For every event planner aspiring to be successful in the industry, event vendor networking cannot be overemphasized. It was Grant Cardone who said that your “network determines your net worth.” Event vendor networking is one asset you must possess because, as the industry is, you cannot do everything all alone. Through close collaboration with vendors, event planners can elevate their specialized skills and capabilities, thereby improving the quality and efficiency of their event management prowess.
In this piece, we will explore some invaluable ways that could be used to create and sustain rewarding event vendor networking. We will also endeavour to highlight the gains that these partnerships will bring to your brand, bank balance and ultimately your net worth.
Let’s get started
Understanding your strengths and weaknesses
Obviously, you will not be networking with all the vendors that come your way; in other words, you will likely choose the most relevant. Therefore, before taking further steps to establish your valuable partners, you need to do some introspection to ascertain your strengths and weaknesses. It will help you discover the areas of your competencies and areas of low energy. This will in turn help you largely in determining the best kind of vendors you will be attracting in your networking efforts. Those who will complement your strengths and become the strength in your weaknesses.
Identifying and selecting the vendors that are best fit for your network
Now, it is time to get the right vendors that best fit the kind of network you intend to build. When choosing a vendor for your network, compatibility, dependability, and knowledge should be given top priority. These qualities are indispensable for the value of your network, which will also ensure that the collaboration runs more smoothly with the vision, values, and objectives of your event.
The value of your network is dependent on closing up your weaknesses and preventing your low energies from being exposed at critical times, so as to create a favourable image for you in the face of your client. This is why expertise is defined as competence and understanding in a certain field, which enables vendors to manage difficulties and deliver outstanding support in your favour.
Developing Mutual Trust and Effective communication
If not the most important elements, developing mutual trust and effective communication will surely be tops among the most important elements in sustaining a network of value. The strategies you can use to achieve this are to clearly define standards and guidelines upfront to prevent misunderstandings.
Second, keep lines of communication transparent and consistent to ensure that vendors are informed and involved at every stage of the process. It is advisable not to wait for the next event before you communicate with them. Third, keep your word and fulfil your commitments when agreements have been reached. Fourth, pay attention to their issues and suggestions and respect their knowledge and ideas.
Negotiating Mutual benefits for event vendor networking
Another sensitive aspect of building a rewarding event vendor networking is negotiating terms and agreements for mutual benefit. ‘Nothing goes for nothing’ is common rhetoric in our society; it corroborates the proverbial saying that “you can’t have your cake and eat it too.” It is worth noting that, when negotiating, you may not have it all to your favour, and however, the determining factor should be sustaining the network and achieving quality support for it.
Nonetheless, successful negotiations require a high degree of fairness, flexibility, and compromise. Fairness guarantees that each party is treated equally, which promotes goodwill and confidence, and each party must be willing to adjust to certain terms in recognition of circumstances and conditions.
Document all Contracts and agreements
It is highly recommended to document all contracts and agreements after all negotiations have been made with your intended partners. This helps to forestall any kind of misunderstanding that may arise afterwards. This document should be written in simple and plain language for the understanding of all stakeholders You may secure the services of a professional to help draft the document so that it is comprehensive enough and covers all the clauses that may be needed in it.
Conclusion
In conclusion, key insights for developing rewarding and sustainable vendor relationships include placing a high value on compatibility and dependability, encouraging open communication and trust, and accepting flexibility, fairness, and compromise during the negotiating process. Together with increasing revenue, shared accomplishments can also result from investing in long-term partnerships and mutual support.
