It’s extremely important to build relationships with your suppliers and those around you, it can help 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 suppliers rewards for helping grow your business, your growth can help them grow, so everyone wins. One of the ways you can do this is by offering performance-based incentives that are much larger than their normal charges.
Here’s a step-by-step process to putting together a partnership with a supplier:
- Approach all the suppliers 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 suppliers and therefore result in 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 suppliers and make higher profits off the back-end products. This will help:
- Future sales
- To upsell better and more profitable products/services
- To cross-sell to additional products
5. Create an incentive plan that’s irresistible to your suppliers by offering generous, exclusive compensation.
Think of all the suppliers 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. For free expert advice, just send us your question Click here.