture
  • was emotionless (even left his daughter)
  • loved designer clothes and expensive items (he built his own luxury yacht)
  • was meticulously neat and tidy (apple stores, new apple head office, practised the philosophy of minimalism at home and work)
  • was a perfectionist (iPhone and iPad), logical in thinking
  • highly critical (openly criticised Adobes Flash for crashing ios devices and mac), and
  • his email responses were concise and minimal (he used to respond to customer queries from his iPhone with 1-2 lines of text only)

The following supplementary behaviours suggest Fire is the secondary element 
  • he loved new beginnings
  • was fond of public speaking and putting a show (apple events) 
  • driven by action (spent long hours and weekends at work)
  • was inspirational and always promoted the ideas of doing something real, inspiring uni students with his talks
  • brought money with him (he started as a salesman and became one of the best salesmen), and 
  • lacked boundaries and was impulsive (was widely know to shout at staff if they didn't meet his very high standards) 
  • righteousness (lost his cool and criticised Eric Schmidt for copying Apple design by Googles Android)

Summary

By analysing the appearance, engagement, communication and clothing style of Steve Jobs, it is evident that his primary element was Space (Metal), and the second element was Fire. His tertiary element could be attributed to Air.

In terms of his engagement with others, his primary element, Space (Metal), meant that he found it hard to work with people having Air and Fire as their primary element because Air and Fire are in a non-parental child relationship with Space (Metal). People with Earth and Water as their primary element would have worked well with him as these two elements are in a parent-child relationship with Space (Metal). Giving way to harmony prevailing among them.


Image Credit: Wikipedia

Next: Coming up 

  • Cheat Sheet for Sales Planning and Execution using Five Elements   
  • How a Procurement Executive will Engage
  • How B2B Sales are different in Service vs Product 
--
Previous articles can be read here
  • Part 6 on How to apply elements framework on a Legal Service Counsel can be read here 
  • Part 5 on How a Marketing Manager will engage can be read here
  • Part 4 on How a Sponsoring Executive will engage can be read here
  • Part 3 on Negotiation Styles in B2B Sales can be read here 
  • Part 2 on Persona Mapping in B2B Sales can be read here 
  • Part 1 on Marrying Elements of Nature with B2B Sales can be read here 

Wednesday, April 28, 2021

Sellers from Mars and Buyers from Venus - VI

 Excerpt from my upcoming book at amazon.com - "Sellers from Mars and Buyers from Venus - Elements of Nature Meet B2B Sales" 

How a Legal Service Counsel will engage with others 
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Legal Services
Legal services are a corporate function where a legal counsel provides support in enabling or executing a business operation. In the case of business to business (B2B) sales, a legal counsel works closely with the buyers' legal team, internal sales, product engineering teams and other stakeholders to assist in quantifying, negotiating and closing a deal. The key responsibilities of a legal counsel are following: 

preparing, modifying and negotiating a legal framework for contractually engaging with buyers like the master service agreement (MSA), statement of work (SOW) and purchase order 
do due diligence, provide assessment and guidance on the following risks: 
o business
lock-in commitment and its implications
probability of damages arising and the magnitude of the impact from such damages 
service continuity plans for events arising from insolvency or government actions or regulatory requirement
exit options and handovers 
syncing or adapting the agreement with the current situation, an example in today's world like adapting force majeure to include a pandemic 
o finance
the right balance of warranties offered and excluded
managing cost spillover arising from certain clauses
additional cost or taxes, usage charges like overage charges
insurance expectations to cover the risk
o legal
legal compliances like sanction, privacy, data privacy and anti-bribery
licensing issues, if any
reasonable exclusions and limits on indemnities and liabilities
managing the risk matrix and governance approvals 
ensuring the deal is closed and signed off

So, let us explore how a seller's side legal counsel engages with buyers through the lens of the elemental attributes learned in the previous sections.

Legal Counsel for Earth Element – Calm & Stable

Risk Assessment 
o driven by a minimal risk appetite and fear of failure means these natives are pedantic across exposure to any business, financial and legal risk 
Contractual Agreement 
o slow in drafting and preparing and sharing with stakeholders, semantically strong, their attention to detail is good, and they prefer long term agreements 
o they are driven by relentless effort and status quo; the emphasis is on using the standard terms and conditions, ringfencing the scope with a maximum tolerance
o they are not open to any financial penalties or liabilities in case there is a failure or delay in delivery  
o they are slow and sluggish in following up with the customer for closure   
Negotiation Style
o they have a lot of patience and are good listeners, hide information, 
o they lack transparency and principles, can often be deceptive or employ pressure tactics
o they are accommodative and let others take control and respond only when necessary
Communication
o they speak slowly with a deep voice, sluggish in response and react at their own pace
o they are good listeners and are structured and semantically driven

Next: Coming up 

  • Cheat Sheet for Sales Planning and Execution using Five Elements   
  • How a Procurement Executive will Engage
  • How B2B Sales are different in Service vs Product 
--
Previous articles can be read here
  • Part 5 on How a Marketing Manager will engage can be read here
  • Part 4 on How a Sponsoring Executive will engage can be read here
  • Part 3 on Negotiation Styles in B2B Sales can be read here 
  • Part 2 on Persona Mapping in B2B Sales can be read here 
  • Part 1 on Marrying Elements of Nature with B2B Sales can be read here 

Tuesday, April 27, 2021

Australian Budget to return to Surplus

From AFR: More economists have backed the federal budget to return to surplus within four years and investment bank UBS suggests it could be done without substantial near-term fiscal repair. The UBS economists suggest that: It’s plausible the budget will project a return to balance in 2024-25 (as occurred in 2018-19 before COVID hit), with a cumulative improvement of about $200 billion across the [forward estimates],’’ the UBS economists wrote in a note to clients. The UBS economists also expect the improvement could push the Reserve Bank of Australia into tapering its massive $200 billion bond-buying program. More can be read here