Hyatt Regency O'Hare

What’s New

The purpose of the group was to provide a platform to network with business leaders from minority-owned, woman-owned, and veteran-owned companies, and share ideas on common challenges.

Here are four strategic insights that were discussed at the Diversity Supplier ShareGroup.

1. Build relationships where you have touch points: Find customers that value supplier diversity. Understand the strategic direction of your partner and where you fit in it, so you can articulate that value proposition.

2. Segment your customers: To identify customers that value supplier diversity, try to segment your customers based on their action and goals on working with diverse suppliers to three levels:
I. Customers that advertise about the importance of diversity
II. Customers that articulate diversity goals and measure outcomes
III. Customers that articulate goals, have specific targets, measure outcomes, and proactively reach out to distributors with products and suppliers that are diverse

3. Operational efficiency is just as important as a sales relationship: ShareGroup members noted that suppliers who are proactive and provide ample time about pricing/product changes have the best relationships that drive sales and operational efficiencies.

4. Stay on top of the market: Increase your intelligence about what is going on in the market and find ways to lower your operation cost. Read about the publicly traded companies so you can use words that they are used to hearing.