EGIA

Strategic Financing Partners Can Greatly Increase Sales

By EnerBank - ​June 2, 2020

As seen on:

In today's competitive marketplace, HVAC contractors need to differentiate themselves every day to win new business. That's a tall order for many individuals and companies. While it seems that your differentiation points surround your products and services—the variety of products or the quality of materials—or your excellent customer service and positive reviews, do you realize you can do more?

Of course, product solutions and customer service are key factors critical to your business' growth. Another essential area to set your services apart is collaborating with the right strategic partners so that you and your customers get what they need when they need it.

Consider the two most critical times a customer may need to purchase a new HVAC system: during the peak seasons of the heat of summer or cold of winter. They'll need to make a quick decision—it may be an emergency—about which system will be best for them, and hopefully last them for years. The typical customer will not have put aside the money needed to make a sound, long-term decision, and they will then need to figure out how they should pay for the new system.

That's where a great strategic financing partner can come in. A good financing partner will enable you to offer your customers a range of payment options, from same-as-cash to low interest, low monthly payments, helping them make the best financial choices. Our research and experience show offering a variety of payment options differentiates your company significantly.

Do your due diligence on a potential partner

Do your research into each partner you're considering. Look at their reputation, work experience and qualifications, online reviews, and their product and service mix. You want to ensure your financing partner will live up to their promises and both your expectations along with the customer's expectations. How they help your customers will reflect directly on your reputation, so you'll want to make sure your customers experience the same high-quality interactions with your financing partner as they'll have with you. Your short-term and long-term success depends on it. Finding a partner that specializes in home improvement financing is an extra bonus. The right strategic financing partner can enhance your customers' experience, reflecting on both you and your partner—increasing leads, sales and ultimately revenue in a dramatic manner.

The benefits of payment options for your customers

Payment options offer long-term strategic value to your business and benefit homeowners by helping them achieve their home improvement dreams. Consider these benefits:

  • Payment options provide a competitive advantage, allowing your customers to make choices that best suit their circumstances and situations. A great reputation and excellent customer service will get you in the door, but payment options can drive what it takes to close the deal.
  • Increasing sales through payment options is backed up by data — contractors who offer payment options show a 43 percent increase in project size.
  • Offering choices and solutions that will work for your broad range of customers will assure happy, satisfied customers. Especially for homeowners who need a quick fix, the option to finance the work quickly and easily helps provide a positive experience, one the homeowner is likely to share with family and friends, creating a referral base.
  • Educating your customers on all their possible choices by asking the right questions will empower them to make decisions that match their requirements and desires. Offering a full range of “good/better/best” options helps the homeowner understand what they can afford, as well as the full range of payment options they should consider to fulfill their desired outcome.

Offering homeowners a range of choices in payment options not only gets them out of the heat or cold faster and easier, but also makes your business the obvious choice over competitors who don't offer these options. Remember, every situation is different, so providing a broad range of payment options can help your customers get what they really need… and want.

ABOUT THE AUTHOR

EnerBank USA® has specialized in unsecured home improvement loans since 2002, offering several different loan products to meet the needs of a variety of customers. Your clients can easily apply using our Mobile Loan App in the comfort of their home, during the close of the sale. Once the concern over how to pay for the job is alleviated, your customers can focus on the excitement of getting the work done that they want without having to wait, and perhaps even getting a bigger job done, with upgraded materials.

If you’re ready to take the biggest objection to a sale out of your equation, increase leads, boost your close rate, and improve your cash flow, EGIA has a loan program through EnerBank for which your business may qualify. You can learn more at egia.org/geosmart-express-loan.