Periodically setting up a regular account review with your vendor reps is a good way to keep the lines of communications open and check progress on goals and accomplishments. The appropriate period depends on the nature of the relationship in reference to volume, dollar value, and criticality.
What happens in an account review meeting? The agenda is likely to comprise vendor-prepared materials detailing sales records, savings initiatives, and specific events such as a vendor fulfilling an unplanned emergency request or the results of a vendor fair. A sales pitch for further business is generally included. Vendors usually present and the Buyers are a passive audience.
Buyers who come to these meetings empty-handed are missing a great opportunity. Buyers should arrive with their own agendas including following up an outstanding issues, savings goals and ideas for vendor input, and new lines of business for vendor consolidation.
What would you add to help ensure a successful account review meeting?
Read about a company that takes vendor account reviews very seriously.
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