When discussing technology financing with potential clients, it’s essential to simplify this aspect as much as possible. GreatAmerica Financial Services, well-versed in integrating with ConnectWise CPQ, offers three valuable tips to streamline the process in this blog.
Tip 1: Remove Line-Item Pricing
Line-item pricing provides customers with a detailed breakdown of each item and its associated cost. By understanding how the final dollar amount is calculated, customers can make informed decisions. However, it’s essential to recognize that this transparency doesn’t always favor salespeople.
Line-item pricing allows customers to selectively choose the components they deem necessary. By discerning the most and least expensive items, they engage in a deliberate ‘shopping’ process, removing elements.
However, eliminating line-item pricing curtails customers’ ability to make direct comparisons. Furthermore, it obscures the profit margin from their scrutiny. Presenting a monthly payment amount streamlines the process for both customers and sales professionals and facilitates efficient transactions.
Tip 2: Remove Bits and Bytes
Many of us have encountered situations where we visit stores like Best Buy in search of technology solutions for specific needs. Whether it’s a camera for vacation photos or a home laptop, the abundance of options can be overwhelming. When seeking assistance from store employees, technical jargon like ‘RAM’ and ‘gigabytes’ can further confuse customers. Ideally, customers desire a straightforward answer: Does this item meet their criteria and perform the desired task?
The same principle applies when providing quotes to clients. Overloading them with technical terminology can lead to stress and confusion. To ensure a smooth experience, consider simplifying the language. Instead of using jargon, focus on describing the technology’s capabilities and typical use cases. By doing so, clients gain a clearer understanding of whether the product aligns with their needs.
Simply put - avoiding technical terms can alleviate headaches for your clients. The image below shows the difference between a technical quote and a quote telling a story.
Tip 3: Add a Monthly Payment
When creating quotes, it’s crucial to consider the customers’ perspective. While it’s essential to accurately represent the value of your product or service, be mindful that large dollar amounts can sometimes intimidate potential clients.
Consider incorporating a monthly payment option alongside the overall cash price. This approach enhances customer appeal, making the smaller dollar amount more enticing. They may even be inclined to add more technology to the agreement. Additionally, by introducing a monthly quote, you signal to the customer that this flexible payment structure is available. It’s also important to offer this upfront because customers may not know to ask for other ways to pay. You will also start fostering a positive habit of including monthly options in quotes.
It is as simple as going to the ‘Prepare Content’ tab and clicking on the ‘GreatAmerica’ dropdown, then click into ‘Quick Import GreatAmerica Using Defaults’ and following a few more prompts! Check out how simple this is by watching this two minute video: ConnectWise CPQ Quoting and Submitting
Ensuring the inclusion of a monthly payment option can significantly impact deal closure. Neglecting this aspect may result in missed opportunities with potential buyers.
In summary, when quoting your customer, it’s essential to consider various factors. By avoiding detailed breakdowns of costs, you prevent customers from engaging in comparison shopping. This approach encourages them to focus on the overall value rather than individual components. Remove technical jargon to ensure clarity. Customers appreciate straightforward communication that doesn’t confuse or overwhelm them. Presenting a monthly payment amount alongside the overall cash price provides flexibility and prevents customers from feeling overwhelmed. It’s crucial to proactively communicate this option. By incorporating these strategies, you can streamline your quoting process and enhance the overall customer experience.
About GreatAmerica Financial Services
GreatAmerica is the largest, family-owned national commercial equipment finance company in the United States. A $3+ billion company with life-to-date finance originations of $16.1 billion, GreatAmerica was established in Cedar Rapids, Iowa in 1992. Dedicated to helping manufacturers, distributors, resellers, and franchisees be more successful and keep their customers for a lifetime, GreatAmerica offers innovative, complementary services in addition to financing. GreatAmerica is committed to the communities it serves and donates more than $1.1 million annually through a GreatAmerica Donor Advised Fund and an Employee Advised Fund, giving team members a say in where funds are allocated. The Connected Technologies Group is dedicated to the IT, Managed Services, and Telecommunications industries. GreatAmerica helps thousands of telecom providers, MSPs and independent VARs evolve their businesses through targeted and innovative solutions. www.greatamerica.com
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