Darryl Thompson, DOM360 Results versus Promises: Is Your Vendor a Good Bet

Darryl Thompson, DOM360

Results versus Promises: Is Your Vendor a Good Bet

Agenda

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● How Is Your Vendor Performing?● Is It Time to Make a Change?● Common Pitfalls to Avoid● What Does Your Agency

Need from You?● Sign with Confidence

How is Your Vendor Performing?

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How Likely Are You To Retain Your Current Agency For The Next 12 Months?

Maybe?

Definitely?Not Likely?

How is Your Vendor Performing?

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Source: AMI 2013

1 3 of all clients are going to

FIRE their current agency within

the next 12 months

How is Your Vendor Performing?

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It makes no difference what business you are in…suppliers and vendors play a key role in your company’s success!

How is Your Vendor Performing?

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Having a system in place to track

and evaluate vendor performance is essential for smooth operations

and profitability of your company.

How is Your Vendor Performing?

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Successful companies embrace their vendors

and view them as partners in helping

to grow their business.

How is Your Vendor Performing?

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A common mistake companies make is to have a “combative” relationship with their vendors.

That is the opposite of what is needed.

Create a partnership!

Is it Time to Make a Change?

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How is Your Vendor Performing?

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As you monitor a vendor’s performance,

you have to decide when to give praise

and when to throw a red flag!

How is Your Vendor Performing?

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Vendors can be dropped for poor performance but strategically it often is

better to retain your vendors and correct the problem and not

be constantly “flipping” and replacing them.

Strengthen Vendor Relations

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● Share info and priorities

● Balance commitment and competition ● Invite key vendors

to help you strategize● Build partnerships for the long term● Seek to understand your vendor’s

business, too Competition

Commitment

Strengthen Vendor Relations

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● Negotiate to a win-win-win agreement

● Come together on value

Vendor management is morethan getting the lowest price…

Focus on quality for the money paid!

Is it Time to Make a Change

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Is it Time to Make a Change?

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● Not achieving desired business results

● Leadership shift within agency

● Can’t effectively measure results (or lack of results)

● The core relationship between agency and client is strained

Is it Time to Make a Change?

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● Agency seldom brings new/fresh ideas● Agency was gung-ho to sell us but now

we are just one of many…

Is it Time to Make a Change?

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The reason is:

They don’t feel courted anymore…they are not special.”“

Is it Time to make a Change?

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Congratulations…

YOU are a savvy business owner and you recognize it is time to change!

But understand, that it is only the first step in this change.

Is it Time to make a Change?

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While we are free to choose our actions, we are not free

to choose the consequences of our actions.

— Steven Covey

“”

Making the Change?

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How are you going to help me attract and create a customer

at an acceptable price?“ ”YOU

Hiring A Vendor - Like Buying A Car

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You have to:● Decide what kind you want● Do your research● Talk with the seller● Determine if there is a fit● Have an alternative● Hold the seller

accountable

Steps to Hire a New Vendor

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Lots of options for vendors (large, small and in between).

Choice is not easy.

What is easy is making a mistake!

Steps to Hire a New Vendor

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That mistake with a bit of bad luck can turn into

a full-fledged disaster! Finding the right one for your business can be daunting!

Steps to Hire a New Vendor

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Where do we begin?

● Look at your needs and budget● Take a closer look at the agencies

that interest you● Don’t hire an agency…

hire a culture● Set expectations ● Don’t choose by price alone

Common Pitfalls to Avoid

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1. Thinking it’s only about the creative

2. Failing to align all stakeholders

3. Not effectively defining evaluation criteria

4. Not asking how your organization needs to improve

Common Pitfalls to Avoid

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5. Underestimating the importance of chemistry

6. Allowing inconsistency in your search process

7. Not telling incumbent agency

8. Getting distracted by “shiny objects”

Sign with Confidence

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● Shop around!● Know WHO you’re dealing with● Negotiate!● Read the agreement and pay

attention to the details● Understand everything

in the contract

Sign with Confidence

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● Know WHO to call for help or to lodge a complaint

● Remember: YOU are responsible● Know how to get out of it● Sleep on it!● Once it’s signed, get

a copy and keep it

Sign with Confidence

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Once the agreement is signed…

Quality vendors will tip the odds in your favor and become the partners to start the process of movement to your desired results.

What Does Your Agency Need from You?

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● Collect your marketing assets● Access to your online accounts● Outline/overview of past

marketing efforts● Define goals and

expectations● Establish

communications protocols (who, what, when, where and how)

Want More Bang for Your Buck?

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● Stay in constant communications

● Anticipate in content creation process

● Schedule regular meetings to discuss progress or lack of progress)

● Jointly celebrate success!

Contact Info:Full Name: Darryl Thompson

Company: DOM360Job Title: President

Email: darryl@DOM360.com