Supplier information - have you ever looked here?

Shhh. I’m going to let you into a few secrets that gave me some great wins while I was a Procurement practitioner.

The thing is, even if your key sales contact is the most honest in the business, they aren’t always informed about some key details of their business.

It may not be their intention to keep you in the dark, but often, there’s a disconnect between the information that the company shares publicly from the corporate comms team, and the information given to or known by your sales rep.

I’m all for internal alignment of messaging (especially within the business I’m working for) but in this case, misalignment is an opportunity for Procurement to exploit.

Companies are increasing compelled to be transparent. If they’re a listed company they are obliged to provide financial, product and market updates to their shareholders.

There’s also an urgency to get good news out into the world, on new developments, such as product improvements, new customers acquired or supplier cooperation.

Some or none of which may be shared by your supplier account manager.

Here’s where I recommend you hunt for information that COULD give you a competitive edge.

1.?????? Earnings calls – if your supplier is a publicly listed company, they’ll need to publish their quarterly earnings, usually accompanied by a presentation or web call for investors. These are a fantastic source of information, primarily around financial developments which can give indications on pricing and risk.

2.?????? Shareholder presentations – these can show a surprising level of transparency, such as market share, changes in strategic direction, margin growth, new product categories and more.

?3.?????? Corporate websites – many large companies have a “supplier area” on their websites, including standard terms and conditions for trading with them. Have a good look at their T’s and C’s and identify how the terms with their suppliers differ to your terms with them. You can then make a logical argument for them to harmonise your contract terms where it makes sense.

?4.?????? Supplier internal magazines – use your time wisely when you’re waiting in reception on a supplier visit; read their internal literature. You might be surprised what you find – celebrations of efficiency improvement activities, lead-time reductions or even a new lower-cost contract manufacturing partner that you knew nothing about!

?So my message to you is, become a sleuth. Dig around for multiple sources of supplier information that might just give you the upper-hand in your negotiations. And don't say you heard it from me...

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PS. Want to get your suppliers, customers or internal stakeholders say “yes” to you more often?

Learn ethical, scientifically-proven, and practical influence techniques with a self-paced, online course from the Cialdini Institute. Get in touch to find out more.