Originators in the commercial equipment finance and leasing industry depend upon accurate and up-to-date data to aggressive pursue existing and potentially new relationships. CRM information can rapidly become obsolete and ineffective, especially in rapidly changing markets. A top-producing originator recently explained how he is diligently working to keep his information relevant. He is building his database for the future rather than as an observation of the past. He is finding that many of the contacts within his database have recently changed (especially within vendors). Past recording of competition, product lines, equipment types, or even needs and wants of vendors or end-users have changed in the last six months and are no longer valid. He commented that outdated, inaccurate data is more ineffective than no information at all. By deleting old inaccurate information and replacing it with up-to date data he now has the confidence to focus on those clients and prospects that he has the greatest ability to assist in 2023 and beyond. A static unchanging database can provide false security for an originator or a company. Effective databases are like a living organism; constantly changing, expanding, and contracting as market conditions change.

A veteran originator explained how he reprofiles his vendors and end-users on a continuous basis.

• He confirms a listing of all sales reps within his top vendors.
• He constantly asks end-user contacts who else he can communicate with within their company and maintains an up-to-date listing of decision makers.
• He routinely asks about competition. More importantly, he tracks the strengths and weaknesses of specific competitors - these attributes are quickly changing within today's market.
• He actively asks vendors and end-users what changes they are experiencing and how those changes are affecting their business.

It is essential that originators keep their data up to date in a rapidly changing market.

Wheeler Business Consulting is working with individual originators and sales teams throughout the industry to ensure that they are well positioned in the market, capturing their fair share of business, and outperforming the competition. To schedule a one-on-one meeting contact Scott Wheeler at: scott@wheelerbusinessconsulting.com

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email: scott@wheelerbusinessconsulting.com