Dive Brief:
- In a recent survey, over 60% of the National Association of Electrical Distributors (NAED) believe that the manufacturers with which they work seek to create productive partnerships, while the remaining 37% of NAED distributors suspect those partnerships are unlikely to become true collaborations, The Electrical Distributor reported last week.
- Some manufacturers, such as LEDVANCE, LLC are taking a different tack by making a greater effort to bond with their distributors. Matt McCarron, VP of LEDVANCE, believes that good supplier and manufacturer relationships are a requirement in today's market.
- In the past, there were fewer vendors from which to choose, so increased competition means that meeting customer demand comes from a re-emphasis on strong relationships and alignment between partners.
Dive Insight:
Empowered consumers will go where the product is, meaning that if a company is not supplying what the consumer wants in the way they want it, they will lose business. A major component of this relationship stems from strong partnerships between manufacturers and distributors.
Building this successful relationship with your team will enable you to gain insight and learn from the collective experience. An experienced manufacturer can share cost-cutting or design ideas, while a supplier can advise a manufacturer on possible additions to a line of products, or help identify new markets. None of this will be possible, however, without open communication and transparency, and a mindset focused on shared goals and success.
The ability to truly listen and observe teams is often overlooked. Yet making a series of decisions without the combined experience of a partnership team which is on equal footing won't result in success: everyone involved should have a stake in a successful outcome. If you sense a less than committed investment, it's time to go elsewhere.
