Since 2018, the number of home renovation companies in the United States has consistently grown an average of 2.6% annually. While the growth is correlated to the increase in demand for home improvement services, it puts even more stress on an already saturated market. Now, more than ever, it is critical for home renovation companies to set themselves apart from their competition for continued success.
One effective strategy to achieve this is by making customer financing an integral part of your home renovation company brand. By offering flexible financing options and promoting them effectively, you can attract more customers and establish your home renovation company as a trusted and customer-centric brand. Keep reading to explore how home renovation companies can improve their market share through customer financing.
Addressing Affordability Concerns
The cost is one of the biggest obstacles homeowners face when considering a renovation project. Many people have a vision for their dream home renovation project but may not have the immediate funds to make it a reality. This is where your home renovation company can step in and make a difference.
By integrating customer financing as a core aspect of your brand, you signal to potential customers that affordability is a top priority. Highlight the financing options you offer prominently on your website and in your marketing materials. Use messaging emphasizing how easy it is to turn their renovation dreams into reality without breaking the bank.
Partnering with Financial Institutions
Consider forming partnerships with financial institutions or lenders to offer attractive financing options. These partnerships enable you to offer customers various financing choices, such as low-interest loans, deferred payment plans, or flexible repayment terms. Collaborating with reputable financial institutions also adds credibility to your brand, assuring customers that your financing options are reliable and trustworthy.
Since your trusted financing partner will be an essential part of your brand and reputation, we recommend carefully making your selection. If your lending partner doesn’t reflect the same values you have as a company, it could damage your reputation and growth.
Simplify the Application Process
Streamlining the financing application process is critical to making customer financing a seamless part of your brand. Ensure that your website offers an intuitive and user-friendly application process. Provide clear instructions, FAQs, and customer support to assist potential clients through the financing application.
Consider offering online pre-qualification tools that allow customers to estimate their eligibility for financing before they even contact your company. This transparency can instill confidence in potential customers and encourage them to take the next steps in their renovation journey.
Marketing Your Financing Options
To make customer financing a core part of your brand, it’s essential to incorporate these options into your marketing efforts. Here’s how we recommend doing so:
- Prominent Promotion: Feature financing options on your website, social media profiles, and marketing materials. Use compelling visuals and clear messaging to communicate the benefits of financing with your company.
- Educational Content: Create informative content, such as blog posts or videos, explaining the advantages of financing home renovations. Address common concerns and misconceptions to help potential customers make informed decisions.
- Testimonials and Success Stories: Share success stories of past clients who used your financing options to transform their homes. Real-life examples can inspire and reassure potential customers about the feasibility of their projects.
Remember that making customer financing an integral part of your brand is not just about offering financial assistance but giving homeowners the means to turn their renovation dreams into reality. By doing so, your home renovation company can distinguish itself as a customer-focused brand that cares about helping clients achieve their ideal homes.
Are you ready for your home renovation company to stand out amongst its competitors with customer financing?
Partner Forward with Salal Dealer Direct
We team up with contractors nationwide to provide their customers with affordable financing for various solar and home improvement projects.
We can offer some of the most competitive rates and dealer fees because we’re part of a member-owned credit union. That means our profits return to our members—and business partners—through lower rates and fewer fees.
Our Dealer Direct Financing programs feature:
- An online loan application with fast credit decisions and a high approval rate.
- Terms and loan amounts are available to fit various budgets and project sizes.
- Partners pay ZERO dealer fees on our standard program.
How to Start Offering Salal Dealer Financing to Customers
We’re serious about helping your business grow with fast funding times and personalized support from a dedicated and experienced team of lending specialists. To get started, our dealer application process requires these documents:
- Completed dealer questionnaire
- Current income statement and balance sheet
- Copy of business license and/or contractor’s license