Meeting customers where they are is an important strategy for any growing business and a marketing channel often overlooked is vendor portals. Vendor portals are an important early investment for small businesses, and these uncertain times create an opportunity for you to assess your vendor portal strategy.
A few benefits include:
- Increased visibility with buyers. If your company is not listed in their portal when they are ready to hire a supplier, your business will be overlooked.
- An opportunity to build relationships with buyers and secure new contracts.
Are you new to vendor portals or looking for additional information? Read on to learn how to take advantage of opportunities down the line, and during hard times like these.
What are vendor portals?
Vendor Portals are platforms that allow large corporations to connect and collaborate with suppliers online. These systems are commonly required for any company that works with multiple suppliers as it is the primary way businesses and their suppliers securely track orders and communicate. (source) It is also a way for companies to vet suppliers and determine how legitimate their companies are.
How is a vendor portal used?
Companies like Union Bank, SDG&E, Sony, Cox Communications, and many others search vendor portals first to find companies like yours to supply the products and services they need. This is an important way to ensure you don’t miss opportunities when they arise. If you’re not listed and updated in these portals, buyers will not include you when soliciting requests for proposals, information or qualifications.
After a profile is created for your company, you’ll be able to upload additional information such as certificates, service-level agreements and other important documentation, increasing your chance of being chosen as a supplier. (source)
Where do I find vendor portals?
Vendor portals are found in the supplier or vendor sections of most corporate websites. Many have specific supplier diversity components for diverse business enterprises.
Listing your business in a vendor portal typically does not require a fee to get started. It’s also important to keep the information in your profile up to date so companies have the most relevant details about your products or services.
Need help setting up or managing your vendor portal profile?
As a diverse business enterprise owner, we know how valuable your time is. More than likely, you’re pouring everything into your company’s success. The Council for Supplier Diversity, and their team of experts, have a service to submit your company’s information to vendor portals on your behalf.
After your information is submitted through the portal, it may take time before a company reaches out to connect with you about opportunities available. In the meantime, the Council for Supplier Diversity will also keep your businesses’ information updated.
About the Council for Supplier Diversity
The Council for Supplier Diversity, established in 1999, is a nonprofit organization. The Council for Supplier Diversity represents the corporate outreach to the Diverse Supplier community. It is our purpose to facilitate business opportunities and market share growth for minority, woman, underserved veterans, and service-disabled verteran owned businesses through interaction with our corporate members.