Sources of Information on Suppliers and Customers

Understanding Suppliers and Customers

Suppliers and customers are crucial entities in any business, understanding who they are, what they want, and their behaviour patterns can greatly impact the success of your procurement and supply processes.

Sources of Information on Suppliers

Internet: The most common and accessible source of information. Most businesses have websites where they showcase their products or services, and often detail their history, mission, vision, and values.
Trade Fairs: Events where companies in specific industries showcase and demonstrate their latest products and services. These can offer an opportunity to meet suppliers face-to-face and ask questions.
Industry Publications: Magazines, journals, and reports focusing on specific industries can offer insights into supplier companies, their products, and how they compare to competitors.
Word of Mouth: Referrals from others within your industry can help identify suitable suppliers.

Gathering Information on Suppliers

Company Reports: You can gather details about a company’s financial stability, reliability, and reputation by requesting or researching company reports.
Feedback and Reviews: Online reviews or feedback from other customers could provide insight on their punctuality, quality of products or services, and their customer service quality.
Direct Contact: Calling or emailing suppliers directly can provide insight into their responsiveness and professionalism.

Identifying Potential Customers

Market Research: Conducting surveys or questionnaires can identify who your potential customers might be, their needs, and what products or services they might be interested in.
Sales Data: Information from past sales can reveal patterns about who is buying your products or services, and what they’re buying.
Social Media: Online platforms are commonly used by customers to express their opinions, and can provide insight into customer behaviour and preferences.

Understanding Customer Behaviour

Questionnaires: These can be used to gather insights about customer experiences and expectations.
Website Analytics: Useful to identify which products/services are attracting the most customer interest.
Sales Reports: Reports from your sales team can offer insights into customer buying behaviour, as they interact with customers on a regular basis.

Remember, collecting and utilising this information efficiently is key in an effective procurement and supply strategy, and can significantly impact your business’ success.