How to Spark Supplier Diversity Conversations

Businesses are increasingly leveraging supplier diversity programs, forming partnerships with organizations that are owned and operated by diverse suppliers. Common examples include women, minority, LGBTQ, and veteran-owned businesses. 

Supplier diversity programs represent a largely untapped opportunity for businesses as well as agents. They’re a great way to show support for diverse businesses, while also fueling market competition. In addition, supplier diversity is in high demand right now — meaning it may be a pathway to profits for agents.

So, how can you get started?

Here are some ways to start supplier diversity conversations with your prospects:

Understand Key Drivers

According to CVM, the top drivers of supplier diversity are corporate social responsibility and alignment with corporate culture and workforce inclusiveness. Other main drivers include meeting customer requirements and government compliance, as well as driving competition and supply chain inclusion. 

Start a conversation to get a sense of your customer’s main goals and priorities, and tailor your pitch accordingly as you bring up the subject of supplier diversity. 

Focus on Consumer Demand 

Now, more than ever, consumers care about supplier diversity. In fact, 47 percent of consumers claim that whether a company has a supplier diversity program will influence whether they will buy from them.

Let customers know that consumers care about supplier diversity. Ignoring the issue and avoiding supplier diversity could wind up hurting the company’s reputation, leading to lost profits. 

Explain What Competitors Are Doing

CVM also reported that 31 percent of businesses are now allocating 15 percent or more of T1 supplier spend to diverse suppliers.

Explain that competitors are now prioritizing diversity supplier spend, increasing its importance. By partnering with a certified diverse supplier like Televergence, as an agent, you will be increasing your value while helping your customers reach supplier diversity goals, improve their customer service experience and save valuable dollars on a service they are already using every day. It’s a WIN-WIN!

Televergence is a Women’s Business Enterprise (WBE) and Diverse Supplier. For more information about Televergence’s supplier diversity initiatives, contact the company today.