Few service fields come with expectations as high as home improvement. Work done to someone’s home is one of the most personally-important services imaginable, and that means consumer finance in this industry needs a certain kind of touch. Just as you wouldn’t want to invite just anyone into your home, your home improvement customers don’t want to finance a purchase with just any business.
To make the most of your consumer finance program and build stronger, lasting customer relationships, you need to take stock of your practices today and see how you can improve your finance offerings and process come tomorrow. Here are some simple tips for ensuring your home improvement consumer finance program is up to snuff.
Understand the Customer Mindset
Our homes are our fortresses from what can be, let’s face it, a pretty crazy and stressful world. That’s probably a big part of the reason why home improvement customers are so sensitive about securing services for their homes, and cautious about financing those services. Home improvement projects are rarely cheap, and with an economy that continues to present a much higher cost of consumer goods that many shoppers are comfortable with, there is a notably increased desire for purchasing flexibility.
That desire leads homeowners to explore financing options with home improvement companies. But many of those companies don’t really understand their customers' mindsets or needs in this area. In short, customers don’t want to feel like they are settling for second best or making a desperate move by financing a home improvement purchase. They want to feel confident and secure in their purchase, like we all do whenever we buy anything. Understanding that mentality is the first step towards building a strong consumer finance program.
Make Finance Valuable
Once you understand the customer mentality regarding consumer finance, you can begin to make it more valuable through your customers. Show them the value of financing by offering it as an option to every customer, every time. Not every customer will want it, of course, but if you begin to make assumptions about who needs it and who doesn’t, that’s where you get into trouble.
Yes, there are customers who will only make a purchase if they can finance, but there are also those who will make one either way, and who simply crave options. Your home improvement business should aim to appeal to both sets of customers and to presenting financing as an option, consistently, to all.
Remodel Your Consumer Finance Program
If your consumer finance program isn’t getting you the results you’re looking for, it might be time for a whole-program-remodel. That’s where FormPiper comes in. As a comprehensive solution for automating customer financing, FormPiper helps home improvement companies by implementing technology to streamline their application processes through convenient managed and self-managed services.
Whether it’s transmitting customer data to multiple application forms with a press of a button, delivering robust and easily-accessed reporting through a straightforward dashboard, or helping you build out the right network of lenders, FormPiper makes upgrading your consumer finance program a breeze. So, whether your finance program needs to be totally gutted and redone or just needs some fine tuning, FormPiper has you covered.
Schedule a demo today and see how FormPiper can help your home improvement business close more deals and leave more customers satisfied and smiling. FormPiper can work with a variety of home improvement companies including, but not limited to: HVAC, flooring, plumbing and roofing.