How Well Do You Know Your Vendors?

 

It’s extremely important to build relationships with your vendors and those around you
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 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, even take
suggestions.
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:
• Future sales
• Upsell better and more profitable products/services
• 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.

Putting together an incentive plan doesn’t have to be a complicated process. Use our
FREE test drive to come up with some great ideas and put your incentive plan together
for maximum results.