Estimated reading time: 4 minutes
Paper-based applications. Fax machines. Limited financing options. Slow credit decisions and funding. These things can set your equipment vendor business back and make it seem like a dinosaur to customers and prospects alike. To increase your sales, strengthen customer relationships, and drive profits, you might consider offering web-based technologies that simplify the entire financing process.
This Balboa Capital blog article explains how equipment vendors can boost sales. It is packed with strategies that can open the door to faster financing and transform the way you do business. Also included are tips on improving the level of customer service you provide.
Selling has changed. Have you?
In the not-so-distant past, equipment vendors like you could rely on solid business acumen to help them close deals. The marketing tools of choice consisted of business cards, brochures, telephones, and fax machines, to name a few. Today, business owners are looking beyond the equipment and a sales pitch. Instead, they are portals of knowledge with information about equipment, inventory, price points, and financing readily accessible at their fingertips.
This means equipment vendor sales representatives are no longer the primary gatekeepers of information. Instead, business owners can research equipment vendors and evaluate equipment before meeting with a salesperson. In many cases, this can help speed up the equipment buying process. In addition, you should consider offering your customers fast, flexible financing solutions. If you do not, you risk losing sales to your competitors.
Offer financing options.
When meeting with customers who are serious about purchasing equipment, it will be advantageous to present them with a solution that meets their individual needs. One popular option is equipment financing, which offers you and your customers many benefits, including affordability and flexibility. Obviously, the cost will be a crucial factor, so having a convenient finance payment calculator that provides instant estimates can help eliminate the guesswork.
You should also consider making paper-based financing applications a thing of the past and offer your customers a more accessible, faster option. A secure online application allows for optimum customer convenience and accelerates the process from start to finish.
Speed up credit decisions.
Your customers do not want to wait long for a credit decision after submitting their finance applications. Thanks to today’s web-based advances, they will not have to. Online applications and back-end platforms can be equipped with custom-tailored scoring technology that provides fast and, in some cases, instant credit decisions.
The operational impact of a rapid scoring system can be highly beneficial to your vendor business. Manual paperwork is reduced or eliminated, and any credit-related issues can be identified and resolved sooner to increase the chances of your customers obtaining financing. So, look at your current process to determine what can be added or modified to speed up credit decisions for your customers.
Build customer relationships.
Building solid relationships with your customers will help increase customer loyalty, which can be a significant source of income for your business. You can build this relationship in several ways, and it usually starts at the sales level. Customer service is usually the determining factor in repeat business.
You can improve your customer service by being flexible and responsive. If you notice that a customer is having trouble with a particular process, do your best to find a quick solution. Explain to the customer that you are working hard to fix the problem and hope to have their issue resolved shortly. Your fast response will be greatly appreciated. Many equipment vendors invest in CRM systems to keep all of their customers’ data and interactions in one place, making it easier to manage customer relationships.
Respond to customers quickly.
Lastly, your customers will continue to come to you for any needs related to their equipment, even after they make their purchase. For example, if there is ever an issue with a piece of equipment, they will likely turn to you first to find out what they should do to repair it. How you handle these inquiries can help you stand out from the competition. First, make sure you have a set response in place. Then, either direct them to a manufacturer that can assist with repairs or be ready to provide them with the speedy repairs they need.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.