“Partnering has proven itself one of the most powerful business tools for dealing with fast changing markets, technologies and customers.
As the global economy speeds up, partnering is becoming the weapon of choice for today’s successful competitors.”
Curtis E. Sahakian
Three KEY areas for partnering with your suppliers:
1. Promotion Calendar
In order to run an efficient business you must be planning your customer activity calendar 3-6 months in advance. Once you map out your ‘game plan’ this allows you to streamline ‘who does what’, set reminders plus start to communicate with your customers in advance.
And the great advantage when you plan in advance, you can start to go and talk to your suppliers ‘in advance’ negotiating better pricing, advertising and promotion support, and give both teams an opportunity to integrate each others calendars for optimal results. You start to eradicate the supplier ‘one size fits all’ offers, no room to move but you need something so you take what you can get – confound – and start to set some goals ‘together’ which makes both parties accountable to ‘get the results’.
- Identify your key brands – there’s no point partnering with a supplier who has brands your customers are not interested in
- Identify your suppliers that work with you, not ‘sell’ to you
- Have meetings with your suppliers and show them your calendar – let the suppliers start to bid for your business. You’ll learn soon enough who is there to help.
Events are a great way to get volume sales and wider audience customer awareness and engagement. One thing that I loathed when working in the liquor industry, venue’s putting in requests:
- Offer suppliers exclusive brand representation
- Editorial write up
- Open up other channels for product promotion during the advertising period for the event – this is only going to drive more sales for your business too
- For example – Feature wine
- Back bar displays
- Social Media Adverstising – price point, product story, website and Facebook banner images
- Table/Menu talkers
- For example – Feature wine
- Run a feature campaign on your social media “In Partnership with X brand, we are running a promotion for the month of July for the launch of our X event”.By advertising you have a ‘partnership’ you not only leverage off another brand, it gives your business credibility and communicates that you are a serious business working to create exciting activity for your customers.
- Discuss with your suppliers how they too could advertise your event back into their community promoting your event and their business activity.
- Suppliers get exclusive product advertising and product sales
- There is a return voucher – specifically for the brand used in your campaign – so you know that you will be driving more sales for your suppliers once the campaign has finished
- Promote the wine across other channels
- By educating your customers on knowing ‘what they are drinking’ is key to build ongoing sales and brand loyalty – YOUR TEAM is an extra educational sales arm to a suppliers brand and business.
- Redeeming campaign vouchers allows you to record exactly how many bottles were sold – this gives you an effective test and measure strategy for future promotions
Get in Touch
with the team at Coterie
We’d love for you to share your thoughts and opinions…