Turn Your Retail Finance Program Into a Marketing Machine
For many retail business owners, the term ‘consumer finance,’ isn’t exactly the most exciting. If your finance program is running on fumes, you might not think much of it. You almost certainly won’t see it as the business-accelerating revenue driver that it can be. But the truth is that consumer finance doesn’t have to be boring – in fact, it should be exciting, interesting, and a key driver of marketing for your retail business.
Let’s explore a few ways to leverage your consumer finance program to power your retail business’s marketing efforts.
The Allure of Consumer Financing
Consumer finance has an extraordinarily strong marketing proposition built right into it. In the simplest terms, it’s all about flexibility. Consumer finance empowers customers to bridge the gap between what they have and what they want. Many customers don’t actually ‘need’ consumer financing in the sense that they absolutely could not make a purchase without it; but they nevertheless want consumer financing because of the convenience it provides.
Consumer financing lets customers make purchases on their terms, and it expands their world of purchasing possibilities by getting them to consider making purchases they might not otherwise make. The very best marketing plays into the customer’s desire to find that ‘something more,’ just beyond the horizon. Consumer financing speaks directly to that desire, and has a very powerful, built-in marketing allure as a result.
The Target Customer
As we alluded to above, you shouldn’t assume much when it comes to your target customer for consumer financing. Customers of all different financial means and credit profiles may be interested in financing, depending on the product or service involved. Making assumptions about your target customer for your consumer finance program can be risky; in fact, it can be detrimental to your revenue.
It’s far more prudent to assume that every customer may have some interest in financing options and to offer consumer financing to every customer, every time. Make room for financing options in your sales pitch. Make consumer financing a key part of your marketing. Give your consumer finance program room to grow, and see for yourself how your target customer segment may be much larger than you initially anticipated.
Delivering On Your Marketing
A key part of marketing is actually delivering on what you are marketing to your customers. As it relates to consumer financing, you need to ensure that your consumer finance program actually does make the purchasing process easier and more empowering for your customers. You can have the best marketing and sales pitch in the world, but none of that will matter if your consumer finance program fails to live up to the expectations you set.
A great way to ensure that your consumer finance program does live up to the hype is using FormPiper, a complete consumer finance automation solution. FormPiper upgrades your consumer finance process, making it faster and smoother for your customers and employees alike. By taking advantage of all that FormPiper’s managed and self-managed services have to offer – including robust reporting and a massively streamlined application process – you will be able to deliver on your marketing and make your consumer finance program a key part of it going forward.