Three Ways To Differentiate Yourself in a Weak Global Market
As leasing companies realize that the current economic climate is not going to correct itself anytime soon, sales reps have to face the fact that things have changed for the long-term and their strategies must change too. Rick Page wrote a book titled, Hope Is Not a Strategy: The 6 Keys to Winning the Complex Sale. It’s a fine book and I agree that hope is not a strategy, but in today’s market we definitely need hope along with a defined strategy.
Reps are feeling hopeless watching co-workers lose their jobs and seeing their own retirement funds shrink. Vendors are selling less equipment and lessees are gun-shy. This will be the most difficult market that sales reps have ever had to deal with. However, sales reps still have a job to do. They have to shake off the feelings of hopelessness and take action to make themselves and their companies stand out.
Here are three examples of concrete action you can take to differentiate yourself and connect with your customers.
1. Expand Your Service to Your Existing Lessees
Your existing customers are acres of diamonds in your backyard. Pro- actively call each lessee. Ask them what you can do to make their life easier. Tell them how many payments are remaining on their lease. Tell them about their end of lease options. Treat your customers with the respect you would like to be treated with. Telephone them and say, “Hi, I’m Linda from _____________. We are your leasing company. In September of 2007 you leased....” It’s important to identify yourself as their leasing company. Let them know your programs for add-ons, upgrades and co-terminus leases. An existing lessee will do more business with you if you show them consideration and appreciation.
2. Teach Your Vendors
In a shaky economy, where lessees have become increasingly price conscious, teach your vendors how to show the lessee how an upgrade in equipment might benefit them.
This idea comes from the rental car industry. When gas prices spiraled higher and higher, car-rental companies saw a distinct change in their customers' reservations strategies. Chris Payne, Dollar Thrifty's senior manager of corporate communications, offered this explanation in an article on Direct magazine's Web site, "There are road warriors who like to get the best deal they can. [Before gas prices went up] they would reserve a smaller car than they really needed knowing we'd probably sell out and they'd get a bigger car at no extra cost. Now people are saying, 'Wait a minute—I reserved a smaller car and you want to give me that gas guzzler? Forget it, I don't want it.'"
The company, unable to make swift changes in its fleet, responded by creating a chart with which rental agents could assuage the concerns of their hesitant customers. The chart shows gas usage and overall rental price differences model by model, based on a 100-mile round trip. By demonstrating how an upgrade offered a significant increase in comfort without costing as much as a customer might anticipate, Dollar Thrifty was able to frame the issue in realistic terms—essentially, that the tradeoff might be worth the extra $50 spent on gas.
Talk to your vendors, share this story with them and then brainstorm ways to sell more equipment using low monthly payments and increasing their productivity.
3. Leverage Your Specific Strengths
What are your real assets? How can you leverage your specific strengths to succeed in this economy? Set aside time to analyze your strengths and weaknesses and answer these vital questions:
• What makes your company unique? Is it your level of preparation before a meeting? Leverage your preparedness. What advantages do you have to leverage? Which challenges can be transitioned into opportunities? And is the company prepared to take on those challenges?
• Where do you make the most profit? Bigger transactions? Smaller transactions? Fee income? Where are your resources being spent? To what extent do those connect?
• Are your leasing products and promotions aligned with current market needs and expectations? What are your customers saying?
• Who are your top competitors? Banks? Customers paying cash? What are your competitors' strengths and weaknesses? How do competitor products and promotions compare with—and impact—your products and promotions?
• Which is your most profitable equipment segment? And which customers are you most likely to retain if the economy worsens? Are there alternate market segments that might now be better positioned for your products and services?
• What are the current and foreseeable trends in your vendors industries? Are there any emerging trends on which you may be able to capitalize?
• How up-to-date is your marketing plan? How valid is the rationale behind your current marketing programs and promotions? Is your marketing accountable for results?
While you were reading the above questions you probably had one-word answers pop into your head. Take the time to print this out and handwrite your answer next to the question. If you really want to differentiate yourself and meet your volume goals for 2009, take the time to answer the questions. I’ll even take this one step further...print this out, write in your answers & fax it to me @ (856) 424-2363 & I’ll give you a free 15 minute sales and marketing coaching session. I’m here to help.
Increase your exposure with your existing lessees, become more valuable to your vendors, and identify what sets you apart. These actions, aligned with integrity and optimism will give you hope and a strategy.