You’ve heard many times about how important it is to stay connected with your customers as a way of getting them to return for more purchases, for targeting your promotions appropriately, and for keeping your inventory current with what’s selling. It’s also important, however, to stay connected with your vendors, communicating with them in ways other than just attending trade shows.
Benefits that you can expect when you build better relationships with these important partners may include higher sales, better margins, and less stress for you, but you must go beyond just placing orders and getting shipment status. You must make an effort to use proactive, positive communication.
How does this kind of communication happen? WhizBang!, says it’s easy if you create a monthly vendor newsletter. “
Start by giving your newsletter a name, something like “Standard Hardware: Monthly Vendor Update.” You want to show that it is intended specifically for all of your vendors, to set up a bit of positive competition and make it more relevant to them.
Some things to include in you newsletter:
A “State of the Store” section about what’s happening in your store—promotions, events, physical improvement, trade shows you’re attending, and how you’re connecting to your community.
A “Vendor of the Month” announcement. Declare something great about that special vendor who has done something to help make your store better, your life easier. They will be competing to be chosen for next month!
Highlight a key employee. Show a list of their favorite products to make vendors take notice if their own products are favorite picks. Extra product training/TLC for your team might be the outcome!
Have a “What’s Hot This Month” section. Describe what items are selling, why they’re selling, and what you’re looking for next. Creating/suggesting merchandise from vendors could ensue.
Include a “Help Wanted” section. Let vendors know what you need, whether it’s prizes, a trunk sale, more training or off-price specials for an upcoming sale. They can’t help if you don’t ask!
Include reminders, policies, and procedures, such as when you accept vendor meetings in-store or that merchandise shipped after order cancellation date will be refused.
Remember that a monthly newsletter will put you into a better position to negotiate, ask for more, and get better deals. Is it worth the effort? You know it is!
Using NCR’s Counterpoint will help you track rewards from this effort, and newsletter campaigns can be set up in CustomerConnect. Call us at 800/425-672-4806 for more information or you can email us.