Article
Synergy unleashed: securing strong vendor relationships for your clients
May 15, 2024
As you prepare for client renewals, you may be opening your considerations to new vendors for your client partners. Brokers play a crucial role in ensuring the dependability and appropriateness of a vendor partner for your clients. A collaborative experience during the RFP process can establish a strong foundation of partnership between broker, vendor and client. The following are some considerations and approaches you may want to consider as you navigate the vendor market and work to set the stage for a long-lasting successful partnership:
1. Adhere to a process
Remain diligent in your adherence to your organization’s established vendor vetting and due diligence processes. Validate the vendor’s organizational background, credentials and even consider performing an onsite visit to gain comfortability with the vendor partner.
2. Research
Have stand-alone conference calls and meetings with the prospective vendor prior to introducing them to the client. This is a great opportunity to vet the vendor. Validate that the contacts are established within the industry through LinkedIn and confirm their industry memberships.
3. Consider the vendor a business partner
As you vet a potential new vendor, treat them as you would treat a valued business partner. Your vendor recommendations will ultimately reflect upon you. A successful business partnership and demonstrated ability to work collaboratively with the vendor will bring tremendous long-term value to your client partner.
4. One size does not fit all
Be wary of isolating yourself to a single preferred vendor. Your clients may differ in their needs and preferences. For example, some clients may prefer the most forward-looking technology while others place a much higher value on the level of service that they receive from their account team. Matching client preferences with the best vendor to suit them will ensure that the relationship will be a successful one. A fresh partnership can lead to new successful relationships that set you apart from your competition.
5. Seek references
Request that the vendor provide references of similar size and industry to the client you are looking to match them with. Have conversations with those references to validate that the service provided will meet expectations and what’s been promised.