Med One to One Summer/Fall 2023 ISSUE 76

How to use finance options to meet your sales quota.

How to Use Finance Options to Meet Your Sales Quota

By Ibby Smith Stofer

In the dynamic world of sales, meeting the annual quota is a crucial objective that often determines the success and growth of a business and your own career. However, achieving this target can be a daunting task, especially when faced with obstacles such as market fluctuations, intense competition, and changing customer preferences and priorities. Through case studies and best practices, we can unravel the power of strategic finance and its potential to drive sales growth, providing insights and inspiration to sales professionals and business owners alike.

The dreaded sales year quota—it’s that elusive number that hangs over your head, taunting you like a dark cloud. But let’s face it, meeting your sales target is crucial for the success of your business as well as your individual career. It’s what keeps the wheels turning and the cash flowing. Without hitting those numbers, your company’s growth and profitability can take a nosedive and you may find yourself on a job hunt as well!

Now, you might be wondering, what do finance options have to do with boosting sales? Well, they have more power than you might think. Finance solutions, such as flexible payment plans, installment options, or leasing programs, can be like magic wands that make your product or service more accessible and enticing to customers. They remove the financial barriers that often stand in the way of closing deals.

Think about it this way: not every customer has the cash on hand to make a big purchase up front. But by offering finance options, you open the door for potential buyers who might not have considered your product or service otherwise. Suddenly, that product or service becomes affordable and within reach. Finance options can be a game-changer, giving you a competitive edge and helping you drive sales growth. Whether you are a territory rep, a sales manager, or a finance leader, achieving sales quota matters.

By offering flexible financing options, you can address your customers’ concerns head-on and provide them with the peace of mind they need to make a purchase. Whether it’s spreading out payments over time or offering a buy-now-pay- later option, finance can help you break down those roadblocks and pave the way for successful sales.

Let’s look at a typical situation selling medical device or software in an economy where margins are slim to null, reimbursement is ever changing, and finance is driven to reduce costs due to declining patient revenues.

Customers love the technology or service, but the budget is frozen according to the finance department. Clinicians are pressuring Supply Chain to make it happen. They voice that the patient satisfaction as well as reduced clinical frustration should be sufficient justification.

In a prior position, your company did offer a variety of finance options through a financial services company. The representatives of that firm did the heavy lifting when it came to understanding the customer’s situation and objections. They worked in partnership with you and your colleagues and sales results showed the benefit to both you and your employer.

What if you told your boss the story of sales turnaround that happened by offering options to cash sales? What if you reached out to that firm and introduced them to your company and boss? Perhaps the results could once again spiral in the right direction. Adding finance options and a team of knowledgeable advisors to your sales arsenal can be very powerful in not only closing sales, but in how your customers see the service level and depth of understanding you bring to them.

So, the next time you find yourself struggling to meet your sales year quota, remember the magic of finance options. They might just be the boost your business needs to conquer those targets and exceed expectations.

By incorporating strategic financing into a sales process, customers who were once hesitant to make a purchase due to financial constraints will then have the flexibility they need to say “yes” to a product. Finance options have the power to unlock sales potential and drive success. By understanding your customers’ financial needs and offering tailored financing solutions, you can remove barriers and close deals like never before.

Finance solutions, such as flexible payment plans, installment options, or leasing programs, can be like magic wands that make your product or service more accessible and enticing to customers.