We assume that as a customer, we hold a position of power. Therefore, vendors will readily be available to serve us. Our common assumption is that we just need a healthy budget to make things happen for the business.
When competing to get the attention of the top vendors, this assumption may not hold. Multiple customers (like you) may want to do business with the top-notch vendor. The vendor may have limited bandwidth. Now you must demonstrate how you can be their valuable customer?
For example, you want to undertake a feasibility study of emerging technologies (like blockchain) in your business. How can you attract top vendors to serve you?
Money is just one aspect. What else will you put on the table to attract top vendors to work with you? How are you going to demonstrate that you are different? What is your value proposition? How are you going to take the vendor to the next level?
Money is not going to be the only motivator to work with you. So how are you going to sell yourself and your mission, so vendors die to work for you?
Market forces of demand and supply never remain the same. So, as an executive/Project Sponsor, put a plan in place for becoming a valuable customer!
