Why Advertising Payment Options Matters

At Regions | EnerBank, we like to make data-driven decisions to best serve our contractors. In 2018, we commissioned an independent research firm to learn more about the decision-making process of homeowners. Titled the Brickyard Study, a sample size of 600 participants comprising 150 EnerBank customers and 450 non-EnerBank customers were surveyed. Of those non-EnerBank customers, 150 had renovated in the prior 12 months, and 300 planned to renovate in the following 12 months. This knowledge can help our contractors make better business decisions – including how they advertise.

One of the things we found, is that homeowners are more likely to work with a contractor that offers financing. As a result, one of the first recommendations that we make to contractors is to include the availability of financing in all their advertising. This includes flyers, truck wraps, billboards, their website, and more. Here are some of the reasons why including payment options in your marketing strategy is important to getting the most out of your loan program.

• Raises Awareness
• Builds Your Brand
• Generates More Leads
• Increases Project Size

Raises Awareness

For many customers, their home renovation project doesn’t start when the contractor walks through the door, it starts with research. Homeowners will spend hours on websites, reading reviews, and looking at photos to find contractors. By mentioning that payment options are available, you help your business stand out from the competition.

Builds Your Brand

In the Brickyard Study, the top two reasons why customers use payment options are flexibility and convenience. By offering payment options and making that known in your marketing, you position your business as flexible and easy to work with. Over time, homeowners will begin to associate the ease of this process with your brand, increasing your business.

Generates More Leads

Home improvement projects can be expensive, so advertising payment options can help you generate new leads. If a homeowner sees marketing that mentions financing, they’re more likely to respond to your advertising.

Increases Project Size

The Brickyard Study also revealed that over a third of homeowners don’t know how they’re going to pay for their project before speaking to a contractor. This means, if your customers know you have an easy way to pay for the project, they’re more likely to hire you. Contractors who offer payment options to every customer can see their average project size increase – with homeowners spending, on average, 44% more on their projects when using EnerBank financing.

One great benefit that’s included in your loan program at no additional cost is custom marketing materials. Work with your dedicated relationship manager to get flyers, yard signs, digital banners, and more designed just for your business. This makes advertising payment options a snap, and helps you get even more out of your loan program. Click HERE to get started with your own program and start growing your business today!