Better relationships between wholesale suppliers can help both grow their businesses. The connection is a critical one, and building good relationships in the supply chain is vital in increasing sales.
There are strategic gains to be had in getting it right, according to research by the IGD, convenience wholesale will grow by 29% in the next five years, and foodservice wholesale will increase by 20% compared to 8% supermarket growth. So, in this fast-moving landscape, what are the best ways in which suppliers and wholesalers can create win-win relationships?
Meet Regularly
Suppliers that listen to their customers and tailor their strategy and offerings accordingly get closer to understanding what’s working, what’s not, and most importantly, the reasons why.
If suppliers are not touching base with you, learning and adapting to suit your business, suggest they do. A great product needs a great strategy behind it, so it doesn’t only have a place on a shelf but also goes into retailers’ hands.
Data Sharing
Data insights are absolutely paramount for better customer and supplier engagement, by making data available to suppliers gives them insight into how well their products are performing and helps them effectively manage range and distribution.
Some wholesalers and suppliers may still be uncomfortable with the practice, however. On the other hand, it is essential to consider how appropriate data sharing is for your business. If you want data insight from your suppliers, impress them on how mutually beneficial that information could be.
Work Together
Marketing is evolving. Instead of blatant direct selling of a product, it is more subtle. You may ask your suppliers to participate in customer events and conferences by supplying speakers or food or offering guidance and advice.
It is good to work together in a partnership to create exciting and valuable content that adds value. If your marketing strategy is heard toward adding value, discuss how they can help you build your brand.
Think of Suppliers as Partners rather than just Vendors
Adopting a partnership mindset can help optimise your relationships; collaborative relationships with suppliers to ensure that both parties are using the most effective processes when working together. The better you do, the better they do.
Be Honest, Prompt, and Thorough
It sounds simple, but these three steps do wonders with your elation with suppliers. For example, if something goes wrong, retailers need to reach out as soon as possible and explain the situation; using pictures and documents to communicate allows both parties to resolve the issue and move forward quickly.
Be an Amazing Client
Again, this is obvious, but many businesses neglect professional courtesies, like adhering to payment terms and being polite and courteous when communicating.
These steps go a long way in nurturing stronger relationships. Merchants with a good payment history may earn better or prices or eventually get better terms. Win-win situation.
Adhering to each supplier’s process can help you maintain better relationships. For example, if the supplier needs an order to be submitted in a certain way, it doesn’t hurt to comply, as this shows that you are a team player.
- DISCLOSURE – This post has been written by an outside source
