How Financing Can Help Your Reps Close More Deals at Higher Ticket Sizes

Society has always had a way of making its citizens feel like they need to “keep up”, e.g. “the good work”, “with the times”, And of course, “with the Joneses”.

It’s exhausting, expensive, and leaves little room for personal preference.

But having options — making choices for oneself — is as inherently American as those darn Joneses. And when it comes to customers making big-ticket investments on their homes, payment options are often the key to sales. 

There aren’t many purchases more significant than those you make for your home. And as inflation continues to rear its head in the economy, sales teams face the challenge of not just closing home service and home remodeling deals, but also upselling and increasing ticket totals. But Rilla can help by recording, analyzing, and providing visibility into every sales conversation through AI. 

Discover how leveraging financing in field sales conversations can better equip your field sales reps to boost close rates and ticket sales.

The Impact of Leveraging Financing in Sales Conversions

Giving prospects the option to finance can dramatically transform the dynamics of a sales interaction. By offering tailored payment plans, sales reps can not only meet their customers' immediate economic comfort levels but also open the door to bigger sales opportunities that may have been otherwise unreachable.

Introducing Financing Options Increases Close Rates by Nearly 3% on Average

When customers have financing options available — when they can spread out their payments for large purchases — they’re much more likely to consider these purchases. This makes higher-ticket items more attainable and increases the likelihood of your reps closing a deal. Let’s take a look at Rilla Labs’ data breakdown:

Close rates: home services customers

• When “financing” was not mentioned: 48.45%
• When “financing” was mentioned: 48.87%
• % increase = 0.42%

Close rates: home remodeling customers

• When “financing” was not mentioned: 16.35%
• When “financing” was mentioned: 21.68%
• % increase = 5.33%

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So when we consider all “home” customers together, the average increase when reps mentioned “financing” is 2.88%. This uplift, though subtle (especially for home services), can greatly impact overall sales volume over time.

Financing Also Increases Average Ticket Sizes by Up to 208%

The impact “financing” has on close rates is notable, but its effect on ticket size is even more substantial. Really substantial. Rilla Labs’ data illustrates how sales reps’ discussions about financing can transform a typical sales encounter into a high-value transaction:

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Average ticket sizes: home services customers

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• When “financing” was not mentioned: $2,375.38
• When “financing” was mentioned: $4,544.56
• % increase = 91.32%

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Average ticket sizes: home remodeling customers

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• When “financing” was not mentioned: $4,712.04
• When “financing” was mentioned: $14,558.66
• % increase = 208.97%

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When “financing” is mentioned in home remodeling conversations between sales reps and customers, the average ticket size increases by more than threefold.

Now that you know the what, let’s talk about the how.

Best Practices for Introducing Financing in Field Sales Conversations

Successfully integrating “financing” into sales strategies requires more than just the availability of options. Your reps need a plan for how to approach and implement this type of communication with customers. 

Your reps need to do more than just offer financing options — they need to weave it into the fabric of their sales conversations. And if they do so successfully, they can maximize both customer satisfaction and sales performance.

Here are some best practices for making “financing” a natural — and successful — part of sales conversations.

Clearly Communicate the Benefits

The key to getting customers on board with home service and home renovation deals is effectively communicating the benefits of financing. Your sales reps need to be well-versed in the financial plans your company offers, and they should emphasize how these plans can make customer purchases manageable. Reps should aim for transparency in their communication about your plans’ terms and benefits, as it will build trust and help ease any customer concerns about affordability.

Make It a Seamless Part of the Conversation

Great sales conversations shouldn’t feel like, well, sales conversations. Your reps should always aim to integrate “financing” naturally into customer conversations to prevent them from feeling like awkward add-ons or afterthoughts. Make sure your reps are introducing financing options as a “standard” part of the customer needs discussion so it feels organic rather than a forced or last-minute offer.

Address Objections Proactively

Not every customer will be open and receptive to talking about the details of their finances, so reps should be prepared to handle these types of objections. Money is a sensitive subject, so some customers may have concerns about debt that they’d rather not speak to your team members about. 

Customers may also be unclear on the terms of financing, so your reps need to be prepared to clarify these succinctly and respectfully. You may want to consider specific soft-skills training so reps feel comfortable and confident explaining — empathetically — how financing can be a smart financial strategy.

Leverage Success Stories and Testimonials

The best way to learn new information is often through observing others, and customer testimonials and success stories can serve as these “teachers.” By incorporating positive customer feedback, your reps can highlight the benefits of financing without needing to make a “hard sell.”

Reps should share real-world examples of how financing has helped previous customers afford the home services and renovations they desire — this builds credibility and trust. These narratives should focus on positive outcomes like enhanced home value, improved living conditions, and the financial peace of mind that payment plans can provide. 

By illustrating how former customers have successfully navigated their own home-related purchases, reps can help current customers visualize their own home success. This provides customers with comfort when making large purchase decisions and can be a motivating factor for those who are still on the fence.

Set Your Reps Up for Success in the Field (Without Ridealongs)

In a world where keeping up with the Joneses can often shape and dictate consumer behavior, offering financing options becomes not just a strategy but a necessary component of your reps’ sales pitches. And with Rilla, your sales reps can do this with ease without a manager in the (literal) passenger seat.

Society has moved beyond conformity and into the era of individual choice, so the approach to selling big-ticket products and services should evolve in kind. Financing isn’t just about making sales possible — it’s about empowering customers to choose the plans that suit their specific needs and financial situations. 

Rilla aims to be at the forefront of this evolution by turning every sales conversation into an opportunity to deliver customized home-investment (and other business) solutions that not only satisfy customers but also close deals for reps. So, when you’re ready to learn more about how Rilla can boost business and drive ticket sizes, check out our customer stories and then contact us to book a demo.

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