MASTER VENDOR ENGAGEMENT: 10 TIPS YOU NEED TO KNOW
Enhance your vendor interactions and drive business growth with these expert strategies and actionable tips.
In the world of reselling and integration, your success hinges on the strength of your relationships with vendors; whether you're providing managed services or solution-based services, vendors must be at the core of your sales strategy.
This approach ensures you deliver optimal solutions, solve problems, and achieve desired outcomes for your clients.
Based on my 15 years of experience in selling in partnership with vendors, I've compiled a list of ten ways to build better relationships with your vendors to grow sales, create collaborative opportunities, and increase deal registrations.
1. Understand Their Products and Services
To effectively market vendor solutions, you need a deep understanding of their products and services; essentially translating the tech into business outcomes that resonate with your clients.
Decision-makers like CFOs and CEOs care about how a solution impacts their business, not the technical specs. By focusing on the benefits and outcomes, you position yourself as a trusted advisor who can tailor solutions to meet specific business needs.
2. Build Personal Relationships
Building personal relationships with your vendor contacts is crucial and regular communication is key. Share what you're seeing in the market, ask questions, and seek their insights; this two-way communication fosters a stronger bond and helps you stay informed about industry trends and best practices.
Regular check-ins keep you top of mind and demonstrate your commitment to the partnership.
3. Know Their Top Partners
Understanding who the vendor's top partners are and what makes them successful can provide valuable insights. It often comes down to accreditations and revenue generated and by knowing where you stand and what you need to do to become a top partner, you can align your efforts accordingly.
A great question to ask your vendors is how they get paid and what metrics they prioritise; this knowledge helps you tailor your approach to meet their expectations and become a valuable partner.
4. Earn Their Trust Before Asking for Leads
Entering a vendor relationship with the expectation of receiving leads is lazy and oh so predictable.
Vendors want to see your commitment and contribution before they start funneling leads your way, so demonstrate your value by bringing opportunities to the table. The more you contribute, the more likely vendors are to reciprocate. Building a solid foundation of trust and collaboration will eventually lead to mutual benefits.
5. Schedule Focused Meetings
When vendor reps visit your area, maximise their time by scheduling back-to-back meetings with your clients and prepare information about each meeting to ensure productive discussions.
This approach not only strengthens your relationship with the vendor but also showcases your dedication and organisational skills. When vendors see the effort you put into these interactions, they are more likely to prioritise your partnership.
Ps. If you’re lucky enough to have reps local then consider having a focused approach to bring them into meetings across certain dates or a number of meetings per month.
6. Connect with Other Vendor Representatives
Don't limit your interactions to just one contact within the vendor organisation;connect with other reps, managers, and even global partner leaders. Attend vendor events and webinars to broaden your network and stay informed about industry developments.
Building a wider network within the vendor organisation increases your visibility and opens more opportunities for collaboration and puts you on the map!
7. Attend Webinars and Events
Participating in vendor webinars and events is essential for continuous learning and networking. These platforms provide insights into industry challenges, solutions, and success stories from other partners.
By staying engaged, you demonstrate your commitment to the vendor relationship and position yourself as a proactive and informed partner.
8. Be Clear About Deal Structures
When structuring deals, clarity is crucial. Be explicit about your expectations, margin requirements, and deal structure. Open communication ensures that both parties are on the same page and can work together effectively, prevents misunderstandings and help build a robust and transparent relationship.
9. Manage Competing Vendor Products Transparently
If you sell competing vendor products, transparency is key. When bringing more than 1 vendor into a proposal, clearly explain to each vendor the context in which their product is being offered.
This honesty prevents conflicts and ensures that vendors understand your position and allows vendors to support your efforts without feeling blindsided by competing offerings.
10. Account Mapping
Instead of sprawling 'white space' lists, focus on 10 to 20 high-potential accounts.
Collaborate closely with vendors to align on specific targets, ensuring efforts are streamlined and opportunities maximised, this approach fosters a clear pathway to success, enhancing your sales strategy and driving better results through targeted market initiatives and efficient CRM integrations.
The goal with implementing these strategies is so you can build strong, mutually beneficial relationships with your vendors.
These relationships will result in increased sales, collaborative opportunities, and long-term success.
