How Do I Know if My Customers Want Financing?
Make the connection for your Customer. Don't wait and wonder if they will ask about financing.
These days, financing is prevalent. Consumers likely expect that financing is available in virtually every purchasing situation. They will look for payment options when they go shopping for a car, a couch, jewelry, cell phones, and just about everything else.
Rather than trying to imagine if your Customers want financing as an option, make them aware that you offer it by including payment options in marketing materials, on your website and in every in-home sales presentation. It’s not about pressuring homeowners to use financing, it’s about ensuring they are aware of the many options you have available and how those options can be leveraged to help your Customers achieve their most optimal project.
Don’t prejudge your Customer
When you meet with potential new Customers, it’s easy and tempting to assume that, if a Customer wanted or needed financing, they would ask for it. Making assumptions may reduce your opportunity to create a delighted Customer who ends up with their dream project completed, and who will recommend your Business to their friends and family. And, a delighted Customer may be eager to offer a review on your site or other platforms.
Why would my Customers want financing?
There are a variety of reasons that homeowners considering a remodeling project might want to take advantage of financing options. Some Customers may not have the funds available to achieve the project they need or want. Others may have money available for the project they are considering, but increasing their buying power could help them increase the scope of the project.
Different people are attracted to different types of offers, which is why it is important to make a variety of payment options available to your Customers. There are two primary loan options that attract buyers: Deferred Interest Promotions and Monthly Payment Plans.
Customers who do not have funds immediately available may find that a Monthly Payment Plan enables them to manage the expense of their project with fixed monthly payments that fit their budget. You can help these Customers meet their needs by offering Monthly Payment Plans with various interest rates and terms.
Customers who have money available may appreciate Deferred Interest Promotions where interest is billed during the promotional period, but all interest is waived if the entire purchase balance is paid in full before the end of the promotional period. These Customers may wish to use financing as a tool to get that “little extra” to enhance their project.
Either way, offering financing consistently gives you the opportunity to delight your Customers and grow your Business. That’s why it’s important to leverage the power of financing to help every potential Customer manage the expense of their project.