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Onboarding is a crucial part of the connection between vendor and marketplace and can set the tone for the duration of the relationship. All the hard work you do to get a vendor to agree to use your system can be undone if the onboarding process is difficult. You need to establish goodwill by making your vendors lives as easy as possible.
In order to do that, you need to focus on the way you track your agreements and present and receive acceptance. Contracts can be clunky and time-intensive to review and accept, and that time spent can sour a relationship with your vendor. By establishing a smooth workflow, you can get your vendors up to speed without a hitch.
Here are some tips for seamlessly onboarding vendors into your marketplace apps:
Contracts, when done poorly, can end up being a huge headache for you and your sales organization.
Sales and Legal can be like oil and water. Sales wants and needs to move fast. Legal wants and needs to weigh risk and work through legal minutia. The redlining process takes too long for Sales to be happy. For marketplace trying to scale quickly or increase their volume of daily transactions, there is no time to wait for a traditional contracting workflow to run its course every time you bring a new vendor aboard.
Instead, you need to move away from traditional contracting and towards a digitally native system. With online contracts geared to be accepted without back-and forth, Sales and Legal can find a solution that works for both of them.
You need to reach vendors no matter where they are. By enabling a self-service workflow, vendors can onboard themselves for you.
Self-service workflow turns the onboarding process into a quick and easy experience for all parties involved. Instead of hassling over small details in the contract, you can work through the contracting system smoothly.
Empowering these groups to quickly onboard not only provides them with an excellent experience working with you as a partner, but makes your business more efficient. If you have self-service experiences driving these processes, you are able to increase the volume of net new customers and vendors you can handle, allowing your company to capitalize on every opportunity that comes your way. Contracting will not be a barrier to quick, efficient business.
For any sales organization trying to entice vendors to sign with them, getting off on the right foot with your new vendors should be a focus. With self-service workflow, you can help make that a reality.
Sales and Legal need to be partners if an organization wants to easily onboard vendors into their marketplace app.
Legal needs to create pre-approved templates of contracts that vendors use to onboard themselves in a self-service workflow. By standardizing those contracts, Legal can help Sales onboard new vendors at scale quickly and easily. Creating contracts that are not expected to be negotiated may be a mindset adjustment, but it is a necessary part of a self-service workflow.
After a vendor is fully onboarded, it is fairly standard to have an official onboarding call to discuss their purchase and answer any lingering questions.
However, you can take that one step further and cut out the middle man. Do this by providing a hub for onboarded vendors to easily access the contracts they agreed to throughout the onboarding process. This customer service should make the lives of your vendors a little easier, earning some good will and helping maintain strong relationships.
Instead of having to dig through email or old documents on their computer, they could access the hub and quickly see precisely what the terms of their agreement are. Adding such a feature onto an existing self-service workflow platform is a natural extension that can help your vendors.
Using these tips, you can prime your online marketplace for high-velocity transactions while maintaining the security and integrity of your online terms. Self-service flows allow for the necessary cross-functional collaboration between teams that will set your marketplace up for future success.
Read more about self-service workflows in our eBook, Becoming Self-Service.