Five Things Most Buyers Consider when Choosing a Supplier
Five Things Most Buyers Consider when Choosing a Supplier
By: Supplier GATEWAY
1. Qualification Criteria: every business has it own requirements and standards for its suppliers. As a supplier, you should be aware of your potential customer’s standard criteria, including price, quality and delivery or service timeframes, before approaching them.
2. Experience in the Market and Current References: Have you done any business with a partner in the same industry? What did they say about you? Do you have any references that we can talk about? These factors are critical to determining whether your business is likely to bring the best value and lower the risk to a buyer.
3. Financial Security: Buyers seldom want to work with a supplier who doesn’t have a strong enough cash flow to deliver what they want and when they need it. For their peace of mind and protecting a business, the vetting process is often a high priority task before considering other factors.
4. Strong Service and Clear Communication:The best suppliers actively ask for buyer’s needs and strive to understand how they can do the job better.
5. Location, Location, Location: the local sourcing trend has been recently increasing and is becoming a new normal, especially during COVID. According to thomasnet.com, 72% of industrial B2B buyers “always or generally” prefer to source locally.
1. Qualification Criteria: every business has it own requirements and standards for its suppliers. As a supplier, you should be aware of your potential customer’s standard criteria, including price, quality and delivery or service timeframes, before approaching them.
2. Experience in the Market and Current References: Have you done any business with a partner in the same industry? What did they say about you? Do you have any references that we can talk about? These factors are critical to determining whether your business is likely to bring the best value and lower the risk to a buyer.
3. Financial Security: Buyers seldom want to work with a supplier who doesn’t have a strong enough cash flow to deliver what they want and when they need it. For their peace of mind and protecting a business, the vetting process is often a high priority task before considering other factors.
4. Strong Service and Clear Communication:The best suppliers actively ask for buyer’s needs and strive to understand how they can do the job better.
5. Location, Location, Location: the local sourcing trend has been recently increasing and is becoming a new normal, especially during COVID. According to thomasnet.com, 72% of industrial B2B buyers “always or generally” prefer to source locally.
