So, the news is in… after talking to many of you about your businesses, you all have one thing in common: you wish you had promoted your financing options to your customers much sooner.
Because while, at first, the benefits of promoting financing might look ambiguous, they quickly become real and business-altering when the sales receipts roll in.
Let me explain: Offering financing increases your average sales price, and encourages customers to return for more projects or products, among other great benefits. And what business doesn’t want that?
It might seem obvious to simply offer financing options verbally as you’re closing a sale, but it is just as obvious to us that limiting your financing promotions in this way can keep the full benefits of financing forever out of your reach. So, here we’ve listed the top 4 ways to promote financing to your customers so that you can reap the benefits:
1. Price Tags
Ever go to a furniture store and mulled over a nice sofa that is just out of your budget, only to catch your breath when you see a tantalizingly low price listed on it? How can it be so affordable, you wonder, as you move towards it without thinking? You’re interested, you’re excited, and you want to know more.
Now imagine if every client that viewed your products or services had the same experience. It's important to give your customer's payment options. Consumers like choices, never assume consumers aren't interested in financing.
Displaying the monthly payments next to a price tag is a great way to enroll customers into considering financing because, in the few seconds it took them to see the price, they have realized:
A) Your actually offer financing options.
B) Those options make your product or service incredibly more affordable to them.
Having a consumer-facing, web-enabled finance offer available can make the difference in the buying decision.
2. Point of Sale
Telling your customers about your financing options at the point of sale is great, but here at Smart Home PRO we know there are more opportunities for growth if you make room for it.
So, we suggest dedicating counter and wall space to promoting your financing options. By doing so, you will quickly find that customers are eating up the information before you’ve even had time to greet them.
What’s more: having a prominent display of financing options could secure sales with customers who are budget conscious before they even know what they want.
This is especially true for small business owners since customers are less accustomed to financing options being made available from smaller retailers.
3. Marketing Programs
We all know the amazing effect that promotions can have on a business. In fact, Smart Home PRO has witnessed entire empires being built around simple concepts like offering “0% Financing!”, or “No Payments and No Interest for 6 months!”.
Smart Home PRO offers many financing options for you to choose from with no charged to customer for early repayment.That’s why we make it easy for you to offer these promotions to your clients.
How easy? Well… Smart Home PRO will create financing ads for your website and social media pages at absolutely no additional cost. Find out more here.
4. Trained Sales Staff
This one might seem like the most obvious one but it cannot go unsaid: Having people who are passionate and properly trained on how to approach financing with customers is a absolute game-changer.
Establishing guidelines for your sales team—such as the timing of the sales pitch; which brochure to present to prospective customers; and educating them on the interest rates/borrower fees, etc—is an important step in having a powerful and unified sales front that is able to successfully enroll clients into the promotions your business offers.
Moreover, if your sales team can successfully read conversational cues regarding money and move them into a discussion about your financing options, your sales could sky rocket. If a customer tells you how much they love the rose gold finish on the taps they’re ordering, but that they will take the polished brass instead because it’s a more affordable option, then offer them financing and let them know they don’t have to compromise on what they really want.
You always want your customers to feel that they are getting the absolute no-doubt-about-it best deal there is. And the truth of the matter is, offering financing is a powerful move in business for exactly that reason. But the thing that makes it both powerful and unstoppable is how successfully you can promote it. Using these four tips, you can transform your profit and reinvent your relationship with your customers in no time at all.
- Posted May 11, 2018 by Alicia King