MAKE IT KNOWN
Making customers aware of your financing program starts with advertising and marketing. Make sure financing information is featured on your website, in your advertising and at the point of sale. Then train your team to mention financing early and often in the conversation. Customers often rely on the salesperson for this valuable information. Many customers will walk away without making a purchase if they don’t know about your credit options or they are somehow confused by the offer.
TRAIN YOUR TEAM
It’s essential that your team be knowledgeable and informed about all current financing offers. Credit providers such as Synchrony offer online instructional programs to help dealers train their staff to use financing more effectively. Ongoing training will help your team become more comfortable with financing vocabulary so they can explain credit offers clearly and accurately to customers.
If you have never provided credit training, perhaps it is best to start with some words and phrases that often come up when discussing credit. While some people may be very knowledgeable of financing terminology, others may be confused by these phrases and are embarrassed to ask. It's best to make sure everyone has a comfort level with the topic. Here are some of the most common financing phrases you are likely to hear:
Overall, financing helps give the customer more options. It helps them make their decision on several factors, including short- and long-term needs. But unless you inform them about financing, they won’t have those options and you may lose the sale.
To learn more, visit synchronybusiness.com/OPE
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products. With more than $149 billion in sales financed and 75.5 million active accounts, Synchrony brings deep industry expertise, actionable data insights, innovative solutions and differentiated digital experiences to improve the success of every business we serve and the quality of each life we touch.
1Synchrony’s Seventh Major Purchase Consumer Study, 2019