Persuasive Messages
Stephani Thurman
COM/295
December 14, 2015
Dr. Ivonne Bates

Part I
The Product: Incentives Lead to Growth
A resurgence of the economy has brought old competition back into the Capital Finance arena, making new client retention harder to come by. To increase our profits and gain new clients to our portfolio, I have a vision of launching a client referral program. An incentive to our existing clients to refer their business vendors and customers will aid us in gaining prospects to our group. It will then be the Business Development Officers job to present the Letter of Interest, and sign the new client. To keep profits margins strong, this would not be a cash incentive, yet it would be monthly finance charge decreases for each client referred. A large portion of our clients finds difficulty in paying the quarterly finance charges, as some clients pay their sales and employee taxes quarterly. As a referral incentive, we will offer a percentage of fees waived. Mazon Associates, Inc (2015), a competitor of ours, offers a 10% referral fee payment based for the term of the client relationship. This small referral fee payment can make a big difference in our clients’ checkbooks. To stay competitive and grow in the asset-based lending market, we must do something that benefits the client to earn their trust and referral. If this product launch does not take-off quickly, we may need to implement into the Business Development Officers marketing collateral that is distributed on a monthly basis. Since the product depends on our Underwriting and Credit teams to book, we will need to devote a six-month program to see the true results of this incentive. Since this incentive will be based on the performance of the referral, no direct costs to our Cost Centers will occur unless we retain new clients to the portfolio. The largest cost will be the marketing campaign to launch and present the new program.
The Delivery
This product will need to be presented in person to our Marketing Directors, Sales Managers, Business Development Officers, and lead Management team. For this presentation to be most effective, a Powerpoint presentation displaying the competitions incentives and the impact it could have on our clients will be necessary. Since the product will affect some of the fees that we collect monthly and quarterly, it will be important to give the presentation in an open-forum where questions can be asked, and visual aids can show the return on investment based upon our current portfolio. It will be imperative to have each management area in one room since all deal with different aspects of the client.
Part II:
The Pitch
Lower monthly fees? Yes, please! By referring your customers and business partners to Wells Fargo Capital Finance, you can earn a 15% monthly fee reduction for the life of our asset based lending relationship. This is a great opportunity to save money and help your vendors and friends increase their working capital. All you need to do is refer your colleagues to Wells Fargo and watch the fees decrease.

The Delivery
The context in which this sales pitch will be delivered is through email and web page banner. A large majority of our clients are field based, so they don’t have quick access to the mail or meetings with Business Development Officers. The email will provide them with links to information in which they can fill out a form to send to a potential client referral, and they are done. This process needs to be streamlined, simple and quick since our clients are heavily involved with their daily functions within their business. This message will also be displayed as a web banner on the Client Portal so they can see it once they log in. The clients access their portals multiple times per week, so this will act as a reminder to earn the incentive.

References:
Mazon Associates Inc. (2015). Retrieved from http://mazonfactoring.com/resources/referral-program/