How can market research identify gaps in your supplier relationship management?

1 Benefit 1: Gain insights into supplier behavior and satisfaction

Market research can help you understand how your suppliers perceive your relationship, what motivates them, what challenges they face, and how satisfied they are with your communication, collaboration, and feedback. You can use surveys, interviews, focus groups, or online platforms to collect data from your suppliers and analyze their responses. This can help you identify areas of improvement, such as providing more support, recognition, or incentives, or resolving conflicts or issues.

2 Benefit 2: Assess supplier performance and alignment

Market research can also help you measure how well your suppliers are meeting your expectations and delivering value to your business. You can use metrics, benchmarks, scorecards, or audits to evaluate your suppliers' quality, reliability, efficiency, innovation, and compliance. This can help you identify gaps in your supplier performance and alignment, such as setting clear and realistic goals, providing feedback and guidance, or implementing corrective actions.

4 Benefit 4: Monitor market trends and best practices

Market research can also help you keep up with the changes and developments in your industry and your suppliers' markets. You can use secondary research, competitor analysis, or industry reports to gather information on the latest trends, technologies, regulations, or best practices that affect your suppliers and your business. This can help you identify gaps in your supplier adaptability and competitiveness, such as embracing digital transformation, complying with sustainability standards, or adopting new business models.

5 Benefit 5: Enhance your supplier value proposition

Market research can also help you improve your supplier value proposition, which is the combination of benefits and advantages that you offer to your suppliers in exchange for their products or services. You can use segmentation, differentiation, or positioning to identify and communicate your unique value proposition to your suppliers. This can help you attract, retain, and grow your supplier base, as well as increase your supplier loyalty, advocacy, and referrals.

Market research is a powerful tool for identifying gaps in your SRM and finding ways to close them. By conducting market research, you can gain insights into your suppliers' behavior and satisfaction, assess their performance and alignment, identify opportunities for innovation and collaboration, monitor market trends and best practices, and enhance your supplier value proposition. This can help you build stronger, more strategic, and more profitable relationships with your suppliers.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?