If you make your equipment easier to pay for, more people will buy it. The previous sentence is not a famous quote. It’s not a parable or the end of some tale spun by some unrealistic self-help book. It’s a truth. A fact. It’s like saying the sky is blue or that kids like Easter candy. Leading with a payment is the undisputed key to ensure more equipment sales. But…
“Only 9% of all commercial equipment sales teams lead with a payment.”
NINE PERCENT? The research company that did this survey touched more than 2100 commercial equipment sales professionals from trucking to construction, restaurant equipment to IT. And when the results came back…they expanded the research to another 1500 sales pros because they simple couldn’t believe it. When they finished…still…nine percent.
Let’s leave the world of commercial equipment sales for a minute and take a look at what the car guys do. In 2015, Chevrolet needed a jump in sales in their struggling European market. They built an ad campaign for the European version of the Chevy Cruze that led with a monthly payment amount. 3 months later—24% increase in sales. Excited, Chevrolet moved to a 0% financing initiative in the next 3 months and 3 months later—sales dropped 11%. They moved back to the low payment campaign for the following quarter and guess what—21% sales increase. And here’s the kicker…the absolute payment amount was more expensive than their closest competition in Europe, those guys just didn’t lead with a payment.
What does this all mean? PEOPLE ARE NOT FINANCE EXPERTS. They don’t understand the real impact of interest rates, residual creation, secondary market implications, etc., but they do understand the amount of money that comes out of their bank every month. And here’s the hard pill to swallow: this biggest problem might be you. Nine percent is crazy. The most impactful way to demonstrate how easy it is to own your equipment is simply being underutilized.
When people are afraid of doing something, they make excuses. Facts get lost, things get emotional and we let fear and lack of knowledge drive behavior. So, let’s clear that up.
At SLS, we help manufacturers, dealers and vendors lead with a payment. But we help you do more than that. Our programs deliver on the promise of affordability, ease of doing business and personal touch. You could say we just keep things uncomplicated. If you’d like to start leading with payments, let’s talk.