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As a home improvement Business professional, you probably spend a great deal of time and resources training your sales consultants to effectively present and sell your Company’s services, support, and reputation. After all, a proven, effective sales presentation is the foundation of your efforts to grow your Business.
Financing can be a strategic companion to your core services, providing a powerful way to boost your bottom line by turning Customer satisfaction into true Customer delight. To maximize the benefits of a financing program, it’s important to provide sales consultants with training that is tailored to this purpose. There are several good reasons to establish a separate training program on how to offer financing.
Reason #1: Financing is not Sold, it is Offered
Because offering financing supports and enhances your sales process, it should not be “sold” as a separate product or service. Instead, it should be incorporated into your standard in-home presentation. Doing so requires an understanding of how financing works, what it does, and how Customers can use it to achieve their ideal project and improve their lifestyle.
Reason #2: Your Sales Consultants may be reluctant to present financing
It may surprise you to learn that many professionals are reluctant to offer financing to every prospective Customer. This is mostly due to outdated assumptions about how Customers may react. These assumptions may include:
Offering financing is insulting. This is an old-fashioned idea that was untrue even in the past. Today’s consumers are offered financing on almost everything they buy. They are not only used to it, but they have come to expect it. For many buyers, financing is a preference, not a necessity.
I do well by selling without financing. That may be true, but you can be even more successful by using financing to help your Customers achieve a result that exceeds their initial expectations.
I don’t know anything about financing. You may be surprised to learn that offering financing is not as complex or difficult as you may imagine. Specialized training in financing options and how they relate to your sales process will help you feel more comfortable.
Reason #3: Your Consultants must learn to overcome potential customer reluctance
Just like your sales consultants, potential Customers may have preconceived notions that could prevent them from using financing as a tool to get the most from their home improvement opportunity. These may include:
“I don’t want my credit pulled.” The GreenSky® loan application process begins with prequalification, which uses a “soft” credit inquiry. This has no effect on the Customer’s credit score. A “hard” inquiry is only performed when they apply for a loan.
“I would rather just write you a check.” Customer may not recognize how loan options can give them the opportunity to achieve their ideal project. What’s more, they may value not having to come up with the full amount all at once.
These are a few examples of specialized knowledge that can help your representatives feel more comfortable offering financing. Additional training can provide insights into many other important elements of the financing process. The GreenSky® Loan Program offers expert-led training, combining detailed knowledge gained from years of experience with insights from Merchant members.
Training for Business Managers
While training your sales consultants is essential, establishing and managing a comprehensive financing program also requires specialized knowledge. That’s why training the management team is important. This is where Customer support and technology play a substantial role.
For example, the GreenSky® Loan Program offers an array of loan plans with a wide range of terms, while most contracting Businesses require only a handful to meet the needs of their Customers. Our financing experts will help you identify those plans and provide your representatives with insights on how to present them to prospective Customers.
Ongoing management of a financing program can also be simplified through technology that gathers, processes, and presents important data in an easy-to-use interface. The GreenSky® Loan Program provides a Merchant Self-Service Portal (MSSP) that supports your overall financing program, automates Customer transactions, and provides key reports to help you build a successful Business strategy.
Overcoming the Fear of Financing
Establishing and managing a comprehensive financing program may seem daunting. However, experience-based training and support can greatly simplify the process, providing the foundation for a program that helps you delight your Customers and grow your Business.
More Home Improvement insights are available at the GreenSky Knowledge Hub
Ready to add financing to your sales consultants' toolkits? Contact Us