M a r k e t i n g t i p
Dissecting vendors' Web sites to win more deals
Like most things in life, the most productive activities can be the most difficult. Earning a steady flow of business from a new vendor relationship can be a tremendous lift to your business, but it is also one of the toughest goals to accomplish. A good product and strong sales skills goes a long way; however, ample research before you contact prospective vendors may make the difference in whether you win their business.
Any good salesperson will say that they last thing they want is a fair fight. They want every possible advantage going into a sales call, and in-depth knowledge of the prospect and his or her needs is at the top of that list. Many companies offer this type of information, but you can probably get more valuable intelligence by spending a few minutes on a vendor's Web site and then converting what you learn into actionables.
The basics: most vendor Web sites will display the names, phone numbers, e-mail addresses and mailing addresses of their sales manager, finance manager, general manager and more. Before you call a vendor ask to speak to whoever is in charge of financing, take a look at their site so that you can ask for the right person. This will help get you past gatekeepers. If it is a high-value prospect, drop information in the mail a couple days before you call. Take a look at their "About Us" page to see what else you can use. Are they a small shop like yourself (or a big shop like you)? Are they the new guys or have they been doing this for decades?
Inventory: Of course, vendor sites show their inventory and whether they predominantly sell new or used equipment, the size of their inventory, prices, etc. This is a big advantage for you. Think of your Google Adwords...you get a higher click rate when your ad speaks to that exact type of equipment people are searching for, right? The same will be true of your vendor marketing. If you are reaching out to an equipment dealer, don't tell them you can finance equipment. Look at their inventory; see a lot of, say, skid steers? What brand? What price range? What age? Just like you'll get more clicks on your Google Adwords by saying "Financing for Used Bobcat Skid Steers" than saying "Equipment Financing," you'll have more success with vendors by speaking specifically to what they sell. Speaking directly to what the prospective vendor sells also demonstrates that you are interested in a relationship, not just dialing-for-applications.
Financing: What do you see on their site regarding financing? Sometimes there is simply nothing, sometimes you see an embedded financing source all over their site. This will drastically change the nature of your sales call. If you don't see anything about financing, ask questions that will lead to you offering estimated monthly payments that they can show on their site (or in their ads, store, etc). Offer to build a customized Web page about financing that they can link to from their site. If you see there is already a financing source on their site, you then can head down the path of earning a foothold and then taking away business from the other financing source. First ask questions like "how many customers aren't able to get equipment from you because they don't get the financing they need?" and "what is your wish list for your ideal financing source?" As an added advantage, by knowing who the vendor is already working with, you can research that source and know their strengths and weaknesses.
Target audience: What type of customers is the vendor targeting? Obviously they are going after people who need their type of equipment, but what industries and demographics are they targeting? Continuing on the skid steer example, a quick Google search shows some dealers touting skid steers for construction and some focusing on agriculture. This information alone enables you to acertain which industry the vendor is targeting so you can speak more directly to their needs. For example, your message can be "we finance construction companies often" or "we finance a lot of agricultural companies." Using this approach allows you to align your message with the vendor's vision of their typical or ideal customer.
New, used, rental, service?: What products does the vendor offer? Used equipment is usually a better opportunity for independent financing, meaning financing used equipment is probably a bigger need for the vendor. Do they have long-term rental customers they would like to convert into sales? Do they service machines that need to be replaced but the customer thinks he or she cannot afford a replacement machine? These are all opportunities for you to add value to the vendor's business.
Great salespeople always listen more than they talk, but knowing the prospect's background will help you ask smart questions and have answers ready for their questions. Take a few minutes to check out a vendor prospect's Web site before you contact them. Tailoring your message and solutions to their business will increase your success rate and more than make up for the time spent researching the company.
