It’s inevitable that we will market to suppliers
By Anthony Payne, Chief Marketing Officer at HICX
In an era of digitalisation and data collection, ‘supplier marketing’ is the next logical step for Procurement – segmentation and relevancy will be crucial
The task of managing suppliers relies upon building good relationships with them. And to do this, Procurement teams will inevitably adopt a ‘supplier marketing’ approach.
To define what I mean by ‘supplier marketing,’ let’s consider the well-established practices in the modern world of marketing. Philip Kotler, widely known as the Father of Modern Marketing, defines marketing as “The process by which companies engage customers, build strong customer relationships and create customer value in order to capture value from customers in return.”
Let’s consider that in the context of suppliers for a moment. You could easily replace ‘customers’ with ‘suppliers’ and define supplier marketing as, “The process by which companies engage suppliers, build strong supplier relationships and create supplier value in order to capture value from suppliers in return.”