The vendor-client tie-up requires different considerations in order to run a business effectively
In the era of evolving marketing concepts, it is vital to take care of vendor-client relationships actively. With the advances of martech and software tools, Vendor relationship management (VRM) is a success today. As per experts, some critical factors could build or break the client-vendor relationship.
Businesses should be continuously in touch with their account team. This team is assigned to your account and hence, one of the vital components. Marketers should set up a meeting with them on a regular basis to discuss and understand how to strengthen their product or platform utility. Also, the product updates should be communicated; otherwise, it may bring in difficulties for both the parties. Having a good rapport with a long-run estimation is any day beneficial for a business. Vendors that maintain a stable account team can make things facile for their clients.
Similarly, listening to client feedback is equally vital, and sellers should take it solemnly regardless of the business size. Steven Petersen, a Marketing Technologist at Western Governors University, is reported to have said in a MarketingLand blog post – “For a variety of reasons, I don’t believe that the customer is always right, but clients, customers, and users are the ultimate ones who determine what’s valuable. Without them, products can’t succeed. One could have a greater expectation of small vendors to address client feedback, but larger vendors shouldn’t ignore it either. In those cases, it is important to note if your account team says that it will pass your feedback along and advocate for the request.” Generally, for the small vendor, it is more agile to respond to feedback if compared with a large-scale or an enterprise-size vendor. It may be time-consuming, but how they respond could certainly make-or-break an alliance.
The pricing model is another essential factor to deliberate. It can be interpreted with multiple elements like system users, features contracted, visitors, the volume of operation, and more. Businesses need to ensure that the vendor’s pricing strategy is making sense of the situation. Often, a procurement solution can help in evaluating the small parameters. In addition, marketers should know that every product has bugs and quirks – nothing is actually perfect. Hence, it is crucial to respond to the support ticket, and at the same time, vendors should have access to channels for reporting issues to their clients. The sellers should be able to explain the seriousness of an issue to establish response times.
Undoubtedly, there is much more to a client-vendor relationship than just a demand and supply equation. The way a vendor sets up a client’s account team can bring light to different insights on how productive their tie-up will be. Businesses leaders should always focus more on the seller’s part as they’re the principal element of the equation.