Darryl Thompson, DOM360 Results versus Promises: Is Your Vendor a Good Bet

Agenda Darryl Thompson DOM360 President 2 ●How Is Your Vendor Performing? ●Is It Time to Make a Change? ●Common Pitfalls to Avoid ●What Does Your Agency Need from You? ●Sign with Confidence

How is Your Vendor Performing? Darryl Thompson DOM360 President 3 How Likely Are You To Retain Your Current Agency For The Next 12 Months? Maybe? Definitely? Not Likely?

How is Your Vendor Performing? Darryl Thompson DOM360 President 4 Source: AMI of all clients are going to FIRE their current agency within the next 12 months

How is Your Vendor Performing? Darryl Thompson DOM360 President 8 It makes no difference what business you are in… suppliers and vendors play a key role in your company’s success!

How is Your Vendor Performing? Darryl Thompson DOM360 President 8 Having a system in place to track and evaluate vendor performance is essential for smooth operations and profitability of your company.

How is Your Vendor Performing? Darryl Thompson DOM360 President 8 Successful companies embrace their vendors and view them as partners in helping to grow their business.

How is Your Vendor Performing? Darryl Thompson DOM360 President 8 A common mistake companies make is to have a “combative” relationship with their vendors. That is the opposite of what is needed. Create a partnership!

Is it Time to Make a Change? Darryl Thompson DOM360 President 8

How is Your Vendor Performing? Darryl Thompson DOM360 President 8 As you monitor a vendor’s performance, you have to decide when to give praise and when to throw a red flag!

How is Your Vendor Performing? Darryl Thompson DOM360 President 8 Vendors can be dropped for poor performance but strategically it often is better to retain your vendors and correct the problem and not be constantly “flipping” and replacing them.

Strengthen Vendor Relations Darryl Thompson DOM360 President 8 ●Share info and priorities ●Balance commitment and competition ●Invite key vendors to help you strategize ●Build partnerships for the long term ●Seek to understand your vendor’s business, too Competition Commitment

Strengthen Vendor Relations Darryl Thompson DOM360 President 8 ●Negotiate to a win-win-win agreement ●Come together on value Vendor management is more than getting the lowest price… Focus on quality for the money paid!

Is it Time to Make a Change Darryl Thompson DOM360 President 8

Is it Time to Make a Change? Darryl Thompson DOM360 President 5 ●Not achieving desired business results ●Leadership shift within agency ●Can’t effectively measure results (or lack of results) ●The core relationship between agency and client is strained

Is it Time to Make a Change? Darryl Thompson DOM360 President 6 ●Agency seldom brings new/fresh ideas ●Agency was gung-ho to sell us but now we are just one of many …

Is it Time to Make a Change? Darryl Thompson DOM360 President 7 The reason is: They don’t feel courted anymore… they are not special. ” “

Is it Time to make a Change? Darryl Thompson DOM360 President 8 Congratulations… YOU are a savvy business owner and you recognize it is time to change! But understand, that it is only the first step in this change.

Is it Time to make a Change? Darryl Thompson DOM360 President 8 While we are free to choose our actions, we are not free to choose the consequences of our actions. — Steven Covey “ ”

Making the Change? Darryl Thompson DOM360 President 8 How are you going to help me attract and create a customer at an acceptable price? “ ” YOU

Hiring A Vendor - Like Buying A Car Darryl Thompson DOM360 President 8 You have to: ●Decide what kind you want ●Do your research ●Talk with the seller ●Determine if there is a fit ●Have an alternative ●Hold the seller accountable

Steps to Hire a New Vendor Darryl Thompson DOM360 President 8 Lots of options for vendors (large, small and in between). Choice is not easy. What is easy is making a mistake!

Steps to Hire a New Vendor Darryl Thompson DOM360 President 8 That mistake with a bit of bad luck can turn into a full-fledged disaster! Finding the right one for your business can be daunting!

Steps to Hire a New Vendor Darryl Thompson DOM360 President 8 Where do we begin? ●Look at your needs and budget ●Take a closer look at the agencies that interest you ●Don’t hire an agency… hire a culture ●Set expectations ●Don’t choose by price alone

Common Pitfalls to Avoid Darryl Thompson DOM360 President 9 1.Thinking it’s only about the creative 2.Failing to align all stakeholders 3.Not effectively defining evaluation criteria 4.Not asking how your organization needs to improve

Common Pitfalls to Avoid Darryl Thompson DOM360 President 9 5.Underestimating the importance of chemistry 6.Allowing inconsistency in your search process 7.Not telling incumbent agency 8.Getting distracted by “shiny objects”

Sign with Confidence Darryl Thompson DOM360 President 13 ●Shop around! ●Know WHO you’re dealing with ●Negotiate! ●Read the agreement and pay attention to the details ●Understand everything in the contract

Sign with Confidence Darryl Thompson DOM360 President 13 ●Know WHO to call for help or to lodge a complaint ●Remember: YOU are responsible ●Know how to get out of it ●Sleep on it! ●Once it’s signed, get a copy and keep it

Sign with Confidence Darryl Thompson DOM360 President 13 Once the agreement is signed… Quality vendors will tip the odds in your favor and become the partners to start the process of movement to your desired results.

What Does Your Agency Need from You? Darryl Thompson DOM360 President 11 ●Collect your marketing assets ●Access to your online accounts ●Outline/overview of past marketing efforts ●Define goals and expectations ●Establish communications protocols (who, what, when, where and how)

Want More Bang for Your Buck? Darryl Thompson DOM360 President 12 ●Stay in constant communications ●Anticipate in content creation process ●Schedule regular meetings to discuss progress or lack of progress) ●Jointly celebrate success!

Contact Info: Full Name: Darryl Thompson Company: DOM360 Job Title: President