As we enter the busy trade show months, it is important to remember that vendors are more than just companies that you purchase goods from for your store. They are your partners, and if your business grows, their business grows too. Talk about how you can help each other double your business. How you can double your business together?
1. Identify VIP vendors. These are the top 15 vendors whose offerings align with your store’s mission, vibe and customer base.
2. Develop a list of everything you can offer them. Be sure the list outlines how the vendor will benefit:
- Highlight their products for a week in your store and in your front windows. Let them know how many cars drive by your windows.
- Send a featured vendor email series highlighting a product or benefit.
- Create videos about why you love their product and share them.
- Tell them about the reach that you have via emails and social media.
- Connect their product with a charity.
3. Remember, this is a partnership. A win-win relationship for both of you. You are asking for support so that you can double your business with them.
4. Ask for what you need in return. Think big. You could ask for December dating so that you don’t pay invoices until the end of the year or ask for 10% off all orders. Be sure to decide which is more important to you so you are ready to negotiate. Ask for access to the owner/designer to interview for publicity. Find out if they’ll donate a fabulous item for a raffle or any promotional items for you to give away with a purchase. Ask if they can give you first access to goods that they are looking to liquidate. The ideas are endless.
5. Remind them that this is a limited opportunity for just a few vendors. Tell them that you are talking to others and that you really want them to be a part of your VIP Vendor program. Offer them a limited opportunity.
6. Put your VIP Vendor program in writing. You only have to do this once and you can reuse it!
Remember, this is a partnership. A win-win relationship for both of you. You are asking for support so that you can double your business with them.
It really is that simple. Just ask. As Wayne Gretsky says: “You miss 100% of the shots you don’t take.”
Take this shot. Because vendor perks like extended terms, an order discount or free shipping has a huge impact on your cash flow — and improved cash flow will help carry you through the slow seasons.
Join me at the Coastal Connections Conference, Oct. 3-5, at the Margaritaville Resort Orlando, where I’ll share more strategies to increase your cash flow now!
