When you’re running a business that sells expensive equipment and machinery, it’s important to think about your clients every step of the way. Many business leaders find suppliers online these days and expect the businesses they work with to make the payment process as easy as possible. To make this a reality, you need to manage your online presence and leverage modern-day technologies that will optimize your business. That is why we’ve put together this list of four tips; these tips should help your company increase sales, get the attention of its target audience, and provide customers with the kind of service that will make them want to do business with you again.
1. Allow customers and clients to finance their payments
Considering that the average equipment purchase is roughly $25,000, many customers will need ways to finance the equipment and machinery merchants sell. It can be expensive and impractical to pay for expensive merchandise outright in cash. But when customers are offered financing options, the additional purchasing power they are granted makes it possible for them to buy the equipment and machinery they need. Providing finance options has been known to convert browsers into buyers. This is because it gives shoppers the ability to purchase goods and services that they otherwise would not have been able to afford.
According to research conducted by Forrester, offering finance plans at check-out led to a 5.7% increase in total sales over a three year period for merchants. In addition, offering finance plans led to a 75% increase in the average purchase value at a store. When customers go the financing route through a third-party financier like Currency, they can be approved for financing within minutes – much faster than the 5-7 days that it typically takes a bank to approve a finance application. And vendors receive the funds for the customer’s payment within 24-36 hours. This is a big stress-reliever for merchant’s because they don’t need to worry about the customer defaulting on a net 30/60/90 etc. Instead, the customer will be responsible for paying the finance company back in affordable installments each month.
When it comes to purchasing expensive products, there’s a good chance that your customers and clients will need to finance their purchase. By making it easy to get financing, customers may decide to work with you instead of a competitor who does not provide the same quality of service.
2. Understand your target audience
Being highly visible to your target audience is crucial. This means having a strong social media presence and designing your website with your target customers’ needs in mind. In addition, frequently blogging about your equipment and common issues related to your industry is useful. According to business blogging statistics by Fundera, marketers who prioritize blogging are 13 times more likely to see positive ROI.
Understanding your target audience is essential. Knowing your audience gives you invaluable information. Such as what website design will be appealing to them and which social media networks they spend the most time on. Knowing your audience means knowing what rates they’re willing to pay and what brands they prefer. It’s important to create a buyer persona for these potential customers so that you understand both their demands and their demographic.
3. Implement cost-reducing innovative technologies
There are lots of easy ways you can cut costs; from running a fully remote office (which means saving on office space) to e-invoicing so that you can save time and money. Sometimes, it’s as simple as reducing indirect costs; according to Inside Big Data, reducing indirect costs could save companies more than 25% in overall expenses.
Overall, cutting costs means finding ways to reduce your business expenses–and there are several ways to do this. For instance, shopping around for a service provider with the lowest rates or working with companies that let you reduce your payment processing fees to zero and earn cash rebates.
4. Accept as many payment methods as possible
Our final tip that will help your business increase sales and satisfy more customers is to accept as many payment methods as possible. The more payment options that your company accepts, the more customers you will be able to service. These days, several different payment methods exist, from cash to newer, digital payment methods like Apple Pay–who experienced 10 billion Apple Pay transactions in 2019. That being said, you are going to want to be flexible so that you can accommodate as many customers as well as their preferred payment options.
These are four of the best strategies you can use as an equipment and machinery supplier to boost your sales, become more efficient, and keep clients and customers happy. What other strategies have you used to find success in your industry? Let us know in the comments below!
Read more: Does Your Target Audience Hate You?