SMALL BUSINESS SUCCESS: EFFECTIVE COST CONVERSATIONS
Almost everyone is being impacted to varying degrees by rising costs and inflation. The July 2022 Consumer Price Index (CPI), published by the U.S. Bureau of Labor Statistics, recently released data that found that before seasonal adjustment from July 2021 to July 2022:1
The all items index increased 8.5%.
The energy index increased 32.9% and the food index increased 10.9%, pushed by the food at home index increase of 13.1%. The shelter index increased 5.7%.
To adjust to the rising costs of necessities, consumers pulled back on discretionary spending. The largest decline was in the recreation category, which decreased 21% 2 Add to that recession worries and you may find cost is a top-of-mind concern for more customers.
Offering your SEWING COMMUNITY the opportunity to pay over time with promotional financing can help them take home the equipment and supplies they want and be a powerful business tool to help you capture more sales and increase your average ticket.
PROVIDE SOLUTIONS EARLY AND OFTEN
Navigating the cost and payment conversation should take the economic environment into consideration to empower your customers. It’s important to understand that people’s financial situations may have changed. And those who always paid with a general purpose credit card may want to reserve them for household expenses. Here are some tips that can help you and your sales team have great financial conversations and close more sales.
PROACTIVELY ACKNOWLEDGE THE CHANGING FINANCIAL ENVIRONMENT and let the community you serve know that you are working hard to contain costs.
EMPATHIZE WITH CUSTOMERS. Ask them, “How are you managing rising costs?” Listen closely for cues that they may be more concerned with cost than they have been in the past.
EASE COST CONCERNS EARLY IN THE CUSTOMER’S DECISION-MAKING PROCESS.
It may be helpful to place point of purchase displays throughout your store to let people know you have financing solutions available should they be interested.
PROACTIVELY COMMUNICATE FINANCING OPTIONS UP FRONT. Don’t assume people don’t want or need a financing solution. And don’t make them ask for financial help because many won’t; they will just leave your store to “think about it.”
For valuable resources, go to https://learn.synchronybusiness.com/signin
HIGHLIGHT THE BENEFITS. Having a Synchrony Sewing & More credit card and being able to pay over time, often with promotional financing, can be a great way for many of your customers to get the sewing machine of their dreams now and have available for future purchases as credit becomes available.
MAKE FINANCING EASY. Applying for the Synchrony Sewing & More credit card takes only a few minutes and credit decisions are provided almost instantly so customers can immediately use it for their purchases.
With the changing economy, it may be important to optimize every sales opportunity now during the pre-holiday gift making season, the holidays and into 2023.
YET TO ACCEPT THE SYNCHRONY SEWING & MORE CREDIT CARD?
ALREADY ACCEPT THE SYNCHRONY SEWING AND MORE CREDIT CARD?
Now is the perfect time to add it as a convenient financing solution. Scan or click the QR code to get started.*
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