Offering lease-to-own (LTO) financing in your store can be a great way to generate more revenue and expand your customer base. It allows you to better reach an important customer segment — credit-challenged consumers who want your product but can’t afford to pay for it in a single transaction.
Top tips for promoting lease-to-own financing
Sponsored By Snap Finance, LLC
In order to really reap the benefits of lease-to-own, however, you have to properly promote it. After all, you can’t attract customers who may be interested in or benefit from LTO if they don’t know it’s available at your store. Use these three tactics for effective lease-to-own promotion to help achieve maximum results:
1. Add lease-to-own messaging throughout your store
Point-of-purchase (POP) materials are an essential element in promoting your LTO financing. Displaying POP materials such as signage, posters, brochures, or banners both inside and outside your store can take the guesswork out of shoppers wondering if there’s financing available while also attracting them to your business. A company like Snap Finance provides a variety of attention-grabbing displays for tire store owners to use, making it easy to alert customers at various touchpoints that lease-to-own financing is available — from driving by your store, to browsing, to waiting in line. Snap Partners can conveniently access and download POP materials in their Merchant Portal, allowing store owners to choose the displays that work best for them.
2. Build awareness through marketing
Marketing campaigns are an easy yet effective way to promote your lease-to-own financing. Not sure where to start or too busy running your tire business to do so? No problem! With a company like Snap, you can have your marketing done for you. All Snap Partners are automatically enrolled in the EDGE program. This omnichannel marketing program communicates and engages with consumers through targeted email, text messages, and direct mail campaigns to drive new and repeat business to your store. It’s a competitive advantage that can increase your secondary finance sales up to 35%1!
3. Encourage customers to apply early on
When a customer is in the market for a big-ticket item like a new set of tires, it can be helpful for them to know sooner rather than later that they may be able to get what they need by financing it rather than paying for it all in one lump sum. Simply saying something like, “This will cost $1,500 today or we can see if you can split the payments by applying for our lease-to-own financing” can get the ball rolling.
If they’re approved earlier in the shopping process, they may feel more compelled to get the exact tires they want and need, rather than settling for less or, even worse, walking away empty-handed. Snap, for example, offers approvals as high as $5,000 with average approval amounts of $3,000. Just think of the incredible impact $3,000 in lease-to-own financing could have on a shopper’s confidence!
Lease-to-own financing can be a major draw for many consumers, so make sure you’re leveraging it to its fullest. Effective promotion can go a long way in attracting more customers and closing more sales. If you want a lease-to-own financing partner that’s truly invested in the success of your tire business and committed to your customers, visit https://learn.snapfinance.com/become-a-partner to learn more about partnering with Snap Finance.
The advertised service is a lease-to-own agreement provided by Snap RTO LLC. Stand-alone auto services are not leasable. Installation costs may be included subject to limitations.
1. Results are based on the experiences of a few merchants, and you are not likely to have similar results.