The Vendor Ratings are growing and many many people are taking notice. Dealers are using the feedback of many to determine which vendors are the best at delivering value to their stores. This is exactly what the Vendor Ratings were intended to do. Can you imagine how powerful the resource will be when we can research ANY company or product from a neutral source BEFORE we sign the contract?
When we created the vendor rating system we had 3 main objectives:
1. As a dealer I was frustrated every time I was looking to try a new Vendor like additional sub-prime leads, a CRM system or deciding on a website provider. The only resource I had to locate my options was the brand recognition I had from their marketing collateral, by who had "cold called" me at the store or who I had stumbled across 6 monts prior at the convention. Due to lack of options I would open up the magazines and mark all the ads for the genre of product I was looking for and call and schedule demos. Why couldn't we have a one stop shop product directory that lasted more than just convention weekend? We as dealers are each investing hundreds of thousands of dollars per year and had no dynamic way of knowing what our options were, it was frustrating to say the least!
2. Once I had narrowed it down to a few vendors (generally I would already have a few recommendations by my colleagues) I would pick up the phone and call other dealers I knew around the country to see if anyone had experience using product X, or had heard of company Y. This process was extremely valuable and it headed off disaster a few times but it took lots of time, plus i usually would only get 2 or 3 refrences and I would get pulled away. We have all experienced a vendor with great promise but poor delivery but flushing them out was work and thus signing a contract always had an element of gamble to it. Often we would call experts like trainers or consultants, but many times they were paid to recommend particular products. Now, through the Vendor Ratings, we have an efficient way of getting feedback on a MUCH LARGER scale, in an unbiased format and in a fraction of the time!
Rate the products you have used and leverage the ratings of others. After about 2 weeks of being live I'm please by the numbers of dealers participating by sharing their experiences with specific products. The more participation we have the more valuable this is for everyone.
3. Lastly, we spend and we make HUGE amounts of money thanks to the vendors. In fact, take them out of your store and you wouldn't have a successful businesses. The Vendor Rating system helps the vendors innovate because it provides direct feedback to what would make the products more successful. It is of huge value to the dealer to have venodrs who are innovating fast and on target for our needs, in fact lack of innovation is one of the biggest complaints insite the not so positive reviews, check them out and see for yourself. Helping the venodrs stay on the cutting edge is paramount to both the dealer and venodrs success.
Today, the Vendor Ratings are new but growing fast. Dealers contribute your reviews and return often, particularly before you ever sign another vendor agreement. Make sure you are investing your hard earned dollars wisely. Vendors we hope the information helps you continue to be on the cutting edge so we can all be more successful!