When it comes to increasing your average ticket, it seems obvious to upsell your customers, especially now that you can bundle multiple products and services into a single loan application. Sounds simple, right? Not so fast. Sure, upselling will help, but it’s not the first step. Jumping right in with add-ons and higher price tags can, in many cases, scare away a customer, especially when you’re dealing with already-steep transactions and rigid budgetary constraints. The honest answer to increasing your average ticket is to listen and pay close to attention to every single thing your customer is saying. Actively listening to all of your customer’s concerns will provide invaluable insight about where there’s room for more. And don’t forget, you can always get in touch with your Business Development Manager for more tips on how you can drive more sales.
5 Examples of How Listening Can Result in Higher Tickets
Maintenance and Protection Upsell: You’re talking to a customer about their HVAC needs and they’re really excited about the idea of upgrading to a new high-efficiency furnace, but they’re worried about owning the product outright and then being on the hook if something goes wrong. This would be the perfect opportunity to talk about maintenance and protection plans as part of a purchase deal. In addition to the amazing new furnace, you can also give them the Annual Maintenance Plan for the useful life of the equipment, built right into the cost. Just like that you’re increasing your average transaction by incorporating the plan with the equipment. They now also become your customer over the long-term instead of just for the one transaction.
Additional Products: You’re meeting with a couple about replacing the windows in their home and you hear one of them mention in passing about how they’d love a more attractive entrance to complement their summer porch decor. Here’s a great opportunity to introduce your package deals for windows and a new front door, or to mention financing options to help manage the cost of a bigger upgrade for the home. Perhaps the couple says something about the air quality in their home (you could suggest a humidifier or HEPA product) or something to do with managing the temperature in their home—how about a new programmable thermostat? Here’s one more for you. If they say something about being able to open up their backyard pool soon, you can mention pool chemicals. The opportunities are endless!
Customers Prolonging Their Decision: You’re fixing something in a customer’s home, and they mention that they really want to reno the kitchen but need to hold off for a couple months because they have some big bills to manage first. Offer them financing with the three-month deferral option. (Remember, we currently have our spring promotion where you can offer the three-month deferral with 0% dealer fee!) You can close the deal on the spot, add on the additional reno project, and you both walk away happy. There’s also the option of offering the 240-month amortization (more on that in a minute), which brings down the monthly payment and makes it easier to afford.
Compromising on Quality: You have a customer that is opting for a lower-quality product because as much as they’d like to go for the top-of-the-line option, they just can’t afford it. Instead of letting them buy something they’re not 100% happy with because of financial constraints, tell them about the 240-month amortization option, which enables them to get what they really want through more affordable monthly payments. For example, they really want the more expensive hardwood floors that are pushing them above their budget. You could offer them a $10,000 financing option to cover the hardwood. A 120-month amortization would make their monthly payment around $126. But even better, you could offer a 240-month amortization which would lower their payment to about $89.
Listen to Build Trust: Listening helps you build trust with your customers, because it shows them that you truly understand their needs. It demonstrates your ability to connect with them on a more personal level and as a result, they’ll be more likely to come back to you with more business when they need it—and you’ve set yourself up for a higher ticket the next time around!
4 STEPS TO INCREASE YOUR AVERAGE TICKET THIS MONTH:
- Actively listen.
- Identify problems.
- Provide solutions.
- Capitalize on opportunities.
As always, your Business Development Manager is always available to help when you need it!
Check out other great articles from our March newsletter below: