As a longtime leader in equipment and technology, we’re sure you feel like you’ve seen it all. You’ve worked with all the major players. You know what makes them tick, and you operate your company in a way that aligns with that experience.
But here’s the problem: experiences over time can become assumptions. What you once experienced becomes what you assume will always be. That’s not good in any climate, but in times like these, you could be missing opportunity.
People change, companies evolve, new capabilities emerge, acquisitions elevate brands, pandemics happen, and breakthrough technologies change how customers experience your company. Making assumptions about what a company can do to help your company steamroll over all these developments and can even leave you on the short end of the opportunity.
According to recent research, this is happening right now among equipment and technology dealers regarding their customer finance programs. Here’s a sample of what some leaders are thinking:
“All our vendor finance companies are the same. They want apps, and we want easy approvals. A real relationship would demonstrate real industry expertise and suggestions of ways to win more business. Not sure that exists.”
— Principal of a $300M Revenue Dealer on the West Coast
I’m sure this battle-worn, successful senior executive has a trove of experiences to support that point of view, but when was the last time his organization opened up the door for genuinely creative alternatives? Assumptions — in this case, that all finance companies are the same — may keep you from learning that:
- Customer finance program providers can add to the “capital stack” and help fund items surrounding an acquisition, new technologies, marketing programs, and even fleet vehicles
- Customer finance program providers may be able to get out-of-the-box and help you develop a strategic action plan to “hack” into major accounts together and grow revenues
- Customer finance program partners can help build campaigns to get in front of the CFO and shorten the sales cycle with more effective and up-front financial conversations
- Customer finance programs can help you build more bundled solutions, recurring revenue, or subscription-based offerings as a mechanism to disrupt your marketplace
- Customer finance programs can integrate their systems with your sales, documentation, and billing systems to create a more efficient operation and easier customer experience
And this barely scratches the surface of recent innovations. Assuming that customer finance programs are nothing more than a cocktail of rate, speed, and credit approval delivered in a fast-food-like transactional environment is to miss an opportunity that might help you do far more powerful things.
At LEAF, we help equipment and technology dealers think bigger and make your solutions easier to buy with an offering that extends far beyond table stakes.