What is Vendor Relationship Management?
We live in a time when the information disparity that used to exist between what companies know about products and services, and customers know about those same products and services is decreasing rapidly.So that now, we’re in a position as customers to establish any kind of relationship we want with companies, enabling them to essentially bid on our business.
We’re a long ways away from doing that, but we are much closer than we’ve ever been to setting up conversations between customers and companies, and the conversations in which the customer gets to manage the relationships, and manage the information that exists in that relationship.
So for example, if I’m interested in buying a new video camera, I could essentially put out a proposal – or a Request for Proposals – from camera vendors, and let them know what I’m looking for, something about what my price points might be, and something about my time frame. And, to give those vendors the opportunity to bid on my business.
We’re getting very close to a time when the power will be shifting from the marketer “push marketing” to essentially the customer saying “I’m interested in these things. You guys tell me what you’re going to be able to do for me.”