When looking for a new vendor, do you seek companies that “Give Value First”?
Partnering with the right vendor delivers powerful results for your company.
- Improves productivity
- Increases profitability
- Enhances quality
However, selecting the wrong vendor typically leads to frustration and disappointment. Possibly even worse.
Think back to the reasons that contributed to you selecting your vendors in the beginning of the relationship?
How did you find them in the first place? Online search? Through word of mouth? A sales rep?
What factors contributed to you selecting them as a vendor?
So what separates your vendors from their competition?
Price? Quality? Delivery times? Reliability? Comfort?
More importantly, what separates you from your competition?
Why do customers partner with you?
Give Value First
To turn it around, does your company “Give Value First”?
Many companies talk about “added value”. Wouldn’t it be great if they would “Give Value First”, instead of adding it on later?
Here is a fantastic video from sales guru and acclaimed author, Jeffrey Gitomer sharing his thoughts on “Give Value First”:
Teaming Up With The Experts
However, “Give Value First” is all about building business relationships based on trust.
For example, hate doing your own taxes? Team up with a trustworthy and reliable accountant.
Furthermore, the same can be said for an attorney, banker and insurance representative. In each case, you hire professionals that provide the expertise necessary to prevent you from harms way.
You hire these professionals respectively to keep you out of trouble with taxes, legal issues, cash accessibility and other various liabilities such as accidents or property damage.
Partnering with a credible and trustworthy professional lends tremendous benefits to your business.
In other words, these professionals contribute to your profitability and success. Hopefully.
Think back to the factors that led you to selecting professionals that each play a crucial role in your business.
At some point in the early stages, each professional delivered value to you consummating that relationship.
Custom Manufacturers Providing Value
As a custom manufacturer, new customers come to all of us for our experience and expertise.
A potential customer approaches a new vendor with a level of expectations.
Expectations that the tasks will be performed with the highest quality. In addition, offering the most competitive prices possible. Delivering on time serves as another critical factor as well.
However, all manufacturers like to claim high quality, competitive prices, and on-time delivery. Otherwise, we would all go be out of business. Right?
A customer approaches a custom manufacturer to tackle tasks that the company is unable to perform.
So how do we separate ourselves from the rest of the pack?
What is your customer’s primary concern? Typically it is THEIR customer.
I recently heard a great analogy on how the supply chain works.
At a workshop, the speaker asked everyone to turn to their right. Then asked, what do you see?
The answer? The back of the head of the person to the right.
The speaker noted that is exactly how a supply chain works.
Everyone is looking down stream towards THEIR customer.
Companies are so busy taking care of their customers that they don’t want to have to look backward and worry about you as the vendor.
It’s all about the WIIFM = “What’s in it for me”.
As manufacturers, how can we strive to improve our competitive edge?
How can we go above and beyond quality, price and on-time delivery?
How can we dedicate ourselves to “Give Value First”?
For example, exceeding customer expectations allows the opportunity to establish loyal customer relationships.
Solve their problems. Help them exploit opportunities.
Make the customer a hero with THEIR customer and THEIR boss.
This link includes an excellent article from Forbes on “Value-First Advertising: How To Give To Consumers While Selling”.
Inc.com offers this fantastic piece on “Give Value First”: “How Can I Help? Why ‘Adding Value First’ Is the Winning Formula for Growth”.
Steps to “Give Value First”
What steps can you take to “Give Value First”?
Below includes a list of suggestions to help:
- Blog on relevant topics
- Provide technical information on your website about your products or services
- Attack your keywords on Google so customers easily find your website
- Shorten the RFQ process to reduce wait times
- Educate – offer product white papers or tips on best practices
- Post helpful videos and how to’s
- Offer free online tools that help customers make buying decisions
- Help make connections for your customers with other non-competitive vendors or suppliers
- Answer questions
- Refer a book or resource
Dedicating ourselves to each customer’s profitability and success is a winning formula.
What value propositions work best for you and your company?
Wrapping It Up
Thank you for reading our post on “Give Value First”. To learn more about Falconer Electronics, check out these helpful links below:
- Wire Harness Manufacturing Terms, Tools, and Tips of the Trade
- Build Your Business Tips: Selecting a Wire Harness Manufacturer
- Ground Straps: What Are They And What Are They Used For?
- Check out the Ground Strap Express