What are the best ways to promote supplier diversity in your market research?

Supplier diversity is the practice of sourcing goods and services from a diverse range of suppliers, such as women-owned, minority-owned, veteran-owned, LGBTQ+-owned, or disability-owned businesses. Supplier diversity can benefit your market research by enhancing your innovation, reputation, social impact, and customer satisfaction. However, promoting supplier diversity in your market research can also pose some challenges, such as finding qualified and reliable suppliers, measuring their performance, and ensuring fair and ethical practices. In this article, you will learn some of the best ways to promote supplier diversity in your market research and overcome these challenges.

1 Identify your goals and criteria

The first step to promote supplier diversity in your market research is to identify your goals and criteria for selecting and working with diverse suppliers. You need to define what diversity means for your organization, what kind of suppliers you are looking for, and what standards and expectations you have for them. You also need to establish how you will measure and track the outcomes and benefits of your supplier diversity program. For example, you may want to set specific targets or quotas for the percentage of diverse suppliers in your market research projects, or you may want to evaluate their impact on your innovation, quality, cost, and social responsibility.

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Nicholas W.

Human Resources Director @ Poly-clip System USA
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Supplier diversity is more than the owner of the company certifying as diverse. It's about the people in their employ and how they impact the community they serve. Rather than simply requiring diverse spend and a certification; ask how they impact diversity, how diverse they hiring pool is and do they employ diverse people.

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2 Conduct a market analysis

The next step to promote supplier diversity in your market research is to conduct a market analysis to identify and assess the potential diverse suppliers in your industry and region. You can use various sources and methods to find and verify diverse suppliers, such as online databases, directories, networks, associations, certifications, referrals, or events. You can also use tools and platforms that facilitate the matching and communication between buyers and diverse suppliers, such as supplier diversity portals, marketplaces, or software. You should compare and contrast the diverse suppliers based on your criteria and goals, and create a shortlist of the most suitable ones for your market research needs.

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3 Engage and collaborate with diverse suppliers

The third step to promote supplier diversity in your market research is to engage and collaborate with diverse suppliers in a respectful and mutually beneficial way. You should communicate clearly and transparently with them about your market research objectives, requirements, expectations, and feedback. You should also provide them with opportunities and support to showcase their capabilities, learn from your best practices, and improve their performance. You should also foster a culture of inclusion and trust among your market research team and your diverse suppliers, and encourage them to share their ideas, perspectives, and experiences.

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4 Monitor and evaluate your supplier diversity program

The fourth step to promote supplier diversity in your market research is to monitor and evaluate your supplier diversity program on a regular basis. You should collect and analyze data and feedback from your market research projects, your diverse suppliers, your internal stakeholders, and your external stakeholders. You should measure and report on the outcomes and benefits of your supplier diversity program, such as the innovation, quality, cost, and social impact of your market research. You should also identify and address any gaps, challenges, or risks that may affect your supplier diversity program, such as the availability, reliability, or compliance of your diverse suppliers.

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Nicholas W.

Human Resources Director @ Poly-clip System USA
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Monitoring supplier diversity is more than the amount of spend you pipe through. Do they support diverse causes? How much of your spend through them is actually going to diverse groups and people?

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5 Celebrate and promote your supplier diversity achievements

The fifth step to promote supplier diversity in your market research is to celebrate and promote your supplier diversity achievements. You should recognize and reward your diverse suppliers for their contributions and performance, and provide them with testimonials, referrals, or endorsements. You should also showcase and share your supplier diversity success stories and best practices with your internal and external stakeholders, such as your employees, customers, partners, investors, or media. You should also participate and contribute to the supplier diversity community and initiatives, such as events, awards, forums, or advocacy groups.

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Nicholas W.

Human Resources Director @ Poly-clip System USA
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When I worked at Zebra Technologies I hosted our first ever supplier diversity summit. We had an opportunity to bring in all of our diverse suppliers and let them hear from speakers across our enterprise. We awarded our first ever supplier diversity award and made it public.

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6 Learn and improve your supplier diversity program

The sixth step to promote supplier diversity in your market research is to learn and improve your supplier diversity program. You should seek and incorporate feedback and suggestions from your diverse suppliers, your market research team, and your stakeholders on how to enhance your supplier diversity program. You should also keep up to date with the latest trends, developments, and opportunities in the supplier diversity field, and adapt and innovate your supplier diversity program accordingly. You should also benchmark and compare your supplier diversity program with other organizations and best practices, and identify and implement areas for improvement.

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7 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?

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What are the best ways to promote supplier diversity in your market research?

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4

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1 Identify your goals and criteria

2 Conduct a market analysis

3 Engage and collaborate with diverse suppliers

4 Monitor and evaluate your supplier diversity program

5 Celebrate and promote your supplier diversity achievements

6 Learn and improve your supplier diversity program

7 Here’s what else to consider

Supplier Sourcing

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What are the best ways to promote supplier diversity in your market research?

1

2

3

4

5

6

7

1 Identify your goals and criteria

2 Conduct a market analysis

3 Engage and collaborate with diverse suppliers

4 Monitor and evaluate your supplier diversity program

5 Celebrate and promote your supplier diversity achievements

6 Learn and improve your supplier diversity program

7 Here’s what else to consider

Supplier Sourcing

Rate this article

Thanks for your feedback

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