• Sam Cibrone

Knowing Your Vendors is Key

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. So, look for great ways to offer your vendors rewards for helping grow your business and everyone wins.

Here’s the step-by-step process to putting together a partnership with a vendor:

1. Approach all the vendors you work with and offer an incentive based on performance.

2. Put the generous incentive plan together from their perspective, even take suggestions.

3. Develop a clear, concise and easy to track incentive plan, this will increase competition between vendors and therefore higher performance levels.

4. 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. Putting together an incentive plan doesn’t have to be a complicated process.

0 views0 comments

Recent Posts

See All

Deliver +1

Today we’ll talk about the concept of Deliver +1 and how this concept can take your customer service to the next level. I’ve decided to split up this post so the next one will cover the 1% Rule. Consi

You Must Have Money to Make Money

In my new book Cracking the Start Up Code: 5 Myths to Starting or Growing a Small Business which will be released in October, I highlight 5 Myths in Business. The first one is today’s topic of discus

3 Mortars for Your Business

Today I’d like to talk about the three keys to business development and how you can put the right bricks in place to build a solid foundation. There are three main areas of business development: · In