By Kevin Olson
Selecting a CMO or CRO is stressful, expensive, and time-consuming. The complexity of these supplier organizations makes them difficult to evaluate. Far too often, decision makers lack vital information to support selection decisions. But the consequences of selecting the wrong partner are too great to ignore. These relationships are often measured in years, not days, and in the tens or hundreds of millions of dollars. How can you strengthen your selection process?
Using independent, third-party information can help. Performance benchmarking, a market research tool, produces a report of suppliers’ performance based on surveys from real users. Much like Consumer Reports, this tool gives decision makers an easy way to compare suppliers’ strengths and weaknesses and also informs you of performance risks for individual suppliers.
In this article, I’ll offer three tips to strengthen your selection process with third-party performance benchmarking. Selecting a partner is challenging, but with the right information you can simplify your efforts and increase your likelihood of making the best decision.