Published April 12, 2018 | Updated June 21, 2021
The reopening economy has created an intensely competitive environment for manufacturers, vendors, and dealers wrestling to win business after what’s been a protracted dry spell for many of them. As such, companies are seeing more and more pressure on pricing and risk.
But, in every challenge, there is opportunity, and innovative thinkers are bringing new approaches to the market.
Bundling services, technology, and support with equipment sales – a “solutions” oriented approach that gives customers everything they need to get to work at an affordable cost – is key to selling more in this environment. But don’t neglect the impact a finance program can have on the success of those efforts.
If your team is innovating and seeking to make your equipment more of a total solution, having a finance partner that can take the time to learn how your solution is built is crucial.
Why You Should Finance More Than Just the Asset
Many times, so much effort is focused on the asset component of the customer’s need that the total solution is minimized.
Delivery costs, installation, support services, attachments, and maintenance are key factors that help you win the business. They can also be some of the more important components of a profitable sale. Yet equipment sales teams often miss out on how affordable they can make the purchase of these additional capabilities.
Including them in the finance offering – with the equipment – can often open the door to a bigger and better solution for the customer.
While a customer may hesitate on a $5,000 service agreement that must be paid for all at once, spending $150 more per month makes the buying decision a lot easier.
High delivery and installation costs holding up the sale? Adding $100 per month to get the total solution up and running might be the catalyst that you need to close the deal.
Solution Financing Gives You a Competitive Advantage
Customers have many options for purchasing equipment. But you have an advantage if your team brings a total solution for the acquisition, management, and disposal of the asset over its life. And if you offer an easy-to-afford monthly payment that covers the total solution and not just the equipment, you’re positioned to win.
If your team is innovating and seeking to make your equipment more of a total solution, having a finance partner that can take the time to learn how your solution is built is crucial. There are always limits to the amount of services or “soft costs” that can be wrapped into your equipment-based solution. But an equipment lender that is seeking a true partnership will take the time to create options for your go-to-market strategies.
At LEAF, we make your equipment easier to buy. Our customized finance solutions solve real problems – like making the solutions you sell more affordable.