A 70% increase in monthly sales confirmed what Kwipped.com leadership suspected- The equipment leasing industry was ripe for disruption.
This is what Kwipped.com management discovered as the data rolled in from their online equipment marketplace showing marked improvements in the close rate on capital equipment. According to the Equipment Leasing and Financing Association (ELFA), in 2018 approximately 63% of all commercial and industrial equipment was purchased through some method of financing. Needless to say this is a massive opportunity representing billions of dollars in revenue. The question Kwipped leadership sought to answer was whether their rate of RFQ-to-sale might be improved by removing the obvious sales friction in the traditional equipment leasing model. Leadership identified three major areas of sales friction in the existing process:
- Supplier loss of control and visibility
- Too many declined applications
- A slow, cumbersome process
These three factors were identified as the culprits behind the industries low RFQ to sales conversion rates and Kwipped “APPROVE” their leasing-quoting platform was their answer. “Approve” solves these problems by eliminating points of sales friction with technological advancements and a Lending Tree like model designed for industrial equipment. As a result in the first month “APPROVE” was implemented on Kwipped.com, the company realized a remarkable 70% increase in sales growth.
Management quickly came to see “APPROVE” as a leasing-quoting technology platform in a box and as a possible windfall opportunity for equipment marketers. They learned “Approve” provides an environment where lenders compete for business and that the leasing option creates a powerful new sales incentive when integrated into the quoting process. In addition they witnessed how plain view transparency of the leasing approval process guarantees improved communication between the buyer and seller. These improvements result in the greatly improved rate of sales closes.
Interested in learning more about “Approved”? Contact David Gural at (610) 520-9557 or send an email to [email protected]
Watch as lenders compete for your leasing business!
The “Approve” platform moves the lease option into the quoting process
Attract Design Engineers with your 3D CAD Models!
Get spec’d in with a proprietary network of over 27 million qualified buyers Thomas TraceParts Network
Maximize your CAD development investment and turn your 3D CAD models into high value leads with Thomas TraceParts. Engineers love 3D CAD models! CAD models save engineers time because they usually contain all of the information an engineer needs in order to know that a product their evaluating fits their need. Thomas TraceParts makes it easy for millions of engineers to find and specify your products!
Our data shows 89% of design engineers buy only from companies who supply CAD. New contacts who download your CAD file are the highest quality opportunity here’s why:
- Once your product gets specified it has up to an 88% chance of being purchased.
- After your product makes its way into your customers supply chain there is a 94% chance that same product will be purchased again for future projects.
- If you want to attract new engineering contacts, offer them your highest value content. 3D CAD models convert visits to submissions at a rate of 2.5x greater than any other technical asset you can offer.
- The Thomas TraceParts audience is vast, over 27,000,000 engineers in 44 marketplaces.
To learn more check out the FAQ and Promo Sheet, or contact David Gural (610) 519-1830
Thomas Connect™ is a licensed technology developed by Thomas Product Data Solutions that seamlessly connects OEM product information with their distributors. Thomas Connect™ is amazingly effective combining simplicity, elegance and the low price that you expect from Thomas for Industry.
Thomas Connect™ is the ideal way for manufactures to support their distributors and to ensure that your product information is complete, accurate and in full compliance with your branding policy on all of your sales partners websites. Using Catalog Navigator is not a condition for participating in Thomas Connect™. Manufacturers who are happy with their catalog solution can use Thomas Connect™ without Catalog Navigator to syndicate your data to your sales partners. If you are a manufacturer and want to learn how to include your products into the Thomas Connect™ network of manufacturers contact us at the contact information below. Learn how Thomas Connect™ helps OEMs
Thomas Connect™ is great for distributors as it solves the problem of collecting, organizing, maintaining and publishing product information from their multiple suppliers onto your website. And when distributors use Thomas Connect™ your manufacturers’ product data sits on YOUR website so that you get search engine optimization benefit. With minor setup on the distributor’s website Thomas Connect™ works seamlessly when combined with Thomas Catalog Navigator, but you can use Thomas Connect™ without Catalog Navigator. TPDS has already implemented thousands of manufacturer catalogs which are ready for deployment from Thomas Connect™. If you are a distributor contact our sales office and let us know which manufactures you represent. If their catalog is already in Thomas Connect™ we can contact them with you to start the process of contacting them and the implementing of your Thomas Connect™ solution. Learn how Thomas Connect™ helps Distributors
Want to learn more? Watch this 2 1/2 min Thomas Connect™ video demonstration to see Thomas Connect™ at work! Please contact David Gural at (610) 519-1830 or [email protected]
Thomas Connect FAQ.
Q. What is Thomas Connect?
Thomas Connect is an easy way for OEMs to deliver their approved product data across their various sales channels. It enables them to create and maintain that data, publish it online, and syndicate it to their distributors and their Thomasnet.com profile. In doing so, Thomas Connect makes it easy for distributors to populate their websites with real-time, OEM-approved data.
Q. How does my product data get into the Thomas Connect platform?
Thomas Connect features an easy, intuitive online interface for entering/creating your data; you can also batch upload your data via comma-delimited format.
Q. What if my product data is not yet digitized?
If you don’t have the resources in house to convert the data in your product catalogs, spec sheets, Excel files, etc., and enter it into the Thomas Connect platform, Thomas can quote a price for converting and uploading all of that data for you.
Q. I’m an OEM; do my distributors need to be in the Thomas Connect network?
Yes, your distributors must be a part of the Thomas Connect network to receive your syndicated product data. We make it easy for you to invite your distributors to join Thomas Connect.
Q. I’m a distributor; do my OEMs need to be in the Thomas Connect network?
Yes, only OEMs that are part of the Thomas Connect network can send you their product data via our platform. We make it easy for you to invite your OEMs to join Thomas Connect.
Q. How do I invite my OEM or distributor partners to join Thomas Connect?
Inviting someone to join Thomas Connect is similar to sending an invitation to connect with you on LinkedIn. You can search for your existing partners from within Thomas Connect’s huge database of OEMs and distributors, or you can create a new business listing for them in our database. Once you’ve identified all of your target partners, one click sends them all an automated email invitation to join Thomas Connect.
Q. How much does Thomas Connect cost?
Thomas Connect is free for your first connection with the partner OEM or distributor of your choice. Adding subsequent OEM or distributor partners triggers an annual $850 base license fee, plus a fee of $600 per every additional OEM or distributor you connect with (beyond your first free initial connection). Distributors have a one time integration fee of no less than $1500. OEMs have a one time data production fee that is quoted.