Tips From Tibbs: Vendor Marketing Guide
The fine line between being successful and being stagnant in the equipment finance industry can easily be determined by vendor relationships. Cheryl Tibbs (CEO/Owner at Equipment Lease Co.), a veteran in the field, recently released her Vendor Marketing Guide this past October. The ten-chapter booklet covers various aspects, including vendor marketing, contact building, crafting value propositions, and more.
Vendors are businesses authorized to sell equipment to end-users, Tibbs explains, and establishing a relationship with them can take a broker that is used to hunting for individual deals to instead being the recipient of multiple deals per week. But how to get that business is where most brokers get stuck.
“I think a lot of brokers get stuck with, ‘Well, how do I find vendors and what exactly is a vendor?’” she told deBanked. “I think that chapter three sticks out in particular, just making contact, knowing how to find a vendor, what to say when you get a vendor on the hook, and how to engage with that vendor.”
Tibbs said that brokers often assume that vendors already have a bank in-house when that is not always the case. This thinking might also lead them to shoot too low even when they do solicit them.
“A lot of equipment brokers they market to vendors and say, ‘Hey, send me the stuff that your people won’t finance’ and I think if you ask for trash, you’re going to get trash,” said Tibbs. If a relationship is built properly, a broker can get the vendor’s A-paper clients, she added.
Not only does the guide breakdown vendor relationships but also provides examples of how to pursue them, whether it be email, in-person, etc. The guide is not where education ends for brokers, however. Tibbs believes it’s an on-going learning experience.
“I think if you’re making money and you’re building these relationships, that’s motivation in and of itself, to continue to sharpen your knowledge with regard to this,” she said.Last modified: November 6, 2023
Anaya Vance is a reporter for deBanked. Connect with me on LinkedIn.