Vendors Deserve Some Appreciation, Too!

• November 6, 2019

It’s that time again—the Holidays are here. Loved ones come together, and you give your thanks to customers and employees alike. But wait—are you forgetting someone?

This is also the perfect time to thank your vendors. Yes, your vendors, the ones you rely on to supply your business. You might ask, “Shouldn’t they be thanking me?” Well, sure. And they will. But when you thank them specifically for something they did that benefitted your business last year, you encourage the kind of support, customer service, and allowances that you want next year.

Your vendors know what’s happening in the market

They could save you valuable time and money. They can give you a heads-up of what the competition is doing. And they can keep you in the loop when it comes to the ever-changing market dynamics. Did your vendors give you useful information this year? If so, thank them now.

Your vendors understand how your brand will benefit the most by utilizing its products and services

When their warehouse is sitting on excess inventory, your vendors can give you a nice deal. They know when their higher-ups need money ASAP and can, therefore, offer you a discount. They may even let you use their warehouse for free if you agree to a large purchase they need to hit their number. Think about how much that can save you down the line. A few words of gratitude now can welcome opportunities for personalized attention in the future.

Whether it’s timely delivery, special packaging, or extended terms to help you grow, your vendors can make your life a whole lot easier. Did any of your vendors do any of these things this year for your company? Now is the perfect time to thank them!

Make Your Company The “Favorite Call” of Your Vendors

We’ve been in sales for years. We know how vendors are usually treated because we functioned as vendors to our buyers. On some days, we’d wait around for hours to see the buyer! They made us feel like we were lucky just to get in the door. The overall attitude was, “This guy is here to sell me something I don’t need.” A lot of these people couldn’t wait to get rid of us. That is, unfortunately, how some buyers treat salespeople too.

This is why we thought of our vendors as our buyers. We wanted them to feel welcome. We even gave them coffee and pie! We wanted them to look forward to their “favorite call”—us! And when they did call, they shared their insight. We got the scoop on the market, the best terms, the best buys, and the most favors. Why? We gave them our thanks. We respected that they understood our business and chose to work with us.

Many vendors are taken for granted, or even worse—seen as a nuisance. Why don’t you reach out and share just a bit of the same appreciation you give to your customers? You might be taken aback by the results.

There are two different ways to make a profit: spend less and make more. Your vendors can help you get there, giving you an insider’s view of your industry that can only come from the ones who service it every day. So why don’t you make your company their “favorite call”? A simple, “Thank you for your service this year” is the right way to get started!

For more, read on: http://c-suitenetworkadvisors.com/advisor/michael-houlihan-and-bonnie-harvey/