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Darryl Thompson, DOM360
Results versus Promises: Is Your Vendor a Good Bet
Agenda
Darryl Thompson • DOM360 • President • [email protected] • 2
● 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?
Darryl Thompson • DOM360 • President • [email protected] • 3
How Likely Are You To Retain Your Current Agency For The Next 12 Months?
Maybe?
Definitely?Not Likely?
How is Your Vendor Performing?
Darryl Thompson • DOM360 • President • [email protected] • 4
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?
Darryl Thompson • DOM360 • President • [email protected] • 8
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?
Darryl Thompson • DOM360 • President • [email protected] • 8
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?
Darryl Thompson • DOM360 • President • [email protected] • 8
Successful companies embrace their vendors
and view them as partners in helping
to grow their business.
How is Your Vendor Performing?
Darryl Thompson • DOM360 • President • [email protected] • 8
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?
Darryl Thompson • DOM360 • President • [email protected] • 8
How is Your Vendor Performing?
Darryl Thompson • DOM360 • President • [email protected] • 8
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?
Darryl Thompson • DOM360 • President • [email protected] • 8
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
Darryl Thompson • DOM360 • President • [email protected] • 8
● 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
Darryl Thompson • DOM360 • President • [email protected] • 8
● 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
Darryl Thompson • DOM360 • President • [email protected] • 8
Is it Time to Make a Change?
Darryl Thompson • DOM360 • President • [email protected] • 5
● 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?
Darryl Thompson • DOM360 • President • [email protected] • 6
● 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?
Darryl Thompson • DOM360 • President • [email protected] • 7
The reason is:
They don’t feel courted anymore…they are not special.”“
Is it Time to make a Change?
Darryl Thompson • DOM360 • President • [email protected] • 8
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?
Darryl Thompson • DOM360 • President • [email protected] • 8
While we are free to choose our actions, we are not free
to choose the consequences of our actions.
— Steven Covey
“”
Making the Change?
Darryl Thompson • DOM360 • President • [email protected] • 8
How are you going to help me attract and create a customer
at an acceptable price?“ ”YOU
Hiring A Vendor - Like Buying A Car
Darryl Thompson • DOM360 • President • [email protected] • 8
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
Darryl Thompson • DOM360 • President • [email protected] • 8
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
Darryl Thompson • DOM360 • President • [email protected] • 8
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
Darryl Thompson • DOM360 • President • [email protected] • 8
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
Darryl Thompson • DOM360 • President • [email protected] • 9
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
Darryl Thompson • DOM360 • President • [email protected] • 9
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
Darryl Thompson • DOM360 • President • [email protected] • 13
● 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
Darryl Thompson • DOM360 • President • [email protected] • 13
● 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
Darryl Thompson • DOM360 • President • [email protected] • 13
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?
Darryl Thompson • DOM360 • President • [email protected] • 11
● 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?
Darryl Thompson • DOM360 • President • [email protected] • 12
● 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: [email protected]