As a business, you have to keep a steady money flow all year, even when business is slow. Depending on whether you’re a fledgling business, or well-established acquiring new customers will sometimes be a challenge and for a variety of reasons.
One option can keep people loyal to you if you play your cards right. If people are invested in your product and paying for what they already have and enjoy, they have a reason to stick around. They’ll buy from you first before they buy from someone else. So, why would they do that? Because you have a Consumer Financing Program Implementation. That means in-house financing. Here’s a simple formula for implementing a financing program.
Secure a Financing Company
Some companies secure a financing company. They charge either a flat-rate or a percentage as a financing charge. There are many choices, you just have to have a chat with a few companies to make sure you have one that fits.
Make sure the Customers and your Product or Services Are Good Fits for Financing
The next step, is to find out through that meeting with several companies, if all the key elements of your business qualify for financing. This means, that your product must be something that can be financed. In other words, a product that has a substantial enough pricing to warrant paying over a period of time. There’s no set-in stone rule for this, each financing company has its own standard.
Your customers must also qualify. This means that the demographics must be correct. The financing company will do the research with you to find out if your type of customer is a good fit for financing.
Next Phase of Implementation
Make sure you have the best equipment you may need for point of sale instant financing, if that’s how your company does it. Your financing company should have a training program in place for you to on-board your staff. This way, your sales people can offer instant approval.
Marketing is King
Once you have a plan set into place, you have to make sure that people know about it. Never wait for your customers to ask you about financing. They expect you to advertise it and if you don’t, chances are they won’t ask and that’s money on the table. One of the best sources of advertisement is social media. Social media contests are a great way to advertise financing. Be creative, give away the chance to get approved for a special financing rate.
Offer Point of Sale Instant Approval
After you’ve set up all the necessary equipment and advertised now the time has come to greet your customers and offer them that instant savings. That’s right, you can now boost sales. If they spend a certain amount they get to save a predetermined percentage on the total purchase. With world-class customer service going forward, you can make many loyal customers. Instant financing is set to last well into the future.