darryl thompson, dom360 results versus promises: is your vendor a good bet
TRANSCRIPT
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Darryl Thompson, DOM360
Results versus Promises: Is Your Vendor a Good Bet
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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
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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?
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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
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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!
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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.
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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.
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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!
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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!
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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.
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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
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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!
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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
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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…
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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.”“
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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.
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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
“”
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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
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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
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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!
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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!
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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
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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
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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”
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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
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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
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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.
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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)
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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!
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Contact Info:Full Name: Darryl Thompson
Company: DOM360Job Title: President
Email: [email protected]