The demand for Vendor and Sales Aid finance has given us many sales opportunities but we have a shrinking pool of qualified candidates, which has led to the market to become increasingly candidate driven.
Post-recession, the increase in brokers and funders chasing partner/dealer and manufacturer programmes is well known. This is an area of our marketplace with huge and growing potential as vendor/sales aid opportunities can only increase as we move to a Usage Not Ownership B2B economy.
The quotation “It’s the use not the ownership that makes or saves money” has never been more widely accepted with the right proposals and business case.
It is becoming increasingly difficult to find candidates with the right skillset to seriously hit the road running. These sought-after candidates need to have the abilities to:
- Increase finance penetration profitably within existing accounts! Spend less time on time consuming poor credit/low asset value accounts [i.e. Ambulance chasing – have you got any deals for me?]
- Coach and develop dealer salespeople with new techniques and skills around the integration of financial solutions in their day to day activity
- Help end user customer recognise the real business case benefits of pay per usage, contact hire [whatever we chose to call them]. Also, make sure salespeople are business capable in this area.
- Confidently show and explain key NEW benefits of Helping Customers to Buy and the financial benefits of utilising them to customer facing salespeople at all levels
- Rationalise real potential by confidently reviewing relevant sales metrics to their role.
So, how do we find and develop the right potential people?
The people who succeed have high drive and are also creative “people-people”. They can be identified by using Psychometric testing. A good failsafe before you invest money in new staff! These people need good presenting and persuasive skills for partner salespeople.
What roles could they be developed from?
- Equipment sales using leasing already
- Internal roles with the right personality profile
- Proven salespeople with ambition and the right profile
At THC we can help you find the right people, include the personality profiling and include initial training in the recruitment fee. We also will offer ongoing subsidised training from our partners at Persona.
See the article below from Persona to get a flavour of how we will help you build a high performing team beyond the recruitment
Getting win-win from Vendor and Sales Aid programmes
Let’s get back to basics – when it comes to increasing business in this sector there are only two routes to take… one is easier than the other, given that you apply the right actions. They are:
- Win more accounts at the right level and with the right matching criteria
- Get more business from accounts you already have if they are secure
Over the past 2-3 years of working in this sector with both Lessor and vendor/sales aid partner salespeople there are some observations we can make regarding 1. and 2. above.
It’s time to go beyond the basics of:
- We can do lower rates
- We can underwrite all sorts of poor credit
- Commission is available [or free drinks/days out]
- We’ll accept 2nd or 3rd place provider if necessary
- We approve deals quicker/as quick as anyone else
- We have good back office support/rate calculator
There are other “me too” angles but not USP’s!
We’ll share with your candidates what we have learned and how to utilise this knowledge?
- Surprisingly, most businesses we work with started by saying they understand leasing/finance can help and work for some customers!
- Most have heard the “benefits of leasing” and the “lead with leasing” talk many times
- The average salesperson we meet has had less than 1 days SALES training in the last 5 years
- Leasing/Finance is used reactively NOT pro-actively in the buying process
- They want to know/learn and understand how we as an industry can help them to achieve MORE sales and PROFIT and HELP more customers to BUY
- None of this can be achieved in a half/one-day workshop!!
- Successful implementation can take 6-12 months of integrated and focused sales development work
Turning to getting more from accounts we have. We must accept that lease penetration below 20-30% is a failure on the part of the partnership to achieve levels they probably aspired to achieve.
We also should accept that historical markets with 50%+ penetration like copiers, mailing and vending etc. set these standards way back in time when companies invested in comprehensive sales training to achieve these goals.
Ask any Sales Director/Manager “What are your 3 key sales objectives in the next 12 months?” the answer will include words like sales growth, market share, profit maybe even average order values and service and consumables revenue!
Why does this matter? Because we can help them achieve these with a well-structured business growth programme, a critical element of which is an integral finance solution service/product.
What else have we learned and how can you fix it?
- We must go back and Teach the customers what is possible with examples and stories
- We have to Teach/Coach the salespeople how to realise their sales and income targets with our help
- We must show how to integrate finance perspective into their everyday discussions around cost justification and the business case
- Skills and techniques shared and learned have the proviso that “regardless of how they ultimately fund the solution, this will help the customer to buy anyway”
- Salespeople need to be capable of changing customers value perspectives and they need to understand that we have the key to this change
- You can change markets in medium ticket solutions to a new perspective of “fleet management” where ownership becomes second to efficiency of more modern solutions
- There are still 1,000’s of opportunities to Help Customers Buy!!
Some companies want to think carefully about the money being spent on elaborate electronic marketing and focus more on the “feet on the street”.
As we keep being reminded “People buy from People!”
Call THC for an initial chat about how we can work together along with our training company Persona to deliver a total recruitment solution to start the journey!
The only way is UP!