Competition
Top originators in the commercial equipment leasing and finance industry respect their competition. Top originators are challenged by their competition. Top originators learn from their competition. Top originators embrace competition, because they love the opportunity to out-sell, out-service, and out-perform their competition.
I am often amazed by the lack of knowledge that average originators have about their competition. Their comments include:
- They have better pricing
- They have lower credit standards
- They have better processes
- They pay more
- They have bigger marketing budgets.
All of these comments could not possibly be true or that "golden-ticket" competitor would be quickly out of business. If the competitor has the lowest pricing, the lowest credit criteria, and pays its sales team significantly higher wages, then that competitor will not be a sustainable player in the industry.
There will always be competitors with lower yields, but these competitors most likely will have higher credit criteria. There will always be that competitor that offers products or programs that you and your organization have deemed imprudent. Top originators learn from their competitors and observe what is working and what is not working in the marketplace. Learn the details of your competitors' products, explore the negative and positive attributes of their products, and be prepared to embrace or dismiss new products based upon verifiable facts.
Top originators are never intimidated by competition, or shy away from confronting competition head-on. Top originators are fully comfortable with their position in the market and ready to defend their position from unworthy competitors that are trying to encroach on their turf.
Defend Your Position
This "Sales Tip" is provided by Wheeler Business Consulting.
Comments, questions and suggestions regarding
weekly tips are welcome.
Phone: 410-877-0428
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