How do you evaluate vendor performance while keeping costs low?

1 Define your criteria

Prior to evaluating vendor performance, you should define criteria and expectations for each vendor category. This should take into account your client's needs and preferences, as well as the type of event you are planning. When considering vendors, think about their quality, reliability, responsiveness, and value. Quality refers to how well the vendor delivers their service or product. Is it consistent, professional, and aligned with your vision? Reliability refers to how dependable the vendor is. Do they show up on time, follow instructions, and meet deadlines? Responsiveness is a measure of how easy it is to communicate with the vendor. Are they quick to answer calls and emails? Do they provide updates and handle feedback? Value looks at the price in comparison to quality and service. Are there any discounts or extras available?

2 Collect feedback

Once you have defined your criteria, you need to collect feedback from different sources to evaluate vendor performance. Surveys are a great way to get ratings and comments from clients, attendees, and staff. Tools like Google Forms, SurveyMonkey, or Eventbrite can help create and distribute surveys quickly. You can also check online reviews and ratings from previous customers or peers on platforms like Yelp, Google, or Facebook. Additionally, you can ask for references and testimonials from the vendor or other event planners who have worked with them. Finally, you can observe and document the vendor's performance during the event or site visit by using checklists, photos, videos, or notes to record your observations and impressions.

3 Analyze the data

After collecting feedback, you need to analyze the data and compare the vendor's performance to your criteria and expectations. You can use tools such as Excel, Google Sheets, or Tableau to organize and visualize the data. Additionally, formulas, charts, graphs, or dashboards can be used to calculate and display key performance indicators (KPIs). KPIs that can be measured include satisfaction (using a scale from 1 to 5 or a percentage), compliance (using a yes/no or pass/fail system), and ROI (using a ratio or percentage). These metrics will help you determine how satisfied your clients, attendees, and staff are with the vendor's performance, as well as how well they comply with your contract, specifications, and standards. Ultimately, you'll be able to measure the return on investment (ROI) from the vendor's performance.

5 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?