With 2,850+ ASI supplier members listing products in ESP, there’s no shortage of potential relationships for your company to build. But with so many options at your fingertips, it can be overwhelming. Utilizing Supplier Relationship Management – or the act of vetting suppliers to make sure they are a good fit with your business – is essential for building productive supplier relationships that foster organic growth.

Long-lasting business relationships should be both financially fruitful and built on mutual trust, and with our tips for success, you’ll be creating sustained distributor-supplier relationships in no time.

Ask the right questions.

The first step to ensuring that you’re getting into business with the right people is to ask detailed questions specific to your company’s needs. Your clients are expecting the best, and that starts with finding the right supplier partners. Consider some of these inquiries when you start discussions with suppliers:

• What products do you specialize in?
• How are your products different from your competitors’?
• Do you have setup fees or other hidden costs?
• What are your customization options?
• What kind of customer support do you offer?

Getting the answers you’re looking for before going into business with a supplier will set the right expectations for both sides, and can also save you some headaches down the road.

Treat suppliers like partners, not just vendors.

The most successful businesses are always ones that are mutually beneficial. Both parties in supplier-distributor relationships are looking to fill specific needs, so it’s important to let suppliers in on important decisions and make sure that their voice is heard. By sharing information about your process and having open lines of communication throughout, you’ll continue to build trust in each other which will lead to more lucrative business opportunities.

Opt for a strategic approach to relationship building, not a reactive one.

Building out a long-term strategy to your supplier-distributor partnership is a forward-thinking way to conduct business since both parties are planning many steps ahead with the same goals in mind. This approach is far more productive than a strong reactive response to every small situation that arises, which is rarely a good use of time and resources. Think of the inferior reactive approach as trying to build a plane while it’s already in the air – a little preparation will save you a lot of trouble! Check out a previous blog entry on the strategic approach to planning.

Use technology to your advantage.

ASI offers countless opportunities to find your perfect supplier partner. In ESP, there’s a Live Inventory option to see which supplier has exactly what you’re looking for (this is especially helpful as the country continues to experience delays in the supply chain). You can also make the most of your ESP Website by selecting which supplier to show products from. Your customers will only see your suggested retail price to protect your profit margin. ESP Presentations is another way to make a big impression on potential clients.

How have you fostered your most successful supplier relationships? Are there any strategies you swear by that we didn’t cover? Let us know in our members-only Facebook group.

 

“10 Strategies for Improving Supplier Relationship Management (SRM)”. Murphy, Keith. Planergy.