Aqua Finance, Inc.

If you work at a business that offers consumer financing options, you likely already know how much the service can improve your bottom line. Nearly half of businesses that offer consumer financing have found it increased project spending and also improved sales, according to a survey conducted by Kitchen & Bath Design News.

These positive effects are often seen because financing options allow customers to make a purchase or complete a project that they may not have been able to afford otherwise. Complex or extensive home improvement projects or major purchases often require a loan of some kind. However, many homeowners today find that getting a loan, or at least an affordable one, is difficult.

Financing options offered by the business itself can make these purchases possible for the consumer, thereby boosting the business' profits as well.

Many businesses don't advertise their financing options

Offering financing options is a great start to improving your business, but you can't stop there. The tricky part, and possibly one of the most important steps, is to let people know about the financing options available to them. Marketing your business alone takes a certain amount of strategy, but advertising your financial services is something that presents its own separate obstacles.

"It's tricky," one businessperson said to Kitchen & Bath Design News. "Talking about finances is a minefield. You can offend them by bringing it up because it can come off wrong. It can sound like you are questioning whether they can afford your services. But if you don't bring it up, you can lose them if they don't have the money and are too embarrassed to say so. "

As a result, many businesses don't advertise their financing options consistently, or at all. Fewer than one-third of businesses market financing choices online. One-eighth said they only discuss financing possibilities if the consumer asks about them first.

How to market your financing services

There are many ways to market your financial products. While Kitchen & Bath Design News noted that some businesses tend to stick to one marketing method, it's important to have several different channels to get the word out about your financing services.

For instance, including information about your financing options on your in-store displays is a non-intrusive yet informative way to show current shoppers they can afford to upgrade their kitchen.

But what about someone visiting your website?

Market your financing services to people just beginning their home improvement research.

In today's technology-enhanced world, many consumers do online research before deciding which companies to contact for quotes. Including a banner on your website is a great way to bring in those people just beginning their research process, The Globe and Mail pointed out. Show them right away that they can afford to redo their bathroom or replace their windows.

You already know that one of the key components in the sales process is the salespeople themselves. Make sure everyone on your team is fully aware of the financing programs available.

Salespeople should know everything about the available options and be able to confidently:

• Introduce the idea of financing to the customer.
• Explain every detail of the available programs.
• Answer any questions the consumer has right away.

Few consumers bring up the topic of financing themselves, The Globe and Mail noted. Because of this, it's important that the sales staff is trained in how to do this smoothly and effectively.

Financing options can be the catalyst that encourages your customers to complete projects or make purchases that they've had their hearts set on. Offering these solutions also effectively improves your bottom line. However, this can only be done if consumers know the options available to them.

To get help in offering financing options and advice on how to market them, reach out to Aqua Finance.