Originators in the commercial equipment leasing and finance are required to have many skills. It is important to know your strengths and your weaknesses. What category do your strengths fall within?
Processor: Originators are required to know the process of developing, adjudicating, documenting, and funding a transaction. Originators actually sell the process and must be well-aware of every step. However, some originators get pulled into the process and actually spend most of their time processing transactions, rather than selling the process to new prospects. These professionals are, in reality, more processors than sales professionals. Therefore, they have a difficult time ever becoming top producers.
Account Managers: Originators are often required to manage existing relationships. Many originators are highly skilled at maintaining existing accounts by being the intermediary between the needs of their clients (vendors and/or end-users) and the capabilities of their companies. Account management can be a full-time position and requires originators to know the process well and to be able to sell the process consistently. The challenge for originators that spend all of their time managing existing accounts is that they rarely have time left to develop new accounts or to create future channels. Therefore, they become highly dependent upon existing accounts and they start to bend to every demand of their existing clients.
Hunters (New Business Developers): An originator's primary responsibility is to develop new relationships. Hunters maximize their incomes by being proficient in finding and closing new relationships. Hunters create future sustainability because of their ability to consistently establish new relationships. Hunters are well-versed in their company's process and are proficient in articulating the benefits of the process. Hunters know, and are able to sell, the importance of managing a relationship and, if need be, they are able to jump into an account management role with ease. However, they focus most of their energy on developing new business.
Top producers in the commercial equipment leasing and finance industry are capable of fulfilling all three functions proficiently. Top producers are hunters first, account managers second, and processors third. They understand the importance of each function and set their priorities to maximize results.
This "Sales Tip" is provided by Wheeler Business Consulting.
Comments, questions and suggestions regarding
weekly tips are welcome.