Retail finance workshop: Upselling with retail finance
Posted on in Cycles News
Many retailers have already signed up to start taking advantage of the exclusive Madison 0% finance offer, commencing this August. ACT take a look at how stores can make the most of this promotion by using finance to up-sell.
Madison launch their 0% finance promotion on 1st August, rewarding shops with credit on their Madison account for every selected promotional bike sold on finance throughout the month. The credit from Madison effectively reduces the subsidy you will have to pay on the sale of these selected items during August, protecting your margins. If you haven't yet opted in, read more about the promotion and opt in here.
Earning credit on your Madison account is a big incentive to sell on finance during August, so over the next few weeks ACT will be taking a look at the best sales techniques to help you and your staff sell more on finance throughout this promotion - and all year round.
Sell to a customer's monthly budget
Retail finance is the perfect way to upsell, by allowing you to sell to a customer's monthly budget rather than what they've got in their pocket or bank account that day.
If a customer walks in with a £500 budget in mind, use finance to show just how little it could cost to go up a price point.
The Croix de Fer 10 is one of the bikes included in Madison's promotion. Retailing at £899, this may seem out of the customers budget, but when you look at the monthly costs, it could be more affordable than they thought possible.
With a 10% deposit of £90 the customer pays just £67.49 a month for 12 months on interest free credit - and your subsidy is reduced thanks to Madison's promotional offer.
Opt in
The products included in this promotion are the Genesis Zero 1, Zero 2, Zero i, Datum 10, Croix de Fer 20 (Grey), Croix De Fer 20 and Croix de Fer 10. If you are a dealer with any of these products available you can partake in the promotion. You will need to log in using your ActSmart username and password.
For a full explanation of how the promotion works, which products are included in the promotion and the amount which will be credited for each product, click the 'opt in now' button above and refer to the terms and conditions.
What Next?
- Update your Cycling Experts listing. This is what potential customers will see when they search for their local participating retailer so it's a great way to showcase what's great about your shop.
- Display the promotional products in a prominent place in-store and online to improve visibility throughout August and encourage more sales.
- Use in-store and online point of sale materials to let consumers know these products are available on finance at no extra cost to them.
- Educate your staff so they understand how finance works and empower them to use this as a sales tool.
- Introduce finance early so the customer knows it is available.
- Sell more than just the bike! A helmet, lock and lights can all be bundled together in addition to the bike at 0% finance - costing the customer just a few extra pounds a month and increasing the value of your sales.
- Be sure to record any sales made using the promotion to enable Madison to credit your account.
If you aren't already a Ride it away retailer, visit rideitaway.biz or call 01273 427 700 to request more information.