Vendor management: What marketing knows that procurement doesn’t
Because marketers sit on the opposite side of the purchasing table, there’s a lot procurement teams can learn from them.
They know what it takes to win over prospects and turn them into customers and even raving fans … and the same tactics they use with prospects can help you better manage vendor relationships.
What can procurement teams learn from marketers?
Marketing has undergone a revolution in recent years. New methods including inbound marketing and content marketing create a system where prospects actually seek out branded information (thereby warming them up for the sales team).
The idea is that by providing valuable, relevant content, prospects will develop an interest in the brand and view them as an authority in their industry.
What does this have to do with better vendor management?
- The crux of inbound marketing is investment — genuinely understanding and caring about the needs of your target and working to solve their problems and empower them.
- Inbound marketing works because investment nurtures long-term relationships.
And it’s crucial procurement teams learn from this mentality … because too many organizations treat vendors as disposable providers, rather than as partners worth investing in.
4 secrets inbound marketing can teach you about building effective long-term partnerships
How RFP360 can help
RFP360’s full-circle RFP management solution empowers organizations to streamline the RFP process so they can focus on selecting the right supplier and forming mutually beneficial relationships.
“RFP360 helps us automate and focus on core business. Now, we can categorize, search, and profile providers, which helps us understand who would be the most appropriate vendors to invite to a particular RFP,” said Mark Rieder, SVP of HR technologies and benefits administration at NFP. “We’re shortlisting faster, and we’re being a true partner to our vendors. It’s a win-win.”