As everyone in sales knows, nothing motivates those in sales more than an exciting incentive program or sales contest. Typically, factoring brokers tend to “settle in” with one or two lenders with whom they become familiar. In the factoring industry, sales contests are often structured with enhanced commission payouts or prizes that may include everything from exotic trips to boats and cars. Sales contests can always “excite the ether” for sales people and for factors and industry lenders, they serve the purpose of getting productive brokers to expand their limited list of “go to” lenders and to begin sending deals to others based upon incentives.
How to Stay Abreast of Current Industry Sales Contests
With the significant number of active industry lenders, sales contests and incentives can be difficult to uncover, unless you happen to be on the newsletter email list of the lenders. Additionally, many contests are time limited, so you’ll want to register and get involved from day one of the promo. To keep informed and stay abreast of industry promotions, incentives, and sales contests, here’s what we suggest:
- Create a new domain-related email box just for industry newsletters. Call it “firstname.lastname@example.org” and use this email box exclusively to sign up for industry newsletters. Visit as many lender websites as you can locate and if they offer a newsletter, sign up. This exercise has an additional “training” benefit in that while on the lender’s website, you can view the lender’s preferred client types and any niche or specialty industries they finance. If the lender has a unique industry mentioned, add that lender to your lender database in your CRM (Customer Relationship Manager) Note: If you are an IACFB Member, you can obtain access to over 500 factors and lenders with direct links to their websites using our Directory of American Factors and Lenders.
- Periodically visit the IACFB’s Factoring Broker Forums at www.factoringbrokerforums.com. The forums not only act as a gateway system to IACFB broker training areas, but also as a bulletin board where brokers can ask questions of lenders and their products. Though it is new, the bulletin board now has a specific area where lenders can log in and post information about current incentives, promotions, and sales contests.
- Register at IACFB. IACFB administrators typically view the sales contests on the forums and prune those that have expired. Notices of new industry sales contests are included in IACFB’s periodic email bulletin.
CURRENT INDUSTRY PROMOTIONS
Industry incentives and contest can be exceptionally profitable for productive brokers. Often, the key to this profitability is to register your interest and get in early. Attend any workshops or teleconferences provided by the factor / lender and make sure you understand the “rules of the game”. Below are current “active” industry promotions.
Gateway Commercial Finance: 25% Broker Commission Enhancement (Expires December 2nd, 2019)
Gateway Commercial Finance is an exceptionally “broker-friendly” factor and provider of small business finance solutions nationwide. It serves a variety of industries including construction.
Gateway is located in Delray Beach Florida and offers very flexible client terms including “confidential factoring”. Request to be added to their mailing list now and ask for details on their current promotion. The current commission bonus program runs from September 1st through December 2nd, 2019. We don’t need to tell you this is more than double the standard industry broker residual commission rate and such periodic commission “enhancements” by factors and is residual with life-of-account payments.
How to Subscribe to This Gateway Commercial Finance Promotion
Click the “mailing list link” above and complete the form. Request Gateway’s latest broker information package.
IACFB Factoring 101 Broker Startup: FREE Website and 25% Off Factoring 101 Add-Ons (Expires Sept 30th, 2019)
IACFB will be featuring a special September Promotion for members which includes a FREE Factoring 101 website (setup fee waived) and 25% Off Freelance Factoring 101 website hosting fees and program add-ons. This promotion is available to new brokers throughout the month of September, 2019 and includes…
- FREE Factoring 101 Website (regularly $49.95…FREE during this promotion with annual subscription)
- FREE .com domain
- 25% annual website hosting: (regularly $119.40 per year…now just $89.55)
- FREE domain-related business email (boxes)
- 25% OFF Optional Add-On: Factoring 101 Broker’s Guide to Factoring (regularly $39.95…now $29.95 with FREE shipping in the Continental U.S.)
- 25% OFF Optional Add-On: Factoring 202 Business-in-a-Box Marketing Materials (regularly $149.95…now $112.46)
- 25% OFF Optional Add-On: Directory of American Factors and Lenders (over 500 broker-friendly lenders, regularly $99.95…now just $74.96)
- 25% OFF Optional Add-On: SSL Secure Site Certificate (regularly $29.95, now just $22.46)
How to Subscript to This IACFB Promotion
- Subscribe through DMS WebHost
- Order “IACFB Factoring 101 Subscription”
- Use Promo Code “Startup” at checkout to receive FREE give-a-ways and discounts