As a home improvement business owner or decision maker, you need to find every edge you can when it comes to boosting your revenue and staying one step ahead of the competition. Simply put, this is a highly competitive field, and that businesses in this vertical are often operating on a thin profit margin, especially in a market that is currently facing a number of challenges in line with the broader economy. Every possible revenue source should be looked at and evaluated to determine its potential value to your business.
With that in mind, we’ve put together a simple guide to help you boost your revenue in one seriously underrated way: leveraging a strong consumer finance program. And the great news is that an effective consumer finance program does more than just put more money in your pocket – although it certain does do that – it also helps you build trust and establish strong relationships with customers, who will, hopefully, rely on your services for years to come.
Now, let’s explore how home improvement companies can put consumer finance to work for their businesses, their customers, and their bottom lines.
You know your customers well, but when it comes to consumer finance, have you really considered what they want and why they want it? Too often, business owners in all kinds of different industries think of financing as customers look for as a measure of last resort. The idea is that they probably can’t afford to pay for your product or service without financing, and so it is a built-in requirement for them from the start.
Now, for some customers that may be true. But many customers are mostly looking for flexibility when it comes to financing. They want options, and financing empowers them by giving them those options.
Let’s face it, home improvement services can be expensive; by offering financing to every customer you serve, every time, you can set them at more at ease about the cost of their services by providing them with the flexibility they’re looking for. For new customers especially, this is a strong early step towards establishing trust.
Putting yourself in the customers shoes is a worthwhile endeavor for almost any aspect of your business. When it comes to consumer financing, however, it is downright essential.
Now that you’re looking at consumer financing from the perspective of your customers, it’s time to seriously evaluate the current construction of your consumer financing program. Is it a central part of your business model or an afterthought? Is a revenue booster or an apparent waste of time? Is it adding value for your customers or just frustrating and confusing them?
If your consumer finance program is a core part of your business delivering added revenue for you and added value for your customers, it’s time to make a change. Start by evaluating the weak points of your program. Is your pitch lacking or is a process issue? Where do the customer pain points start to arise with the financing process? Are you capturing data related to and reporting on these issues or just sort of following your gut? (Hint, if it’s the latter, it’s time to start capturing some metrics)!
Take all of these factors into consideration as you perform a comprehensive evaluation of your consumer finance program. Once you understand your program’s weaknesses, you will be far positioned to make the key changes needed to address them.
OK, so you’ve evaluated the current construction of your consumer finance program and you’re ready to do a little remodeling. But where do you start? It’s not like there’s such a thing as a finance program remodeler, right?
Actually, there is. Welcome to FormPiper, a complete consumer finance automation solution provider. FormPiper provides managed and self-managed services to help you get your finance program on track and keep it running right. With features such as the automation and streamlining of data entry across multiple application forms during the application process, robust yet easy-to-use reporting, and services tailored to your business’s specific requirements, FormPiper is the right choice for any home improvement company looking in need of a consumer finance renovation.
With FormPiper in your toolbelt, you’ll be able to get your consumer finance program in great shape, bring in more revenue, and make your customers happier at the same time. In short, it will be an all around win for your business, and one you can achieve without a total demolition. FormPiper makes it easy by tailoring our services to your business’s needs and establishing solutions that meet you where you are in your consumer finance journey.
To learn more, schedule a demo today, and find out for yourself why so many home improvement companies are turning to FormPiper to help them make the most of consumer financing and put more revenue in their pockets.