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Originators in the commercial equipment finance and leasing industry know their competition well and never shy away from outperforming their competition. As originators are planning for 2025, they are reassessing the market and considering the competitive environment. The past eighteen months have including multiple shifts in the market. Industry participants have redefined their focus, pricing, credit requirements, preferred industries, channels, and other characteristics. The market has changed significantly. Some past competitors may no longer be relevant to an originator's current business model; and other participants may suddenly be significantly relevant.
To win larger and stronger relationships an originator must know who and against what she is competing. Originators are operating in a highly competitive market that is constantly changing. Vendors and end-users have many options in the market. It should always be assumed that other participants are striving to win the same relationships and transactions that any originator is pursuing. To clearly define an originator's position in the market, top originators routinely ask:
- What other companies are bidding on a specific opportunity?
- What does a vendor or end-user like and dislike about other offers?
- What specific structures and pricing have other competitors offered? (Strong originators ask for copies of competitor's proposals.)
Blindly quoting and praying that you win a transaction or relationship is a futile effort. Knowing the competition and aggressively striving to outperform the competition produces the greatest results.
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