For years we have noticed that not only do many commercial finance companies not sell the borrowing process with the market, they almost hide it. We’ve heard the ABL Due Diligence audit described as a financial enema and the equipment finance process for titled vehicles as finger nail extraction. That said, you might really be missing an opportunity to differentiate yourself.
Most borrowers in our target markets have at least one horror story about a deal that was sure to fund that either fell apart or they had to hold their nose while signing the docs because the process stunk so bad. Unfortunately for all of us in this business, these experiences leave prospects scarred and highly sensitive to the funding process…even for the majority of commercial finance companies that do a pretty nice job. And if you do a good or great job, why don’t you use that competency as a differentiation tool?
Very few in the commercial finance business outline an easy to understand process that points to reliability and consistency communicated up front as a key ingredient in the sales process. This presents a really nice opportunity for you. Here are some recommendations as to how to do it:
Infographic: An Infographic is a visual representation of data or in this case…a process. Work with your team to outline the steps of the application or statement submittal process and get your marketing team to reproduce it with an infographic. Use it as a discussion tool when meeting with prospects to help establish the importance of funding consistency in your company and how that’s an underused value in the industry.
The Closing Testimonial: Take a repeat client that is extremely familiar with your people and process and get them to tell their relationship story. Really highlight the focus on the easy, fast, reliable and consistent funding process.
The Expert Article Series. Bring your doc and legal people out front. Have them contribute to a brief article series about best practices for a simple and easy funding process. Use these articles often as part of your prospecting strategy…not just with existing customers or “about to fund” customers. You’ll be astonished at how many times articles like this help you sell more value and sell more in general.
Please don’t ignore this critical part of the process in the client experience. Further, don’t miss out on the opportunity to make it a competitive advantage. If you ever wanna chat about bringing the back office process out front, give us a holler.