Studies show that more than half of the American consumers have problems writing a check for $1,000 during emergencies — home improvement projects cost much more than that.
Affordability is one of the buying constraints that can keep homeowners from booking services for their home improvement needs. So, how do you turn that around and convert even those prospects into buyers who also may be cash-strapped? Read further to explore the one solution to this and a few other problems that may be the roadblocks to growing your home improvement business.
Three Reasons Why Your Home Improvement Business Is Failing
Most buyers can’t afford your services.
Not all homeowners can manage to pay upfront for home improvement services, especially if the project costs a lot of money, forcing them to put off the work for later.
Your existing customers feel undervalued.
Your existing customers are likely to feel dissatisfied with your services if they don’t get a solution to help them make a big purchase when they need it the most.
You have not yet targeted millennials and Gen Z buyers with an estimated spending power of over $2.5 trillion.
A survey by Millenial Home Improvement indicates that over 75% of existing millennial homeowners began home improvement projects within the first twelve months of their purchase. This indicates high demand for renovation activities among this generation. Not targeting this section of buyers can leave your home improvement business high and dry.
These aren’t uncommon problems deterring your business from getting more customers, but there is one popular solution that can help you grow in ways more than one.
Pay Over Time
Pay over time, also referred to as buy now pay later, is a modern, more convenient twist on an old practice that helps customers purchase a service or product and pay for it over a set period.
This flexible payment option can boost your sales by increasing your customers’ spending power. It can help you convert even those buyers who would otherwise wait on hiring your services because of their poor credit situation.
Turn Browsers Into Buyers On Your Home Improvement Website
Integrating the Pay Over Time feature by Denefits into your website is easy and quick. It can help your home improvement business convert more prospects into customers even when you’re away managing projects at different sites.
- Pay no additional cost
- Generate revenue 24/7
- Boost your sales
- Build a brand
The Final Words
The pay over time option is going to be the fastest growing online payment preference over the next five years, as projected by FIS. Let this projection drive you to make home improvement financing available to your customers and turn every missed opportunity into earnings for your business.
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