Colombia
is a beautiful country, sitting on the Caribbean Sea in northern South America.
Twice I've gone to Bogota to do seminars on direct marketing. Another time
my bride joined me for an extensive tour of the country. Nice place.
This story is about
a nice guy. Roger Vergara Skinner. Roger and his English-speaking wife sat
in on most of a week's worth of my presentations. We got to talking. At
the time Roger was marketing manager at a bank. He and Maria Teresa invited
me to their home, where I met some friends. We began a relationship.
Roger
is now with GECOLSA, the authorized distributor of Caterpillar products
in Colombia. This enormous earth moving equipment is expensive. Very expensive.
And thus a "consideration sale". Making a buying decision takes
time.
GECOLSA learned that
marketing and sales must work together with prospects, if they are going
to turn them into customers. Sounds like the basics ... and it is!
GECOLSA has developed
a "tool box" of financial options to help salesmen meet customers'
needs when closing deals.
"To help customers
buy our machines, we need to make better use of all the financial tools
available. We have to be prepared to work with customers on financing,"
says Roger.
Financial Marketing is
a sales function.
Vergara
points out that the position of financial marketing manager (his title)
is part of the dealership's marketing group, not the financial side of the
company. His charter is to find outside financing for customers, thereby
reducing GECOLSA's receivables. Any credit risk to the dealership must be
approved by the Finance Department.
Obviously, Roger's background
and experience in banking makes him a natural for this marketing assignment.
Working with local leasing
companies, finance corporations and banks, GECOLSA created a portfolio of
financial products best suited to its customers. "We researched customers'
needs, and then we worked with financial companies to find the options we
could offer in the sales process," says Roger.
These include leasing,
factoring, Caterpillar Financial Services options and other types of credit
like Export-Import Bank loans, letters of credit, credit lines for pre-shipment
operations, and direct payments.
For
salesmen's quick reference, GECOLSA created "specification cards"
for each option. These cards describe the type of financial option, its
costs, and how and where to obtain it for customers.
GECOLSA packages these
cards -- along with an interest-and-currency-exchange-rate chart and a list
of financial representatives in each city, and their phone numberss and
addresses -- in red tool boxes.
"These tool boxes
contain complete financial option kits. The tool box is symbolic. It shows
customers and salesmen that these options are 'tools' we can use for financing.
Customers identify a tool box with working on Caterpillar machine, so we
decided to use it as a common element for financial merchandising."
They are also launching
a GECOLSA credit card. "With the support of the main consumer credit
card company in Colombia, we can merchandise our own credit card with a
special logo. This will facilitate parts purchases by more customers. Our
credit card system can also accept other credit cards from the same financial
group."
For
use during sales calls, GECOLSA is developing a software program for portable
computers. This program will help salesmen figure out the best financing
options for customers. "Salesmen will be able to enter customer information
into the computer and discuss these financial options on the spot,"
Roger says.
"Our salesmen know
about financing, but in most cases they need some help finding up-to-date
rates, tax requirements, and contacts at financial corporations," he
adds. "The financial tool box answers many of these questions and helps
us use financial merchandising and strategies to catch more customers."
The toolbox is itself
a successful tool.
The
tool box marketing concept is successfully sold via direct mail. Offering
to prospects the opportunity to arrange financing at the Caterpillar dealership.
Makes for happy customers!
- Sometimes the mail is 3-D ... a small, wooden dimensional piece of
Caterpillar equipment.
- Sometimes it comes in a jumbo mailing envelope.
- Sometimes it is a mock-up in cardboard of the "real" tool
box the sales rep shows up with for the one-on-one presentation.
It is always eye-opening and attention getting.
Direct mail for GECOLSA
is designed to get a lead. To open the door for the sales representative
to walk through. And then work through to the close -- including being fully
prepared to handle all the financial needs.
Ray Jutkins
International Professional Speaker
Marketing Consultant
Well known for his ...
"Spend a Day with Ray" seminars
Telephone: +1+928+785-9400
Facsimile: +1+810+815-2520
E-Mail: Ray@RayJutkins.com
Website: http://rayjutkins.com
Snail-Mail:
ROCKINGHAM*JUTKINS*marketing
Rockingham Ranch
Roll, Arizona 85347-7066 U.S.A.
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