Selling finance can not only help you close the deal, but it can also help you sell more valuable products and services. And with the many benefits for customers, it can open opportunities both for you and your clients.
Why Offer Finance
To Keep Your Customer Happy
Customers can’t always commit to large upfront payments. Often, they compromise with a lower-spec choice because they can't afford the model that they actually want. Finance, therefore, can help you to up-sell and close deals because you offer an affordable payment plan.
What’s more, when you offer finance, you show you're adapting your service to meet the customer's challenges and needs. Customers are used to finance in other aspects of their lives - be it for a house or car - so having the option for business purchases is a welcome opportunity. In a highly competitive market, this can help you stand out from other suppliers.
To Strengthen the Customer Relationship
Offering finance can also help you build a strong relationship with your customer.
Not only does it show that you understand their requirements, but it gives you the opportunity to build a lasting relationship with them by creating future touchpoints.
With traditional sales, your customer buys your product and then goes on their way. With finance, you get to make regular contact with them, and have an opportunity to build in service and maintenance packages. This allows you to build a strong relationship and rapport with your customer, keeping you front of mind for future requirements.
Tips for Selling Finance
Listen to Your Customer
You need to listen to what your customer is (and isn't) saying to understand whether finance will suit them.
Do they react negatively when you mention the price of your product?
By listening attentively to your customer’s verbal and non-verbal cues, you’ll begin to find the right hook and then naturally build up a rapport that will help you close the sale.
Focus on their Business Drivers
The focus in sales should always be on the benefits rather than the features. Don’t just tell them what your product can do: tell them how it will transform their business.
This applies to selling finance just as much as it does to selling products. Don’t just tell your customer that you have finance plans available - tell them how those finance plans can help their business. For example:
- Maintain control over cash flow because you're paying a fixed amount every month/quarter
- You can get better equipment that adds more value and lasts longer, rather than having to settle for what you can afford to buy outright
- You may be able to minimise your tax liability by deducting your finance lease rental payments against profit
- You can upgrade at the end of the lease, so you capitalise on ongoing innovation
Remember: One Size Doesn't Fit All
Every customer will likely require a slightly different finance plan. It's easy to quote each customer a tailored option quickly using Shire Online. And we're always here to help with any specific query you (or your customer) have.
Contact us now to learn how easy it is to integrate financing.