Marketing Methods - Discussions with Vendors
Good Vendors are the backbone of any industry. Is there any thing that vendors can do with the marketing efforts of an organisation?
There is a big opportunity. The organisation has to have formal and informal discussions with vendors for better market insight and business development.
What are the ways vendors can be utilized for our business?
Marketing persons should meet vendors: Normally vendors will be in contact with purchase department only. This has to be changed. The marketing persons also should have good discussions with vendors to know about the market conditions.
Know your competitors: Vendors supply items to other organisation (similar business to that of yours also) so they will be aware about the things happening in the competitors organisation and their business strategies. When changes happens in the business area of our competitor, that will surely affect our areas also. So we can also make necessary changes in our business to survive in the market.
Market conditions: Any market fluctuation will first affect the purchase functions of an organisation. So vendors will be the first to know about the market fluctuations in terms of the items they sell.
New development with competitors: When new items or quantity of items purchased by a manufacturer increases that means there is a new development or new order with the vendor. This information about your competitor will be a great opportunity to you.
New development with vendors: There will be new developments in the vendor side for your competitor which you can also utilize.
Find solutions to your problem with vendors: Some of the unsolvable problems in production and manufacturing can be easily solved by vendors. There will be alternate products for your production issues. They will also search the solutions from similar organizations where they are supplying the materials. Vendors can suggest some ground breaking solutions to your issues.
Get new business links: The vendors can bring new business connections to your organisation. They will be some organizations who are searching for good business partners. The vendors are a good link to them. There are possibilities that we will get contacts of their network who does similar business as that of ours.
Word to Mouth marketing: They can say about your product to other required people/Business persons. That way our business can be improved.
Keep good formal and informal discussions with vendors, visit their premises on regular manner. Get a good rapport with them. These discussions will help us to improve our business. So informal and formal discussions are always needed with vendors which will help the organisation to plan production and marketing plans.
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