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:
- Approach all the vendors you work with and offer an incentive based on performance.
- Put the generous incentive plan together from their perspective, even take suggestions.
- Develop a clear, concise and easy to track incentive plan, this will increase competition between vendors and therefore higher performance levels.
- 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
- 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.
It’s easy to see how direct mail marketing and telemarketing can positively affect your business by bringing in new customers and increasing the level of awareness about your products, services and company branding. Our FREE test drive offers the resources and tools you need to work through these processes and put together the best marketing plan you can.
If you would like to learn the specifics of generating more leads than you can handle, or if you would like me to find you a minimum of $10,000 in lost revenue in under 45 minutes, click here to set up a free phone consultation. As a bonus I will also show you how to reclaim that lost revenue without spending a dime! You will never be sold anything. We want to be your go-to company for world-class, effective education.