No company that sells B2B products and services has a 100% conversion rate. Everyone loses the occasional opportunity. And as businesspeople, this is something that we just have to accept.
However, it’s only natural that, from time to time, we think about what could have been. What if I’d converted that prospect? How much extra business could I have gained from this introducer? Etc.
Of course, the money that would have come from these opportunities would be very welcome. But there are also missed networking opportunities and social proof that could have come from these.
Again, we’ll never get a 100% conversion rate. But you could have converted 63% of your missed opportunities by doing one simple thing: offering a monthly payment option at the point-of-sale.
Our research has found that 63% of missed opportunities are related to budget objections. This then leads to customer hesitation, a slow sales cycle, low up selling, and constant discounting as well.
Your customers might have enough savings to buy your products and services in upfront cash. But they’ll be unwilling to part with all of their cash reserves, in case of another COVID-level emergency.
Instead, you should allow customers to pay with their cash flow. When they pay through a series of manageable installments, their repayments are offset by the income/savings your solution provides.
And one way to offer a monthly payment option is through ‘sales enablement finance’.
What is sales enablement finance?
Sales enablement finance is commonly used by the sellers of B2B solutions. These vendors typically offer their customers a finance payment option in order to improve their sales performance.
B2B solutions are notoriously expensive. Therefore, salespeople often encounter budget objections and hesitation. These problems are a drain on their valuable time and stop them from closing further sales.
Sales enablement finance overcomes these obstacles by breaking costs down into a manageable series of installments. As a result, the products look much more affordable and much more appealing.
Vendors who offer finance subsequently go through quicker transactions. They receive full, upfront payment within 24 hours, giving salespeople time to make prospecting calls and pursue other opportunities.
How is this possible? Simple. We invite a commercial lender into the transaction. The lender will buy the solution from the vendor. And the customer will make their monthly repayments to them.
How do I offer a finance payment option for my products?
Synergi’s B2B vendors offer finance on their products and services through our multi-award winning portal. The Synergi Portal is a sales enablement tool which is free to use. And what’s more, it allows you to carry out four key functions. These include:
You can create a bespoke finance quotation for your customer. It will even have your company logo featured on it.
The Synergi Portal is integrated with Companies House and Credit Safe. You can therefore run credit appraisals on customers.
Tell your broker that a quote has been given the green light by converting it into a deal. Synergi will then secure the finance.
And last of all, you can track your deals through the underwriting and documentation process. This keeps you in the know.
Do you want to reclaim 63% of your missed opportunities? Then submit an enquiry for a demonstration of the Synergi Portal. We’ll show you how it works and get you up and running.