It's a fact of business life that companies need other companies — i.e., vendors — to help them succeed. It's just not possible for companies today to do or know everything on their own.
As you consider the business relationships with your vendors, note that the best vendors will possess a mix of tangible and intangible qualities that help their clients operate more profitably and deliver the best customer experience.
Tangible qualities include such things as the features, functionality and costs of the product, as well as the results clients achieve from the solution or service.
Then, there are the intangibles:
• Is there a consistent account team assigned to your company?
• What roles make up the account team?
• Does the vendor's staff take the time to understand your business model and value proposition?
• Does the vendor regularly communicate with you and your staff about new insights to business problems?
• Do they offer new and better ways to improve your efficiency, profitability or service delivery?
• If the vendor creates materials for you, are they generic pieces or custom content specifically tailored to fit your brand and audiences?
Good relationships between companies and their vendors are essential to long-term success. Look at the tangible and the intangible qualities to help ensure you're getting the best possible results from your business relationships.
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