How to Make Your Vendors Your Sales Team
Business owners attend networking events because they realize the value of getting to know people. When you get to know people (and they get to know you), they become better able to represent your business when they refer you to others. Well, the same goes with vendors, and probably more so. They work with you on a recurring basis, and know your operations, so why not add your vendors into the virtuous circle, and make them part of your sales team?
Building relationships with your vendors can bring in new customers or clients and expand 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 (and it really is a matter of you being a resource for them, not them helping you), you’ll find a 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 way 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. That way you can craft the offer to be exclusive compensation.
- Develop a clear, concise and easy to track incentive plan. This will increase competition between vendors and raise 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 not just future sells, but upsell better and more profitable products or services, and cross-sell to additional products.
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. Not sure where to begin? Take a look at our FREE test drive to discover some great ideas and put your incentive plan together for maximum results.