Funeral Homes That Offer Financing Options Gain Advantage Over Competitors
Regardless of the industry, business owners are constantly looking for a way to get an advantage on their competition. Some markets are more competitive than others, but if revenues are falling, it’s time to take a step back and survey the landscape and see what needs to be trimmed or what needs to be added. Offering financing options is one way that you can bring in new customers.
FuneralOne conducted a survey recently showing just how competitive the funeral industry can be. According to the report, 94 percent of respondents said they are in a medium- to highly-competitive market. Around 40 percent said their biggest challenge is competition from others in their region.
If you want to stand out from your competitors, you should be focusing on a few things as you evaluate your position with your competition:
- How are you unique?
Look at all your services and compare them to other funeral homes in your area. Find what makes you stand out and start marketing that attribute. Maybe it’s cost, or your ability to go above and beyond to satisfy your clients. Share how you stand out.
- What are clients saying about you?
Surveying your clients immediately following a service is the best way to know what aspects of your business need to be altered. Have your staff report client concerns to you on a regular basis.
- Keep an eye on your competition
It’s easy to get caught up in the day to day activities, but it’s important to monitor what others are doing. Extend your search to other parts of the country where new ideas might be cropping up that you can be the first in your region to implement them.
- Offer financing options
Nobody knows better than you how expensive funerals services are to provide. If you offer financing options, your clients will be more likely to go with services that might otherwise be out of their immediate cash flow budget.
Consumers today expect financing options with almost every expenditure they make. More industries are buying into this because financing opens the door to more business and larger purchases. Furthermore, financing options offer a tool for generating more loyalty from your client base, which means return business from families who appreciate your ability to cater to their needs.
Partnering with a company that provides financing for your clients can be the difference you need in seeing a better, more lucrative year. Your clients are almost always under a large amount of emotional stress when they come through your doors. They’re looking for a proper burial and memorial service and they’re often faced with how to pay when the products and services are chosen. You can help ease that burden by offering a financing option that helps them pay for their loved ones service.
The HELPcard has monthly payment plans for consumer’s funeral arrangements. We provide easy financing options for both prime and sub-prime consumers with no recourse to you or your funeral home. We are proud to be endorsed by the National Funeral Directors Association (NFDA) and have provided customer service since 1983. Contact us today for free information about The HELPcard.