A consumer financing program is a great way to increase your overall sales and revenue. Many customers today do not have cash set aside for large purchases, and are interested in financing your products and services. For many of those customers, financing availability is the difference between making a purchase or not. That means failing to offer consumer financing is simply letting revenue walk out the door.
Another way you lose revenue is when your employees fail to close the deal. There are many reasons this can happen, but at a fundamental level it usually comes down to your employees’ training and knowledge of effective closing tactics. Here are a few simple ways you can help your employees nail the pitch.
Get Back to Basics
Why do customers come to your store? It’s simple: they’re interested in what you have to offer. The goal of your financing program then is also simple: to help them get what they want as quickly and easily as possible. You don’t want the financing process to be an obstacle; you want it to be a solution.
A reputable partner like Financing Your Way can create a custom consumer financing program that meets your business’s needs, but you also need your employees to buy into the process. Emphasize to them that financing is not a last resort; in fact, it’s the first choice for many customers.
They should recognize that the customer is there because they want to be, and that ultimately they want to make a purchase. Failure to make a sale typically not a customer problem, but a process problem, which ultimately comes back to employee training.
Target Training for More Effective Results
Whether you own a single store or a network of locations, it’s important to understand which employees need the most help when it comes to improving their close rates. You don’t want to take high-performing employees off the sales floor for one-size-fits-all training, so you need the data to help you figure out which employees need a little help to excel.
A great resource for this is the reporting functionality offered by FormPiper, a complete consumer financing automation solution. With single and multi-location reporting at your fingertips through a convenient dashboard, you’ll be able to see employee scorecards that track the performance of each of your employees when it comes to your financing program. Employees who are underperforming on closing can then be specifically selected for remedial training, which is a far more efficient option.
Get Training Started On the Right Foot
Maybe you’ve never offered consumer financing training to your team before. Perhaps you’d like to try a fresh approach, with a different methodology. Or maybe everyone just needs a little refresher. Whatever you choose, Financing Your Way has you covered, with staff and management training to help you upskill your team and track their progress over time.
With well-trained employees offering financing options to your customers, you’ll be well on your way to implementing a consumer financing program that enhances your retail operation. It’s a great way to boost revenue and keep your customers coming back for years to come.