Could Equipment as a Service (EQaaS) be the future of #equipmentfinance?
Imagine it. You spec out your gear and pay a fixed dollar per month for use of the equipment. At the end of term, you spec out the replacement, tweak the payment and keep on keeping on. Equipment as a Service (EQaaS). But isn’t that what we call leasing today? Well…yeah. But clients don’t really […]
You guys are missing the easiest sales and marketing tool ever.
A finance term is a gift from the sales gods. A hard wired compelling event. No “I’ll think about its”, “what ifs” or “maybe laters”. A sure fired “get off your butt and do something” moment in the life of your customer. Of course it is a staple of your pipelines and sales activity. Right? […]
Could your customer experience be costing you big money?
What is your customer experience? Simple question we have recently asked of our clients, but the answer has not come so simply. In fact, very few have really had an answer at all. And here’s the real kicker… In our 2015 Equipment Finance survey, 61% of obligors would not readily return to their most recent […]
How do you make email marketing work in commercial finance
“Say something I’m giving up on you.” That’s an excerpt of a popular song for you old guys. It’s also what most of your email audience is saying. We are continually astounded at the number of EF companies that want to and do dive head first into the pool of email marketing without the slightest […]
The problem with selling money for equipment. #equipmentfinance
Just finished a batch of “Immersion” meetings with a bunch of new customers and heard an old turn of a phrase that made me throw up in my mouth a little. When asked to describe how they went to market, they said, “we sell money”. Well…in a crude sense…yeah. But if that’s all you’ve got […]
SaaS is really Equipment Finance, right? What does that mean?
The proliferation of Software as a Service (SaaS) has been in impressive innovation in recent years. Instead of the old “Seat License” structure that could carry the up-front cost of a few hundred bucks per seat to tens of thousands, software companies began to offer a low monthly payment subscription that allowed for easier acquisition […]
Popularity vs. Publicity: Social Media in Commercial Finance
I freakin’ love this picture. I’m an ugly bald guy but…man. In this age of social media is all publicity good publicity. Is it an issue for the commercial finance business? We think there is a difference between the good ole “power of publicity” and the “quest for popularity”. Social media is an increasingly powerful […]
They don’t call themselves vendors. You know that right? #equipmentfinance
In a 2015 Survey of more than 700 equipment sales operations: 91% DID NOT describe themselves as a vendor. 38% weren’t exactly sure that “Vendor Finance” programs meant programs to finance their customer’s purchase of their equipment. We have named an entire multi-billion dollar segment of the commercial finance business…vendor finance. Roughly 4 decades of […]
Expanding into new asset classes? An easy (and cheap) way to test the market for your #equipmentfinance solutions.
Economic conditions have finally turned in favor of the equipment purchase. Cool. In times like these though, competition increases with crazy rates and structures to win the business in common asset classes. Not cool. One of the best ways to insulate yourself from the cycles is expertise in new, diverse, even unusual asset classes. But, […]
The inefficient #sales process of the #commercialfinance business. #equipmentfinance #abl
WARNING: You’re going to generally agree to radically agree with this article and then go back to the way this business has originated for 40 years and hope for a different result or surrender to the “we don’t have time” or “there’s no money” story. Folks, really stop and think about what you’re doing for […]