How can I close more sales?
This is the eternal question – one that nags us late at night while we pour over budgets. Fortunately, financing equips you with an effective closing tool – one that can be used in a number of closing scenarios and mentioned at various stages throughout the sales process.
But how to use financing properly? We’ve gathered some tips that will help you decide how and when to leverage financing as a sales tool.
Always lead with a low monthly payment.
Leading with price may sound strange, because price is usually discussed at the tail end of the process, but when you have financing at your disposal, price becomes a very attractive talking point.
Why? Financing makes price more digestible and allows your customer to start thinking about how to factor the cost into their monthly budget. Leading with a price tag of $95 per month is far more effective than dropping a large price tag at the end of a conversation.
Relate financing to similar products.
Monthly payments are nothing new: Households run on them. Whether it’s a hydro bill, a cable bill or a mortgage, the topic of routine monthly payments is a great way to slip financing into the conversation. Framing a low monthly payment as a routine expense also helps to familiarize customers with financing, especially if it’s something they’ve never considered.
When you have financing at your disposal, price becomes a very attractive talking point.
Align to your customer’s monthly budget.
All big ticket purchases ultimately come down to monthly payments for customers. Most of your customers aren’t ready to consider a sudden $4,000 expenditure, but they’re definitely open to discussing how a monthly payment of $95 might fit their budget. The moment you consider a customer’s budget is the moment you align yourself with their needs.
Great, but when to talk about Financing?
It may sound like overkill, but you should pepper financing throughout your sales pitch. If you lead with monthly payments from the onset, especially through your website and promotional material, your customers will be somewhat familiar with the benefits of financing. In fact, they may have sought you out because financing is something you offer.
Reintroduce financing to help you close.
If the customer is mulling over their decision, it’s important to follow up with them – especially if they have an obstacle associated with the overall price. This is your opportunity to reinforce the idea of financing, to adjust the monthly payment, or to introduce a powerful ‘no payments, no interest’ promo to create urgency and close your sale.
Financing is an incredibly effective tool when properly weaved throughout the sales process – and remember – all of these solutions are available at the click of a button with Financeit.
For informational purposes only. All quoted amounts are based on the current applicable Financeit interest rates, over the term and amortization period selected by the Dealer. Subject to credit approval.