a more INTELLIGENT approach to equipment finance

Closing the sale: How to improve your sales ratios

As an air of uncertainty continues to engulf Britain, many UK businesses have unwillingly held back on investing in new equipment that could potentially help them to increase revenue and forge new business deals on a national and even international scale.

Some UK manufacturers have reacted by applying the brakes on various production plans and approaching sales in a much more hesitant manner. On top of this, the age-old issue of increasing sales ratios remains. Getting over this hurdle could prove difficult for many manufacturers but once mastered could deliver immense rewards.

So aside from understanding your customer’s fears and strengths to create solid relationships, what other factors are within your control that could boost sales and conversion long-term? Recognising if your sales team are effective at selling your most profitable products and then taking the necessary action to get them up to speed.

Having a skilled sales force that can open as many doors as they can confidently close will help to boost your sales figures. Here are 5 key things to think about when training your sales force:

1. Are they naturally confident people, with high amounts of energy and natural curiosity? Your sales team should radiate an infectious, charismatic energy to connect and build trust amongst your customers easily. When the person tasked with selling your products comes across cold and uninterested, your customers will be instantly put off which could negatively affect your future relationships.

2. How well do they know and understand the products, equipment and services that are on offer? To provide customers with real value, you must understand why your product is better than the competition. Being able to share industry statistics, quotes or case studies from existing clients, you are doing more than giving an opinion of your product. You are actually using social proof to help your customers make the right decision. Try to revisit those you have previously sold to and find out how your product benefited their business and then share relevant industry examples with other clients.

3. Every successful salesperson should have the necessary information to set clear goals. This means that as a business, you must first understand and accurately measure where you are, including your current sales ratios. Using this as a starting point, you can then define your sales targets with considered data to build a solid pipeline. How many leads do you have coming in? How does your team acquire these leads and how many initial calls are being converted into appointments, quotes and purchases? Once have all of this information, you can quickly assess at what point you are losing a buyers interest, is it the cost, the competition or something else? Once you understand this, you and your team can set some clear targets.

4. It is essential to push yourself when setting your targets, so try not to make them too small or so big that they feel intangible, as this could have the adverse effect and halt your progress leading to procrastination and demotivation. The following points should help you to set out your goals:

  • Pride level target – this target tends to spark determination in competitive people. The level an individual chooses here is a matter of pride, and he or she can’t conceive falling below the target for this reason. This works as a very powerful motivator.
  • Medium level target – is usually a target that the individual can and should attain when they’re focused.
  • High-level target – this level should evoke real excitement in the person that’s aiming for the target. It’s the goal that they’ll ultimately strive to achieve.

5. Now that your sales team is armed with knowledge and clearly defined set targets, you can ensure that they have all the necessary tools to help them achieve positive results, supporting both the customer and business needs alike. If cost is an issue for most customers, show them that you appreciate their concerns and be ready to help by providing different options and solutions to their problem, in particular, finance options that can be tailored to their needs.

For over 30 years, Somerset Capital Group has been providing customised, equipment finance solutions globally. We have helped some of the UK’s leading businesses by crafting flexible leasing options that are right for you.

Using our extensive industry knowledge, we understand your business requirements and know what your customers want. We are continually evolving so that we can always find the right path to support all aspects of your business needs.

About Somerset Capital

For more than 30 years, the Somerset family of companies has redefined equipment finance. We take our clients further by providing services around the financing of equipment for mid-sized and large companies throughout the Americas, Asia and Europe. From equipment needs starting under $100,000 and reaching to $25,000,000 and beyond, our unique asset-driven solutions bring a more intelligent approach to your commercial equipment requirements. Learn more about how Somerset helps clients go beyond finance by going to www.somersetcapital.com/solutions.