What Does a “Preferred Vendor List” Actually Do for Your Business? - Episode 154

“Being on a preferred vendor list doesn’t guarantee you business. In fact, sometimes it can cost you more than not being on the list at all,” says May Yeo Silvers. This week, May explores the advantages and potential pitfalls of preferred vendor lists within the event planning industry. She explains that these lists help streamline the planning process for clients by offering a curated selection of trusted vendors, benefiting both clients and venue staff. From a venue’s perspective, preferred vendor lists can be a powerful marketing tool that fosters mutually beneficial relationships with vendors who, in turn, may refer clients back to the venue.   However, May points out that for service providers, being on a preferred vendor list does not automatically translate to guaranteed business. It’s crucial for vendors to maintain strong relationships with venue staff, especially given the high turnover in the events industry, to stay top of mind for referrals. She also highlights the potential challenges vendors may face if they are not on these lists, particularly with venues that have strict policies about outside vendors.   May encourages both venues and service providers to carefully assess their strategies regarding preferred vendor lists. She emphasizes that these lists should support business growth rather than hinder it, urging both parties to consider whether participation truly aligns with their goals.   Quotes • “If you’re a venue, it’s important to invite vendors from all categories to come and see your space. This way, you’re not just marketing yourself to the end user, but also to vendors who can refer leads to you. By doing this, you make sure that vendors know you exist, and they can refer clients who are still looking for a venue.” (06:00 | May Yeo Silvers)  • “As a service provider, should you consider being on a preferred vendor list? My take is that it depends on your goal. If you believe that paying to be on a preferred vendor list will bring in a lot more leads, and those leads are highly viable, then it could be worth considering.” (23:19 | May Yeo Silvers)  • “It’s also important to ensure that the venue is careful about limiting the number of vendors in each category. A good practice for a venue is to have no more than three vendors per category, so everyone has a fair chance to bid for the business. However, if a venue has five to eight vendors per category, I wouldn’t suggest paying to be on that list.” (23:40 | May Yeo Silvers)  • “Being on a preferred vendor list doesn’t guarantee you business. In fact, sometimes it can cost you more than not being on the list at all.” (25:13 | May Yeo Silvers)   Links If you are one of those people who like to learn by reading and highlighting notes on a physical book, make sure you check out The Unstoppable Eventrepreneur book.   This is one of my "babies" that I spent countless hours on consolidating all my years of experience in the events field and how I built a multiple 6 figure profit events business, all into a book that you can finish reading in a day. This book has become the blueprint for many event planners, designers and decorators to help guide them to turn their passion for events into a profitable business.   Click on this link to get your copy today! https://www.amazon.com/Unstoppable-EVENTrepreneur-TM-Profitable-Business/dp/1961347105/   Connect with May at: [email protected] Website: www.mayyeosilvers.com LinkedIn: https://www.linkedin.com/in/mayyeosilvers/ Facebook: www.facebook.com/mayyeosilvers IG: www.instagram.com/mayyeosilvers TikTok: https://www.tiktok.com/@mayyeosilversofficial FB private group: https://www.facebook.com/groups/events4anyone   Podcast production and show notes provided by HiveCast.fm