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How can you effectively shorten the selling cycle?
By addressing the issue of financing early in the relationship.
Most companies that purchase “big ticket” capital equipment have a buying team with at least three types of decision makers: those involved with developing specifications (technical, legal, etc.), those who use the equipment, and those that make the financial decision.
This type of selling situation is often referred to as a complex sale i.e., one in which several people must give their approval before the sale can take place.
The key to successfully selling and to shortening the sales cycle of a complex sale is to address the needs of all the decision makers concurrently.
In a complex sale it is usually more difficult to identify the financial decision maker and it tends to be done last. This invariably lengthens the selling cycle.
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How do you identify the financial decision maker?
Introduce the idea of alternative financing (leasing) in the initial call. This non-confrontational approach helps to determine the make up of the buying team and is a practical and effective way of focusing in on the financial decision maker. Positioning leasing as part of your equipment package takes out the sting of asking about funding and provides valuable feedback.
In fact, many companies prefer to deal with vendors who offer alternative financing as part of their “value added package”. By using this approach you save your customer time and money by providing answers to their financial questions early in the buying process.
Bottom Line: Leasing is not just a financial alternative, it is a valuable sales tool if properly used. By using leasing as a sales tool you can:
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separate serious buyers from information collectors.
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identify the financial decision maker.
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shorten the selling cycle.
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differentiate you from your competition.
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