By
Sean Norris
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5. Don't Settle for Approved Vendor Status
In theory, approved vendor lists are a good way to gain trust with large clients and ensure repeat sales. But there are downsides. For one, getting on the list may require giving deep discounts to the client, which means reduced profit margins for your business. For another, the lists only establish your business as an option—not the option. View approved vendor lists as a starting point, not the end goal.
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Sean Norris
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Sean Norris is editor-in-chief for Promo Marketing. Reach him at snorris@napco.com.
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