As everyone in sales knows, nothing motivates a sales force 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 “email@example.com” 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 have access to over 500 factors and lenders with direct links to their websites.
- 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. On the forums, factors and lenders have a specific forum called “Alerts: Lender Contests and Promotions Alerts” where they can post 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 weekly email bulletin. You can register as a “Guest” at www.iacfb.org/registration.htm which will additionally give you access to the Factoring Broker Forums.
Get In Early
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”.