If dealers are using financing solely as a way for customers to pay, they’re not tapping into the full potential of financing for effectively dealing with one of the most common—and devastating—objections: price.
The Best Answer to the Worst Objection
Few things derail a deal faster than price. So salespeople avoid talking about it for as long as possible, deluging the customer with rapid-fire benefits in the hope that this most dreaded of objections never comes up.
But it inevitably does. And the longer a salesperson waits to address it, the bigger it grows in the customer’s mind.
Both of you know it’s coming, so why not talk about it? The fact is, talking about financing early and often during the sales conversation keeps price objections manageable. And it leads to more deals, faster closes and increased average ticket size.
How? By letting customers keep more cash in their pockets.
It All Comes Down to Cash
Everybody likes a cushion. Customers feel better about buying when they don’t have to dig too deeply into their cash reserves. If an equipment acquisition is going to strain their cash position, they get anxious. Anxious customers hesitate and hesitation leads to slow closes, smaller sales and even lost deals.
But financing allows customers to get needed equipment with affordable monthly payments that let them hold on to cash to handle emergencies or take advantage of opportunities.
What about delivery, install, maintenance and other expenses? Financing can cover all those expenses too, giving customers a complete solution at a monthly payment that’s predictable and comfortable.
By mentioning financing throughout the sales conversation, you remind customers that they don’t have to choose between new equipment and cash on hand. With financing, they get both, making it much easier to say “yes” to a deal.
For more on an integrated approach to financing and how it makes life easier for you and your customers, take a look at our new video, The Benefits of Offering Financing.