Do you have a product or service that requires a larger investment from your customers or clients?
Payment plans are great way to get customers that may not have the ability to spend that large investment all at once!
My client Kathy rented her beautiful historic barn for weddings and special events. The price tag, while worth every penny, was a hefty one. The average barn rental was $6,000.00.
We tracked Kathy’s conversion rate and noticed that every person who inquired about the barn declined to rent the space because they didn’t have $6,000 to immediately invest in their event.
However, they did have the ability to make monthly payments.
Kathy now offers payment plans. She divides the $6,000.00 by the number of months until the event date and voila, Kathy closes the sale.
Her customers love her. She has recurring monthly income she can now project and base future business decisions on and her conversion rate is through the roof!
Remember, if you’re going to offer payment plans, you must first have a detailed fool proof method for collecting and tracking those payments.
Offer payment plans:
- Increase conversion rate
- Create healthy cash flow
- Create raving fans of your business