Custom financing literature is a popular and effective means of introducing your competitive payment options to clients. Custom lit helps explain the terms to your client in specific detail and it’s something tangible they can hold on to. It also can make everything feel most concrete because it’s not just a number you are coming up with out of nowhere.
The thing with custom literature is that it’s different for every industry. In this article, we’ll break down different types of custom lit and show you examples of how to use it in the equipment financing industry.
Specific Payment
Specific payment literature is designed to promote an as-low-as payment on a single product. As mentioned before, having literature with the price shows the customer that you aren’t just saying numbers to make the deal more attractive. This is also a great time to break down the price to a monthly payment. When your clients see that actual number, they may realize that this purchase is much more feasible.
When and How Should You Use It?
Introduce specific payment financing literature any time your client expresses interest in that particular piece of equipment. You should also display specific payment financing literature wherever clients view your equipment, such as showrooms and online. With custom literature you have the option to email, mail, or present an equipment quote to a client. Your client may be a very busy person who doesn’t have time to meet with you - detailed custom lit is a great way to explain the deal you’re promoting without taking a large amount of your customer’s time.
Specific Benefit
Your customers don’t want to just be told that your product is great and that they can afford it; you need to educate your clients on the benefits of not only your product, but also your company’s financing programs. Cash conservation, 100% financing, deferred payments, application-only, quick turnaround, and tax benefits are all great benefits to promote. This is also a great time to address your customer’s pain points. If your target audience usually has a reoccurring issue then you can create literature that addresses the problem and explain how your product can help them.
When and How Should You Use It?
Young, growing companies that are looking for equipment financing are often interested in 100% financing, deferral, and step programs that allow them to grow into more expensive equipment. They are also usually interested in learning of the benefits financing has to offer. This type of literature would not be best suited for those who are in a hurry and eager to learn of application only and quick turn-around benefits.
Promotional Programs
Aggressive, limited-time-only financing programs are ideal ways to spike sales activity. Why is that the case? Most people don’t want to pass on a good deal - especially if they are strongly considering buying. Promotional programs will sweeten the pot and make them more likely to purchase now rather than waiting. Promoting deals such as low APR, low payment, extra-value, and incentive-laden financing programs too good to pass up are all ways of driving customers to buy now. But beware: you need to understand your industry. If you offer something that has no real benefit to your product, you are only hurting your business.
When and How Should You Use It?
There are often extra costs associated with promotional financing programs, so use them wisely. These types of deals are typically reserved for specific events and time periods. Examples of when to use this type of literature include: new product promotions, trade shows, client events, a month, quarter or year-end sale, and to move old inventory.
Package and Add-On Programs
For situations in which a particular piece of equipment commonly sells alongside other complementary equipment, package custom literature is available. Basically if you know someone who buys your equipment also wants the software to set it up then offer a deal that bundles the two products. You may be able to deflect pricing pressure by converting the equipment package cost into one low monthly payment. Cross sell complementary equipment, accessories, and upgrades. Again don’t package two products together that don’t relate to each other. If your customer isn’t interested in the second product then it won’t push them to close.
When and How Should You Use It?
Custom package and add-on financing literature is a great tool to use when approaching clients who are contemplating a multi-machine purchase, or an upgrade to a bigger and better unit. Competitive multi-machine payment options in a single piece of literature make it easier for your client to make a purchase decision.
Deliver custom package or add on financing literature along with your traditional equipment proposals. This will help your client realize the deal they will be receiving buy purchasing a bundle. Also, add-on financing literature is a perfect way to get in touch with those prospects that may be due for follow up.
Conclusion
These aren’t the only types of literature you can present your customers – and it shouldn’t be. Often companies share their dealer price list, or post it online. These types of dealer relationships can help a customer choose your business over a competitor.
With every type of custom literature, just remember that you need to think of your customer when creating it. Think about what is important to them and address that. The more custom and detailed the literature is, the better your sales process will be.