Buyer sentiment about attaining preferred status among your supplies seems to wax and wane with economic cycles and supply market dynamics. However, growing economic uncertainty and increased supply risks due to more global supply chains have more procurement teams are taking a serious look at how to attain full-time Customer of Choice status.
There are many benefits to achieving such lofty rank:
In the latest edition of CPO Agenda, State of Flux consultancy offers some good guidance on how to attain (and maintain) Customer of Choice status. You may be surprised to learn that such rank is not doled out based upon how much revenue you contribute to a supplier. (Although, revenue contribution surely is a contributing factor to which customers suppliers work with most closely.) Instead, State of Flux's examination of more than 100 buyer and seller companies identified the following recommendations for securing a Customer of Choice title:
You can access the full article here. And, if you have tips of your own on how to be a Customer of Choice, please share them in the comments section below.