The fundamentals of marketing and marketing practices are not subject to this opinion. The purpose is to ask the most appropriate questions when selecting or weighing the decision to move forward with a particular company and its respective strategic vision.
Let’s start by looking at general concepts such as reputation and track record. In terms of reputation, any chosen vendor has to be checked to establish a baseline of existing industry or general reputation. There are exceptions in which reputation may not be of great concern due to the company’s age or other similar factors. Similarly, the same considerations apply to track records.
Yet, new factors take priority once the vendor has been chosen and its strategy successfully implemented. The first and most important factor is the evaluation of success. Once the internal or external evaluation of such vendors has proven to be successful, it is important to shift and increase the value of their expertise. At first, this may sound too logical to mention; however, many reasons, including internal power struggles as well as deficiencies in expertise, may impact directly or indirectly the outcome of internal decision-making. Hence, it is advisable to establish an SOP that would directly reward the entities that have positively and measurably contributed to the successful outcome.
Such SOP may create a substantially more positive relationship between the service provider and the client, ultimately contributing to a greater bottom line. On the other hand, the lack of such procedures may create unquantifiable harm in terms of loyalty, output quality and quantity, competitive edge, and overall profitability.
In the coming days and weeks, we will outline several different time-tested procedures that potentially eliminate such a negative impact.
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