Because a supplier’s business is built around selling to retailers, their focus on the retailer is a clearly defined priority within their organization. However, retailers often overlook just how impactful a strong supplier relationship can be for their own business. An effective retailer–supplier relationship is proven to help retailers improve engagement with their own customer: the shopper.
Why Engage Suppliers?
Higher Engagement Equates to a Stronger Commitment
Strengthening supplier relationships means aligning your strategies with your suppliers’ needs. A prioritized supplier is better able to commit greater numbers of people, investment, and capabilities to retailers, safe in the knowledge that their value is appreciated and reciprocated. From the extra focus, retailers can gain significant advantages — access to top talent and continuous innovation — from suppliers that work closely with them every day.
Greater Access to Resources Lies in Partnership
Suppliers are foundational to a retailer’s strategy; therefore, investing in building trusting and collaborative supplier relationships can reap huge commercial rewards. Retailers, who commit to collaborating with suppliers on an ongoing basis and are an extension of their suppliers’ business know the vast amount of resources available to them through their suppliers. By actively engaging supplier partners, retailers can ensure they are leveraging these resources to maximize their shopper experience effectively. This synergy begins with a commitment from retailers to listen and respond to suppliers’ concerns and ideas.
Engagement Begins with Listening
Using Advantage ReportTM, many of our retail clients have found new ways to engage people internally and within their supplier partners’ businesses to deliver results. Alongside our market-leading listening tools, we also propose that the investment requires a six-step strategic commitment to affect real change within your organization.