The most common person we meet in our daily lives is a salesperson. You meet him in your grocery shop, at the mall, at the pharmacy, and more. They are the busiest people with a monthly and annual sales target to achieve. We all live in an unperfect world. Nobody has the time to ask questions especially the busy salesperson. Time always is the most precious commodity during the sales process. Most of the sales team prefer a transaction involving cash as the dealing is immediate or a credit card sale instead of going through a long process to find funding through a financing program. Financing is always the next choice when the cash price is not considered. So the thought that comes is how best can you use sales financing to close a deal with your customer. Some of the points to be considered for this are: Financing option – Sales teams are always working towards developing competitive programs that will help the customers. It is better to use quoting tools that can generate parameters before the negotiations begin with the customers. This way the sales quote generator will provide the monthly payment option that will be customized to your program. If the customer goes in awe with your prices then counter the with how much they can afford per month on the equipment. The sales team should have the pricing range ready and be able to quote lower than the customer’s budgeted price. Avoid leasing – The word lease is one of the words that most businesses do not like to hear. Always lead your talks with a sales financing program that is made up of a fixed monthly payment. Some of the clients will like to choose lease because of the tax benefits but the sales team should have additional programs like rental, equipment finance agreement, etc available if the customer backs out at using leasing. Total solution – Your equipment should have additional features like monthly or annual software licenses, maintenance costs, training and installation, monitoring security systems, etc. Sales financing will allow you to incorporate all these costs into just one invoice instead of having multiple invoices from different suppliers at different times. Deferred payments – Your sales team should have a deferred payment program so that the customer has a specified period before his financing payment comes due. Paying in cash for the equipment may not be able to generate the required profit for a few months or years. Sales financing will give your customer the time to generate funds so that they can be earmarked for the monthly or annual payments due. Advantages – Always discuss the advantages of opting for finance on the equipment and inform them there will be a lot of benefits including taxes. Encourage your sales team to provide all sales materials with the customers before they make a final decision and you could also brand with their logo and contact information. Discuss all the points and offer your clients total financing solutions. Include flexible financing programs and in-house marketing resources so that your sales financing programs will be promoted and help in the growth of the company.
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Allison Janney is a Sales & Marketing Manager at ChargeAfter. She would like to share content on Finance Industry like Point of Sale financing, Buy now Pay later, consumer financing & Ecommerce financing for valuable reader. |