The 2016 unrest in the market at the vendor level has spilled over into 2017. Many have burned Plan A because they were forced to. This trend is continuing and even though our market is comprised of some very intuitive people we felt it important to tool them with even more solid information on how to spot inevitable vendor failure to avoid some of the recent pitfalls.
In 2016 many people were humming along and found themselves having the rug pulled out from underneath them. Unfortunate events such as death of an owner, acquisition and major outages and product instability forced them to go shopping again to find products to help them operate their business. Many have quickly found and unfortunately experienced that buzz words, instability, poor customer service and the lack of customer respect were common place.
Here are some of the telltale signs that a vendor is floundering. You should seriously question the longevity of the business, the business model (Are they setting up for a fast acquisition?) and the commitment they have to building a business vs. doing business. By that, I mean are they spreading themselves too thin?
1- Very poor and inefficient customer service
2- They focus more on buying business than investing in their company and supporting their own clients
3- Unstable product sets
4- They don’t return calls
5- Have a bad reputation in the industry
6- No social proofing
7- Make ridiculous promises
8- They demonstrate unreasonable expectations
9- Inexperienced leadership
10- Contract enforcement strategies
With a 30-year head start, Data Age has, and will continue to do our part in helping this market and our clients.