10 Aug 5 Effective Strategies for Offering Retail Consumer Financing
Just having retail consumer financing is not enough, you have to implement a plan of action and educate customers to be successful!
Listen to customer cues
Your customers will allude to the fact that they need flexible payment options, but you must be listen to spot these verbal cues. Customers most commonly complain about pricing or may seem surprised or hesitant when they learn of the cost. This a great time to introduce your retail consumer financing options, to help them see that there is a way they can afford your products that day.
Upsell, upsell, upsell
The higher the cost of your customer’s bill, the more likely they will be want to use consumer finance. The best way to upsell in a subtle manner is to position your most popular items near the front register so that as customers make their way to check out they can be reminded to grab last minute items. Upon reaching the register have sales clerk offer an add-on such as a warranty or other complementary products. Offer consumer finance before checking out to encourage customers to accept add on offers to their bill.
Advertise flexible payment options
Your website, social media and front door are great places to advertise your retail consumer finance options. The marketing material provided by Financing Your Way is ideal for retail stores who want their clients to know they offer flexible payment options. You don’t have to re-create the wheel when you work with Financing Your Way, because you receive modern and customized marketing material to help your clients understand their payment options.
Offer Multiple Options of Consumer Finance
If your customer is denied because your only offer traditional retail consumer finance, they will feel embarrassed and disappointed about being turned down. Make your sale seamless and avoid disappointing your customer by offering multiple options. Companies like Financing Your Way make this easy, because they partner with multiple lenders to offer consumer financing options with various criteria for approval.
Train your staff
A well-trained staff can make your consumer feel confident about using retail consumer finance. Your finance company should assist with staff training so that you have uniformity in your sale process and that there is no variance in the presentation of consumer finance products. Finance your Way offers this training and so much more support, so your company can easily begin offering retail consumer financing options.