Running an appliance store means constantly staying on top of what your customers want and need. The number of appliances available to enhance our households – and the many varieties within those broader categories – seems to increase all the time, and, with online reviews, specialty YouTube channels focused on appliances, and more purchasing options than ever at your customer’s fingertips, meeting those wants and needs can seem challenging.
With so much competition and a constant increase in customer expectations in the appliance business, it’s easy to get stuck in a rut, especially when it comes to consumer finance. Yet, on the other hand, the right finance automation solution can take your finance program – and the revenue you generate from it – to the next level, and that makes a strong consumer finance program eminently worthy of the investment of your time and effort. But how do you get started? What will it take to establish a truly effective consumer finance program for your appliance business?
Step 1 – Take Stock of Your Current Program
Is your current consumer finance program a help or a hindrance to your overall revenue outlook? Do you find yourself consistently pleasantly surprised by what your finance program is doing to to your bottom line or disappointed by underwhelming returns? Do you have the reporting system in place to make those determinations in the first place?
Sit down and write down the answers to those questions. Next, create a full pro and con sheet for your consumer finance program, whether it barely exists or is already in full swing. If you don’t have a consumer finance program at all, that’s a con in and of itself; in that case, you are most certainly leaving money on the table.
Step 2 – Establish Your Fundamentals
What do you want your appliance store’s consumer finance program to look like? How do you want it to tie into your business and your core values and mission? In the ideal scenario, your finance program will become an extension of your business and a key revenue driver. Put your business’s value proposition down in writing, if you haven’t already. Is your consumer finance program a key part of it? If not, write it in.
You are establishing these fundamentals not only for your awareness and benefit, but also for that of your team. You want them to understand how essential financing is to your sales pitch and to offer it as an option to your appliance customers every time.
Step 3 – Evolve With the Times
An outdated or laborious finance program won’t do your appliance store any good. You need an all-in-one consumer finance automation solution like FormPiper to take your finance program to the next level. With FormPiper, you’ll enjoy a streamlined application process and informative reporting at your fingertips. The information you’ll garner from your reporting dashboard will help you make changes to keep your appliance store competitive in an extremely crowded field.
FormPiper lets your customers apply for financing from anywhere, from their own devices, or from your devices in your store. And, should you want to try a more managed approach, FormPiper also has managed services available, along with a self-managed option. It just depends on your business’s particular needs.
With FormPiper backing up your appliance store’s consumer finance program, you’ll pull in more revenue and make both your employees and your customers happier, creating the kind of business environment that breeds customer loyalty and great word of mouth. Want to see for yourself how FormPiper can benefit you? Schedule a demo today.
