Growing and progressing your business as an electrician is difficult enough, but how are small businesses supposed to be able to compete with the titans of industry?
The big companies have the monopoly on marketing, resource and labour spend, often making them the customers first choice based on price alone.
By offering your customers financing, you can compete with the other companies for a multitude of reasons –
Time – When that eureka moment hits the customer that they need building work done or any home improvement, they are the most likely to convert as a customer.
Like any sales process, the customer’s likelihood to convert diminishes with time, so it’s important to sign the contract quickly. By offering finance to your customers on an opening quote, it eliminates their need for a big up front down payment, and they can begin immediately and while they are motivated.
In short, a customer does not want to wait to start their project, and if they have to, they may delay, or end up not doing it all.
Urgent work. Customers may be in a position where they have no choice but to begin the project now for safety reasons, so will immediately seek out financing options, if you are not able to offer it you will miss out on a vast percentage of potential revenue.
If someone needs electrical work paramount for the safety of their home or business, they may be less choosy when it comes to selecting an electrical outfit and base it solely on how manageable the payments are. By being able to offer financing, you are in that pool of businesses available to them. If your roof collapsed, wouldn’t you be more in a rush to sign off on the work?
Possibility for extension – Customers often have no idea how much time or money their projects need. By offering them a manageable and affordable payment plan, they are more likely to extend projects, do more work with you, assuming you are a quality electrical operation. You are offering them a manageable solution and by allowing yourself to develop the customer relationship during any initial projects, they are much more likely to become repeat customers.
They could be waiting for a big payout – A prospective customer might be expecting a big payout (JOB, tax, return, car sale etc) which they have mentally spent on already on building work or home improvement.
Gives the customer more disposable cash during construction time- Maybe the customer doesn’t really need the financing, but by taking up that option it frees up their liquid assets to spend on other things, making the financing a more appealing option.
HOW – Kanda.co.uk Is a tradespeople platform built by tradespeople which enables you to not only offer competitive pricing plans at a great rate, but streamlines your business by going paper free and taking care of your admin tasks, allowing you to grow as a business.