How Vendor Financing Can Help Boost Your Architecture Software Sales
For businesses that sell architecture software to architectural firms, upfront costs can be a significant barrier to converting new sales. The software you sell deserves its price tag, but not all architects and architectural firms can afford it. What do you do? In this article, we will discuss the benefits of offering bespoke vendor financing for your architecture software, to offer firms you speak with a viable solution to financing your architectural software, in turn increasing sales and smoothing the cost of purchase for your customers.
Before we begin, a little about the Architectural software market
According to a report by MarketsandMarkets, the global architectural software market is expected to grow from $3.5 billion in 2021 to $10.2 billion by 2028, at a compound annual growth rate (CAGR) of 16.2%. The architecture software market is growing due to the increasing demand for advanced architectural technologies. The use of modern technologies like IoT, data analytics, ML, and VR has further increased the acceptance of architecture software across multiple sectors for the creation of 2D and 3D designs. In Australia, the United States, the UK, and Canada, the market is also expected to grow significantly. For example, in North America, the architectural software market is expected to grow at a CAGR of 14.7% between 2021 and 2028, according to a report by Business Market Intelligence. This growth is driven by factors such as the increasing demand for cloud-based software solutions and the growing adoption of 3D printing in the architecture industry.
Who are the main users and buyers of Architectural software?
Architectural software is used by a diverse range of professionals and individuals involved in architecture, engineering, and construction (AEC) industries, including:
Architects: Architects use architectural software to create, design, and manage building projects. They use software to produce 2D and 3D drawings, plans, and blueprints, and to test and analyze the structural and environmental aspects of their designs.
Engineers: Engineers use architectural software to design and model various systems within buildings, including electrical, mechanical, and plumbing systems. They also use software to analyze the structural integrity of buildings and their components.
Contractors: Contractors use architectural software to estimate costs, manage construction schedules, and collaborate with architects and engineers. They also use software to generate project plans and communicate project progress with stakeholders.
Interior designers: Interior designers use architectural software to create and present design proposals for spaces within buildings. They use software to create detailed renderings and visualizations of their designs and to collaborate with architects and contractors on design projects.
Urban planners: Urban planners use architectural software to analyze and visualize spatial data, including population demographics, transportation networks, and land-use patterns. They use software to create and test urban design proposals and to communicate their plans to stakeholders.
Overall, architectural software is a vital tool for professionals and individuals involved in the AEC industries, enabling them to design, analyze, and manage building projects efficiently and effectively.
What are the barriers these users face to adopting Architectural software?
Despite the growth of the architectural software market, upfront costs can still be a significant barrier for architectural firms, particularly smaller ones. The cost of software licenses, hardware upgrades, and training can increase quickly, making it difficult for firms to invest in the software they need to stay competitive. These barriers impact you, the vendor of architectural software, so finding ways to help your customers overcome this is vital.
What are the benefits of offering financing options to your architectural software sales pipeline?
At Multipli, we offer tailored financing plans designed specifically for architectural software vendors and their customers. By providing non-standard payment terms beyond the typical 90-day cycle, we enable architectural software vendors to differentiate themselves and satisfy their customers' specific payment needs.
Our architectural software payment plans are structured to accelerate deal sign-off, which in turn can increase cash flow into your business. We take on the risk of collections so that you can focus on your core business, while ensuring that you receive payment upfront.
Our financing plans are designed to help architectural software vendors avoid discounting deals and losing potential customers due to sign-off thresholds. By offering bespoke payment plans, we help to ensure rapid software sale closure without the need for discounts.
Our plans also allow customers to convert large annual costs into manageable payment plans, which are increasingly in demand in today's market. This makes it easier for customers to invest in high-quality architectural software without incurring large upfront costs.
Getting started with Multipli is simple. You can contact us directly or visit our platform, My Multipli, to quickly become accredited and begin offering architectural software vendor financing options to your customers.
Conclusion
In conclusion, vendor financing can be a game-changer for businesses that sell architecture software. By enabling architectural firms to invest in the software they need without a significant upfront investment, vendor financing can help businesses close more deals and increase sales.
Partnering with a vendor financing provider like Multipli can help businesses offer bespoke financing options to their customers, leading to increased customer satisfaction and loyalty. As the architectural software market continues to grow, businesses that offer financing options are well-positioned to capitalize on this growth and stay competitive in the industry.