Vendor Relationship Building
VENDOR RELATIONSHIP BUILDING
FUTURE SUCCESS IS IN GREAT RELATIONSHIPS
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. 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 vendors rewards for helping grow your business and everyone wins. One of ways 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.
- Develop a clear, concise and easy to track incentive plan, this will increase competition between vendors and therefore higher performance levels.
- One of the key success factors to Vendor Relationship Building and gaining greater success is in Education! Educating your vendors on your brand or services will help you increase sales, grow your customer base and increase profits!
- 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
A tact of increasing vendor relationship building is to 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. Use our FREE test drive to come up with some great ideas and put your incentive plan together for maximum results.
We provide the following to our clients Marketing Help, Create a successful business strategy and fundaments to grow their business to greater success, we help them overcome the Lead Generation Mistakes than stop grow and we Grow Multi-Million Dollar Businesses. We helped a Dog-Walker go from $500 to $500K in less than 24 months.
Successful business owners take growth actions daily! They take advantage of business opportunities that will allow them to make more money, gain more customers and out market their competition. We help entrepreneurs build a successful business, learn how to create a market dominating position and receive all the leads to build a company that gross MILLIONS or MULTI-MILLIONS in annual sales. Lets get you on the road to greater success by visiting: www.BuildingSuccessMarketingAcademy.com and www.BuildingSuccessfulStartups.com for those seeking to start a business. While you are there request for FREE “The 3 biggest Lead Generation Mistakes Small Businesses Make….And How to Overcome Them All”
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PROMOTING YOUR BUSINESS
PROMOTING YOUR BUSINESS: LESSON I LEARNED FORM PARIS HILTON
Today we’ll talk about shameless self-promotion. That’s right, I said it! Shameless! After all, we are learning from Paris Hilton here.
It’s all about self-promotion! Self-promotion comes in many forms and you can use different tactics to get your name out there. Look at politicians! Talk about self-promotion and in some not so discreet ways, at that. But, seriously, consider some of the major superstars we all know. Madonna, Donald Trump, Howard Stern and Bill Clinton, just to name a few. Promoting your business is very important to your future growth.
We all self promote. Did you raise your hand in class to show the teacher you knew the answer? Of course! That’s self-promotion. This is the kind of self-promotion we are talking about. With dignity, class and the knowledge to back it up. If you self-promote only to prove you don’t really know what you’re talking about, you’re going to lose business.
Natural self-promoters are the former and I want to tell you about the three major traits they have and use to build themselves and their businesses.
- The first is position. You need to position yourself around people who can make a difference in your life. You need to do this frequently. You need to wake up every morning and ask yourself “Who can I meet today who will make a difference in my success?” In fact, go a step further, write it in big, bold letters and tape it on your bathroom mirror.
Also consider:
Who can help me meet my goals?
Is it a prospective customer/client? A colleague with contacts? An association with key members who may become prospects?
Don’t settle into interacting with the people who are the easiest to access. You need to reach outside your comfort zone and there you will find a wealth of new connections that will bring you great success.
- Now, let’s talk about Style. No, this doesn’t mean you need an Armani suit to bring in more business (though, let’s be honest-it wouldn’t hurt). What this really means is how are you different from your competitors and others in your industry. What makes you memorable with customers?
If you are meeting a lot of people and they don’t remember you once you leave the room, you have a serious problem! This means you have an opportunity to present yourself in a more memorable way.
There are lots of little subtle changes you can make. Reassess your:
- Business cards
- Company message
- Your picture
- Your wording
Maybe even, your hairstyle (of course, now we’re back to the expensive suit, but it really works!). How your are seen my the general public can aid in your ability to promoting your business to greater success. The face of your business must be above board and you must manage your image in the local community, on all the social media outlets and your association connected to your business.
You get the idea. There are lots of little ways you can work on making your image and business more successful. Also, consider how you sound on the phone and how you great people at meetings or other events. Think about your 30-sec elevator speech.
- The third trait of natural promoters is repetition. You can’t say it once and leave it at that. Successful self-promoters say it as many times as they need until they get a response. Would you remember a commercial for Coca-Cola if you only saw it once, no! You see it over and over and eventually you head out to the store.
You, also, have to make multiple impressions on those you are networking with in order to build brand awareness. Repetition is in direct connection with positioning. Once you find people to network with, reach out and find hundreds more who can help in your success as well.
Stop Wasting Your Business Resources
Stop Wasting Your Business Resources
Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
- What do people really want to buy from me?
- What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores.
The basic concept is this:
You want to find existing businesses who have the customer profile that you are looking for to market your products/services to.
Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses.
As a result, you have an audience to market to and they generate an added value from their current base.
So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success.
LV = (P x F) x N – MC
Here’s what it all means:
- LV is the life time value of a customer
- P is the average profit margin from each sale
- F is the number of times a customer buys each year
- N is the number of years customers stay with you
- MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers.
So, here’s your step-by-step process:
- Find companies who already have the customer base you are looking for.
- Negotiate an incentive for them to share that customer base with you.
- Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.
It is our mission to help small business owners grow a better business, find more leads, close more business and increase their bottom line! Successful Business learn how to “Stop Waisting Your Business Resources” and build Joint Ventures with other companies to ensure greater success!
Joining a formal networking organization is another way to ensure greater success as a business owner. We have an option for you in our local business success chapter called Business Empowerment & Marketing: personalizedservicesinternational.com/bsni/business-empowerment-marketing-chapter or we an help you start a chapter in your city. We combined small business coaching, marketing and networking together to help small business owners achieve greater success and build Multi-Million Dollar business! We help business Stop Wasting Your Business Resources and help them receive more leads via a formal networking process, coaching and networking. Our Business Networking Partners in our Chapters get access to our $50K coaching services and $6,000 in weekly group coaching for $97.00 per month, which is less than a cup of daily coffee!
Contact us via our corporate website: www.PersonalizedServicesInternational.com to learn how to start a Chapter in your city!
