Here are some rules to follow and tips to use when utilizing financing as a sales tool:
1) Lead with a lease financing payment.
Effective and professional equipment sales people don't wait for their customers to ask about financing. They bring money into the presentation early on. Providing a lease financing payment helps take the focus off the equipment price and helps the customer clearly recognize how the investment in the equipment makes good business sense from a cash flow perspective. Show the customer how your solution pays for itself.
2) Understand that customers like one-stop shopping.
Financing options presented together with purchase options help the customers save time. If they are serious about buying your product or service, they must come up with the cash. Presenting a financing option takes away the customer's pain of having to invest extra time to figure out the budgetary issues. This also saves you time and it shortens your sales cycle. You are doing a favor for your customer while helping yourself when you present a financing option.
3) Find out who makes the decisions.
Stop wasting time. Rookie sales people spend too much time with people that can only say no and never say yes without permission. It's your job to figure out who can say yes. A fantastic question to ask is, "Who, Mr. Prospect, in addition to you, makes the buying decision?" Once you've figured out who makes the money decision, you can rest assured that we speak their language and we are highly skilled at structuring financial solutions that work for the customer and make it easier for them to say yes.
4) Make sure you've identified the final objection before you start addressing what could be an endless objection stream.
As long as there are outstanding objections, you will never close a sale. Some prospects are time wasters and will never buy from you. Your job is to weed them out as early as possible and focus on the ones that will. Don't fall into the trap of blindly addressing every objection that's thrown your way. Instead, calmly listen to the customer prospect's concerns and repeat them to the customer to confirm you understand. Ask some form of the following question, "Mr. Prospect, you've mentioned A, B, and C as your primarly concerns. If we provide you satisfaction or reasonable justification on A, B and C, is there any reason you wouldn't do business with our company?" If the prospect says, "no," then you need to realize you haven't identified the final objection. (Ask, "why not?" and work to identify the final objection or move on to the next customer.) If the prospect says, "yes," then you know you are closer to winning the business and closing the sale. Addressing the "objections" in this matter will not only help you identify the final objection so that you can overcome it and close the sale; you will learn if the objections are real or just fluff being thrown at you. The customer prospect will appreciate your direct approach and professionalism. Nobody wants to deal with a time waster. If the final objection is cost or money related, utilize financing to overcome the objection and close the sale.
5) Put your customer prospect in direct touch with a VFG representative as soon as possible.
Use VFG as a tool to both save you time and help you close more business. Your customers will usually give us information that they may not give to you. For example, they will tell us about other competitors that they are consideiring and they will share with us financial data that will help us determine whether or not they are credit worthy and whether or not your are wasting your time. We will ask vefry pointed questions including the timing of acquisitions, how the decisions will be made, and who will be making those decisions. This is all valuable information to help you shorten your sales cycle, control your sale, and close the deal.
6) Defer all questions (even the most simple ones) about lease financing to your VFG representive.
We are the experts in finance. We pick up things in questions that you won't pick up. If a customer asks you, "What's the rate?" ...Even if you know the answer, you should still defer this and other financing questions to us. If you simply answer the question without finding out what the customer's expectations are and/or what the customer is basing those expectations on; you might create an objection with the customer that you aren't even aware of. This could result in killing the deal without you even knowing why. Just one expample: If the customer is unrealistically expecting the same rate on a short-term equipment financing transaction as they are on a long-term real estate loan, we are perfectly suited to explain the differences in the products and what is and what is not available in the market place. This means that you stand a better chance of keeping the customer engaged and closing the sale when you let us, the financing experts, address financing questions. Rookies kill sales opportunities when they try to "help" in areas they aren't experts in. Don't be a Rookie. Learn to say, "Mr. Prospect, that is an excellent question. Your time is valuable and I want to make certain that you receive the proper information. When should I have our VFG rep reach out to you to provide the correct answer?"