Roofing is a unique field with unique business requirements, and that goes for consumer finance in the roofing field as well. This guide will help you understand the role financing plays in the roofing business, and how you can make the most of it, by answering some questions that roofing business owners may have about the ins and outs of consumer finance.
Why is consumer financing important to my roofing business?
Consumer financing is more than just a nice bonus option to offer to certain customers who need a little bit of extra room to stretch their budget; it’s a key selling tool. Practically all of your customers will appreciate the added flexibility offered by consumer financing options. It’s not just about those customers you think may need financing; even customers who don’t need it may want it, simply because it is easier for them, or because they like having the ability to open up their budget in other areas.
A strong consumer finance program boosts your revenue, makes things easier for your employees, and helps you build strong customer relationships that can contribute to word-of-mouth advertising and boost your business’s reputation.
How will my customers benefit from a strong consumer financing program?
Primarily, they get that added flexibility in making their purchase, but it really goes beyond that. It creates a sense of security in making their purchase and makes them feel at home throughout the financing process if your program is an effective one. The customer mentality matters, and it is key to building and maintaining a strong base of customer reviews and, again, reputation.
Aren’t all consumer financing programs basically the same?
There are key differences between good programs and bad ones. A good consumer financing program makes the customer feel at home and gives them the flexibility to make a purchase on their terms, without wasting their time. A bad one makes them feel rushed, presents financing as a somehow “lesser-than” option, or wastes their time with an application process that drags on and on due to a lack of effective automation.
What about the bottom line?
A consumer financing program, when implemented properly, is a revenue booster, no doubt about it. The reasoning on this is simple. If you offer consumer financing and your competitor doesn’t, that’s advantage you and more sales to you over time, clearly. If you offer financing to every customer, every time, and your competitor doesn’t that’s advantage you and more money in your pocket. If you offer consumer financing to every customer, every time, and have a consumer finance program that delivers on your customer’s expectations and doesn’t waste their time, and your competitor doesn’t, that’s advantage you and more revenue for your business.
Now imagine your competitor is a version of you and your business that doesn’t check any of the boxes above. In comparison to the box-checking, consumer finance-forward roofing business owner of our example, that version of you is no doubt leaving money on the table.
What if I don’t have time to run a consumer finance program?
Don’t sweat it. With FormPiper – a complete consumer finance automation solution – you can choose managed or self-managed services to match your level of availability and your schedule. You can take advantage of convenient reporting that brings you everything you need to know about your finance program’s performance via one convenient dashboard. And, last but certainly not least, you can save time for yourself, your team, and your customers with a streamlined application process that eliminates duplicate data entry by letting you transmit customer application information to multiple forms with the click of a button.
Take your roofing business to the next level with a strong consumer finance program powered by FormPiper, and watch the revenue and happy customer reviews roll in.
