August 20, 2008
Great companies look both internally and externally to help build business. One group fits into both those categories --- your vendors and distributors. When looking to build sales or lower costs, challenge your vendors (and reward those who are successful) to help you grow your business and the bottom line. Not only should they have the expertise in the area they serve you, but they also have the additional insight of working with others and keep up with trends, cost projections, customer research, and so on. Here are a few ideas to have them help you:
Incentive Contests. Need to focus on suggestive selling? Have vendors of key products support you with training materials, rebates on incremental sales, marketing support, or prizes so you can run incentive contests for employees and managers. One word of caution: Don't just have a few "grand" prizes. Reward incremental performance at both the employee and manager level.
Customer Research. Need to find out what your customer is thinking? Many vendors and distributors have access to key research that can help you get ahead of trends and take action before your competitors do.
Cost Saving/Sales Building Ideas. Don't let your vendors/distributors take your business for granted...force them to help you make more money. You need them to be successful and build their business with you. Ask them to bring you ideas to build sales or save money --- challenge them to keep getting better while helping you grow top-line and bottom-line dollars.
Training Support. Many of your vendors and distributors have great training materials available (or can get them created) to help educate your team on products, selling tips, equipment maintenance, food safety, and so on. In addition, they often have facilities and plant tours they'd be happy to show your team. The more they know about the products you use/sell, the more successful they'll be.
Haven't been made aware of these opportunities yet? Ask! Your vendors and distributors are anxious to help grow your business --- after all, a rising tide lifts all boats, so it will be good for their business as well. Unleash the power of partnerships in 2008.
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