How Well Do You Know Your Vendors?

It’s extremely important to build relationships with your vendors and those around you. They can bring in new customers/clients and increase awareness of your company branding.

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

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

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

  1. Approach all the vendors you work with and offer an incentive based on performance.
  2. Put the generous incentive plan together from their perspective. Take suggestions if you speak that candidly already.
  3. Develop a clear, concise and easy to track incentive plan. This will increase competition between vendors and therefore higher performance levels.
  4. Encourage subsequent sales instead of focusing only on the initial sale. By doing this you can give away more of the profit from the initial sale to your vendors and make higher profits off the back end products. Encourage:
    1. Future sales
    2. Upsell to more profitable products/services
    3. Cross-sell to additional products
  5. Create an incentive plan that’s 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. Use their talents, capabilities, and connections and you’ll both be winners.

“By making it inviting, easy, informative, non-threatening, educational, inspiring and fun to do business with you, you’ll loft your company above the competition.” Jay Abraham

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