How financing ever became the after-thought and doormat of the sales process I’ll never know. If Rodney Dangerfield were still alive, and saw how financing was misused in the sales process, he’d bellow his classic line of “no respect”.
No Respect!
I guarantee, anyone that wants to embrace the mindset that financing is a product in the sales process, will see a higher closing ratio. Why is that?
I guarantee, anyone that wants to embrace the mindset that financing is a product in the sales process, will see a higher closing ratio.
The majority of your competition is focused solely on what to buy. There is little to no regard on the how to buy. Yet, every decision process has the conversation about how they will pay for their solution. Unfortunately, they are having it without you. Even if they answer that question with cash, there is always an opportunity to educate any buyer on why cash isn’t always the right decision.
Stop Offering A Buffet Of Payment Options
The head scratcher for me is that all sales professionals have the ability to influence the means of procurement throughout the sales process, and make a credible recommendation. But the majority lean toward providing all the buying options in a proposal, somehow believing that the buffet line of pricing increases their chances to win. Nothing could be further from the truth. Do you do that with a product solution? Of course not, so why do that with the buying solution?
Everyone Finances Copiers, So Why Not Phones or Data Equipment
Most customers don’t know, or are not informed, on how to pay for premise or cloud based phone systems. Unlike a copier machine, where 98% are financed and returned at the end of the term, phone systems have always been a wild card on the means of procurement. What makes that so crazy is a premise based phone system depreciates 70% the day after it’s installed. It’s far worse than a copier or a car. It begs the question, why would any business take their hard earned after-tax dollars and make that kind of investment? The answer, financing has not been treated like a product, there is rarely a recommendation, and it’s mainly proposed as an option.
How To Treat Financing Like A Product
So, how do you treat financing, or a monthly payment, as a product? Just like you treat the technology solution; first, you ask questions to uncover the pain points and concerns, then solve with a recommendation. It’s all about positioning and asking questions.
You absolutely DO NOT ask
if they want to finance.
You absolutely DO NOT ask if they want to finance. What if they say no? Then what?
The Questions You Need To Position Yourself To Close
DOWNLOAD: 8 Questions to Ask During Every Solution Sale. These business questions will guarantee you the credibility to recommend a monthly payment and start the process of treating financing as a product.
Differentiate & Advise Like A Pro
Think of it this way. Customers are looking for a total solution from their trusted advisor – you! So, it’s not just about what to buy in the sales process, it’s how to buy that will separate you from the competition and have you winning more sales.
It all starts by treating financing as a product. It’s a mindset first, and a game changer second.
