The Forgotten Tool to Help You Close More Deals
It happens all too often, even the most seasoned rep will have a deal that seemed to have everything going for it – innovative technology, compelling benefits addressing client needs, all at a competitive price point. But despite all this, sales people commonly run into a roadblock at what they believe is the end of the sales process. While customers and prospects love the solution, they haven’t budgeted for it and that’s where the conversation stalls.
If this sounds familiar, you’re not alone. It goes without saying that technology can be a significant investment and often requires customers to make upfront payments just to get started, posing a very real obstacle to your ability to close new deals. Making matters worse, your customers’ IT budgets are typically mapped out at the beginning of the year, leaving little to no room to acquire new technology later in the year that hasn’t already been baked into the budget.
So it comes as no surprise that according to industry experts, the availability of financing impacts 70% of technology purchasing decisions. The good news is that you can ease, and even eliminate, this stubborn roadblock.
Answer the budget objection
When the time comes to talk about cost, anticipate the budget obstacle and come prepared with a financing solution that solves the problem of cash flow. This not only allows you to appear as a larger and more established vendor, it gives you the opportunity to be proactive in positioning your product or solution. By outsmarting the budget cycle and providing your customers with financing options that allow them to make manageable payments over time, it will be much easier for decision makers to get buy-in so that your customers can acquire the solution they need when they need it.
Make it a no brainer
All financing solutions are not equal. Make sure the solution you offer your customers is designed to meet their specific needs. Additionally, to instill confidence, be fully transparent and provide user friendly documents with flexible terms and conditions and unique payment options. This will result in fewer roadblocks, happier customers and more deals.
Partner with professionals
If your company is like most – not in a position to offer customized financing solutions directly – you can partner with a firm that will act as an extension of your team. When choosing a vendor financing partner, remember that there is more to a financial partner than just a rate. Look for an organization that understands your business and has the experience, flexibility and resources to provide the right programs for your customers. A good partner will not only help you close more deals but improve your customer relationships and elevate your brand.
Reap the rewards
According to research from IBM Market Insights, there a 33% increase in deal “win rate” when a financing program is offered. By working with the right vendor financing partner, you can turn budget objections in to closing opportunities because customers don’t need to have all the required cash on hand, and can instead lease the solution over time.
Armed with an affordable alternative, you will be poised to close more deals in the short term, while setting yourself up to facilitate upgrades and add-ons in the future.
For more information on how to provide customized financing solutions to your customers, contact IFS today at firstname.lastname@example.org.