The traditional marketing triangle focuses on the relationships between first parties, while third parties are disregarded.
Neglected stepchild of the business world?
Traditionally, vendors were viewed as mere service providers who were dependent on your business. In fact, however, your business is also dependent on its vendors.
Even though a vendor’s adherence to agreed delivery times can be contractually enforced, delays will still impact your customer satisfaction and bottom line. It will also be your employees who will have to pick up the slack and bear the customer’s frustration.
Thus, we have expanded the traditional triangle into a rectangle to account for this interrelationship.
CRM – Goes Without Saying. But What About VRM?
Why do we pour so much effort into enhancing customer loyalty and satisfaction while ignoring this topic completely when it comes to vendor relationships?
This question and others, we answer in the field of vendor management.
Conducting a target group analysis on vendors is one way to find the right answers. Which vendors are suitable? What are their qualities? Who complements my own strategy? How do I manage my relationship with them?
If our business success is dependent on the right choice of vendor and the proper relationship management, what are we waiting for to act?