How Well Do You Know Your Vendors?

Relationship building is one of the most fundamental ways to develop your business. Do you know your vendors? By building relationships with your vendors and those around, you have the potential to bring in new customers and/or clients, while also increasing awareness of your company branding.

How well do you know your vendors? Vendor Relationships is a business development strategy.
                     How Well Do You Know Your Vendors

The people with whom you work directly on your products and services are the ones who will benefit the most from your success. By taking the time to get to know them, you’ll find a whole host of opportunities you didn’t realize were there.

Always look for great ways to offer your vendors rewards for helping grow your business and everyone wins. One of ways you can accomplish this is by offering performance-based incentives that are much larger than their normal charges.

Step-By-Step Guide:

Here’s the step-by-step process to creating a partnership with a vendor:

  1. Approach all the vendors you do business with and offer an incentive that is based on performance;
  2. Put a generous incentive plan together from your vendor’s perspective that even takes their suggestions into account;
  3. Develop a clear, concise and easy to track incentive plan. This will increase competition between vendors and ultimately yield higher performance levels;
  4. Promote subsequent sales rather than focusing solely on the initial sale. By doing this you can allocate more of the profit from the initial sale to your vendors and earn higher profits off the back end products. Consider the following:
    • Boosting future sales;
    • Upselling better quality and more profitable products and/or services;
    • Cross-selling additional products.
  5. Create an incentive plan that is irresistible to your vendors by offering generous, exclusive compensation.

Think of all the vendors you work with and the creative ways you can put together an incentive plan that entices them to be part of your business. Find innovative ways to make use of their talents and connections and you will both reap the rewards.

Creating an incentive plan doesn’t have to be a complicated process. Reach out to me for assistance in developing your incentive plan for maximum results.  Click HERE to jump on my calendar.

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