Is your CRM data up to date? Is your data accurate? Or are you working with old information and assumptions?
The market has changed significantly over the last year and top originators have kept their CRM's up to date. Even credit departments are reprofiling existing vendors and end-users to ensure that they are making decisions based upon the correct assumptions.
I recently had an originator claim that 30% of his old vendors no longer align with his company's focus. The misalignment was not caused by the finance company's capabilities, but rather changes in the vendors (ex: the vendors were selling different equipment, referring smaller transactions, their marketing channels had changed, ownership changed, the financial condition of some old vendors had deteriorated, etc.) Another originator claimed that she was waiting for her existing end-users to return to their previous purchasing practices (pre-Covid) and was assuming that these practices would resume shortly. What if they don't? What if some increase their purchasing practices and others decrease their buying patterns (which will most likely be the case)?
Successful originators always have up-to-date CRM's and they depend upon accurate data to properly attack the market. Top originators assume that vendors and end-users are constantly changing. Top originators alter their strategies to serve those stakeholders which best align with their capabilities. Alignment can only be determined with up-to-date accurate data.
Survive - Thrive - Lead
This "Sales Tip" is provided by Wheeler Business Consulting.