Nearly every company in the world pumps in millions of dollars into serving their customers better and even further millions to repair the wrongs committed on them. But very few seem to have the same attitude towards their vendors. So when a company has one strategy to bring in customers and a completely counter-productive strategy towards its vendors, the question really is – Who is winning?
Companies take great effort in understanding the needs of a customer, learn to talk their language and help deliver a product which in turn will bring them revenues. Why can’t they do the same for a vendor too? After all a vendor also helps in bringing in revenues. In fact better relations with a vendor can result in more leads, better support, greater engagement, protection in key accounts, and recognition that can help a company generate more business.
Consequently companies should look at ways and means of building strategies to maintain relationships with vendors as they would with customers. A simple strategy would be to just replicate your customer sales cycle with your vendors and in the process make your vendor, a stakeholder. Such a strategy can only help forge a relationship of mutual benefit that in turn can be routed back to a customer in terms of price, product features and overall service.
And in the process, everyone wins!