Effective Vendor Profiles: a 2-Minute Explanation [Video]
Most vendor profiles ask what might be called the “cocktail questions”:
- company name
- service type/catgory
- tax id
- other forms
These questions are like party chitchat - surface level and obligatory. Shouldn't your vendor profiles tell you what your vendors can do?
There are more productive questions to be asked and a better way to partner with your vendor community. Dave Hulsen explains (in 2 minutes) how to create a vendor profile that's highly effective and asks the right questions.
Effective vendor profiles include 2 things:
#1 Specific differentiators showing what makes each vendor unique.
To truly see how vendors stack up and compare, you need a lot of information. Meaning, questions need to be specific and detailed. Try framing inquiries with a focus on numbers and percentages, so you get a more qunatitative idea of who is the best fit for your needs.
Remember, your ultimate goal is to ask questions that help you short list.
Picture sitting down to make your selection, what questions are going through your head?
- Are you wondering if vendors work within a specific industry bracket?
- If they offer specific services?
- If they have a certain accreditation?
Make those thoughts your explicit profile question criteria. Use custom drop down options and checkboxes so you can quickly sift through data. (Ex. Do you offer X, Y, Z features? Select all that apply).
#2 Up to date information.
Vendor information is useless if it’s not relevant, and unfortunately, profiles can become out of date in just a couple of weeks.
So offering vendors a convenient way to keep their information up to date is absolutely vital. Be it a digital solution, or frequent update reminders, refreshing vendor profiles needs to be a top priority.
Essentially, creating effective vendor profiles starts with asking better questions, and finishes with empowering your vendor community. Help keep them be current, so you can be accurate.
Ready to build more effective vendor profiles? We can help.