How can you research potential suppliers effectively?

2 Trade associations

Another way to research potential suppliers is to consult trade associations that represent specific industries, sectors, or regions. Trade associations can offer you access to directories, newsletters, events, and networks of suppliers that are relevant to your field. They can also provide you with insights, trends, standards, and best practices for your industry. You can find trade associations by searching online, attending trade shows, or asking your peers or customers for recommendations. However, trade associations may not cover all the suppliers in your market, or may have biased or incomplete information.

4 References and referrals

A fourth way to research potential suppliers is to ask for references and referrals from your existing or previous suppliers, customers, partners, or competitors. References and referrals can give you firsthand information about the suppliers' capabilities, strengths, weaknesses, and experiences. They can also help you build trust and rapport with the suppliers, and negotiate better terms and conditions. You can ask for references and referrals by email, phone, or face-to-face. However, references and referrals may not be objective, current, or diverse enough to give you a balanced view of the suppliers.

5 Site visits

A fifth way to research potential suppliers is to visit their premises, facilities, or offices in person. Site visits can help you verify the information you have gathered from other sources, and observe the suppliers' operations, processes, and quality control. You can also use site visits to meet the suppliers' staff, managers, and owners, and establish a relationship with them. You can arrange site visits by contacting the suppliers directly, or through a third-party intermediary. However, site visits may be costly, time-consuming, or impractical, especially if the suppliers are located far away or in another country.

6 Trial orders

A sixth way to research potential suppliers is to place trial orders with them, and evaluate their performance, quality, and service. Trial orders can help you test the suppliers' products, delivery, communication, and problem-solving skills, and compare them with your expectations and standards. You can also use trial orders to negotiate prices, discounts, and payment terms with the suppliers. You can place trial orders by requesting samples, prototypes, or small quantities of the products you need. However, trial orders may involve risks, delays, or extra costs, especially if the products are complex, customized, or regulated.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?