Here's how you can build and maintain relationships with suppliers as an executive in merchandising.

1 Understand Needs

To build a solid relationship with suppliers, it's crucial to understand their business needs and objectives. This entails having open communication channels where you can learn about their production capabilities, constraints, and what they value in a partnership. By showing empathy and a willingness to accommodate their needs where possible, you establish trust and a foundation for a long-term relationship. This can lead to preferential treatment, such as first access to new products or more flexible payment terms, which can be highly beneficial for your merchandising strategy.

3 Mutual Growth

Focus on mutual growth to strengthen your supplier relationships. Look for opportunities where you can grow together, such as co-developing products or entering new markets. When suppliers see that their growth is tied to yours, they are more likely to invest in the relationship, offer better terms, or go the extra mile to support your merchandising objectives. This approach can turn suppliers into strategic partners who are deeply invested in your success.

4 Problem Solving

Inevitably, issues will arise in any business relationship. When they do, approach problem-solving with suppliers as a partnership. Work together to find solutions that minimize impact on both businesses. This collaborative approach not only solves the immediate problem but also demonstrates your commitment to the relationship, building greater resilience and trust between you and your suppliers.

5 Loyalty Programs

Consider implementing loyalty programs or incentives for suppliers that meet or exceed performance metrics. These could include faster payments for quick deliveries or bonuses for consistently high-quality products. Such rewards not only motivate suppliers to maintain high standards but also show that you value their service and are willing to reward their efforts. This can enhance loyalty and encourage them to prioritize your business needs.

6 Continuous Improvement

Lastly, always look for ways to improve the supplier relationship. Solicit feedback from your suppliers on how you can be a better partner, and take action on that feedback where possible. Continuous improvement of processes, communication, and mutual support will keep the relationship dynamic and adaptable to changing market conditions, ensuring a durable and profitable partnership for both parties.

7 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?