How can market research help you understand vendor delivery schedules?

1 Identify your needs and goals

The first step in any market research project is to define your needs and goals. What are the key criteria that you use to evaluate vendors? What are the delivery time frames that you require for your products or services? What are the risks and costs of delays or disruptions? How flexible or rigid are your deadlines and specifications? By answering these questions, you can establish your priorities and expectations, and identify the gaps or problems that you want to solve with market research.

2 Choose your research methods

The next step is to choose the most suitable research methods for your objectives. There are many types of market research methods, but they can be broadly categorized into two: primary and secondary. Primary research involves collecting data directly from the source, such as through surveys, interviews, focus groups, or observations. Secondary research involves analyzing data that already exists, such as through reports, publications, databases, or online reviews. Depending on your budget, time, and resources, you can use one or both methods to gather information about vendor delivery schedules.

3 Analyze vendor performance and reliability

One of the main goals of market research is to assess how well vendors perform and deliver on their promises. You can use various indicators and metrics, such as delivery lead time, accuracy, consistency, responsiveness, and feedback, to measure vendor performance and reliability. Analyzing these indicators lets you identify the strengths and weaknesses of vendors, and compare them to your standards and benchmarks. This can help you make informed decisions about the vendors you work with.

4 Understand vendor capabilities and constraints

Market research can help you understand the factors that affect vendor delivery schedules, such as their capacity, resources, processes, and risks. Capacity is the amount of products or services they can produce or provide within a given time period. Resources are the human, financial, material, and technological resources they have available or need to acquire. Processes are the steps, procedures, systems, and methods they use to plan, execute, monitor, and control their delivery operations. Risks are potential threats or uncertainties that could disrupt or delay their delivery performance. By understanding these factors, you can anticipate and mitigate any challenges or opportunities that could affect vendor delivery schedules, allowing you to adjust your negotiation strategy accordingly.

5 Communicate and collaborate with vendors

The final step in market research is to use the findings and insights to communicate and collaborate with vendors. Doing so can help you establish trust and rapport, as well as negotiate terms and conditions. Furthermore, you can monitor and evaluate delivery, as well as resolve issues and disputes. All of these activities are essential for improving your vendor negotiation outcomes and achieving your business objectives.