You know your company sells the best equipment on the market. So why aren’t your sales representatives able to close more deals? The answer might be in the way they approach the subject of pricing.
Without a doubt, cost tends to be prospects’ biggest purchasing objection no matter what industry you’re in. Even if a prospective buyer wants to work with you, real or perceived financial barriers can get in the way. However, you can make price less of an obstacle by offering point-of-sale equipment financing.
Equipment financing options serve a few key purposes. First, they give your buyers a workaround if they don’t have cash on hand to pay for what they need. Secondly, it shows that you want to provide your customers with as many choices as possible. Finally, it demonstrates that you’re forward-thinking, especially if your equipment finance business partner offers a robust digital point-of-sale application and finance quoting system.
That’s only the beginning, though. Over time, companies that offer equipment financing tend to see several short- and long-term advantages. We’ve compiled a short list below.
1. First-time customers will be more apt to become repeat buyers.
Let’s say your customer has a seamless, straightforward equipment financing experience with your business. Will that same customer be more likely to come back? Absolutely. Customers who have been well-supported usually turn to the businesses they trust when they need to replace equipment or expand their operations. (As a bonus, happy customers also tend to send along referrals.)
2. Your sales representatives will be more confident and have the ability to increase each sale.
What’s one of the best ways you can buoy the skills, abilities, and confidence of your sales team members? Give them as many tools as possible, including the ability to offer equipment financing to prospects. Don’t worry if they don’t understand all the intricacies of the financing world. They won’t need in-depth knowledge as long as you pick a financing partner like Marlin that can act as an extension of your back office. With a small increase in the customer’s payment, your sales representative can offer to include accessories, service cost, extended warranties, and other related items that will increase the size of the sale.
3. Your customers can grow even faster.
Offering equipment financing to your customers helps them develop faster. After all, they need the right equipment in order to wow their own buyers and grow their brand reputation. The more traction your customers get in their respective industries, the more equipment they’ll need. And if you have terrific service and great terms, they won’t hesitate to send more business your way.
Most of your prospects have probably come across financing in their personal lives, such as when they’re buying a car. Despite their familiarity with financing, they might not bring it up with your sales representatives. By introducing the topic to them during the sales journey, you can make sure they know it’s available.
Closing deals is way easier when you partner with a company that offers equipment financing. Why wait to provide more value for customers? Get in touch with Marlin today to learn more about our equipment financing services.