WHAT IS
Vendor Management

In a nutshell, you need to know whether it’s worth maintaining a relationship with a particular advertiser (or any other vendor). You might look at metrics that tell you how many sales you get in reference to the money you spend on their advertising. Doing this the right way requires a lot of diligence and evaluation. Therefore, it helps to use a consulting firm like MelMar Consulting.

Examples of vendor management include:

Vetting new vendors & helping to cancel current ones

Cost/Benefit analysis of each vendor

Help negotiating terms & conditions

Auditing what your vendors do

Quarterly/Monthly vendor evaluations
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WHY AUTOMOTIVE COMPANIES NEED Vendor Management

Why is this so important? Well, imagine what it’s like if you DON’T hold your third-party partners accountable. You’ll inevitably spend a fortune on their services with mediocre results.

Also, don’t forget that it’s not simply “holding vendors to the fire.” If you don’t quantitatively and systematically check their performance, then they themselves will have no way of knowing whether they met your expectations.

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BETTER VENDOR MANAGEMENTFor More Success

PICK THE RIGHT VENDORS

This might sound really obvious, but you have to start with the basics. Do your clients buy cars from you without researching your reviews and ratings? No, and neither should you. It’s critical that you only do business with well-received sales vendors.

SET EXPECTATIONS (AND ENFORCE THEM)

We know that things change quickly in the automotive business. That’s why you have to consistently explain your expectations to vendors and hold them accountable. If your goals change, it’s only fair to make certain everybody understands what’s at stake.

DOCUMENT EVERYTHING

Make sure you have everything in writing, in the event of a conflict. This means having specific procedures on how to handle everything. Granted, some vendors are riskier than others, so you’ll have to tailor your policies and requirements to fit reality.

WORK WITH MelMar Consutling

When all else fails, it’s incredibly helpful to have someone go to bat for you when dealing with vendors of any sort. We’re happy to assist you with everything you see here whenever you select our consulting services.

MelMar Consulting can help you better organize all aspects of your advertising mission. Find out how to excel in vendor management by contacting us today.

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