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!
