When I was younger I remember go to several stores with my Mom so that she could make her monthly payments. Clothing, appliances, jewelry…you name it.
While watching those commercials today I realized that there's a generation who have no idea about the concept of lay-a-way. Most of us are used to charge now, take it home, pay later… with interest and sometimes late fees, but that last part doesn't apply to any of you I'm sure.
It got me to thinking of how this would translate online. How do you sell you big ticket items to your market? In today's market who has $597 to plunk down on your ‘must have’ program, even if it is exactly what they need? However, if they have the option to make 3 payments over 3 months then I'm almost positive that you will sell more.
Options…give your customers various payment options and they will buy more!
Even if an extended payment option means that they will pay slightly more money, which is good for your bottom line, you are still helping them get access to the information at no additional cost to you.
In addition, if that purchase helps them solve an immediate need, they will be faithful consumers of almost anything else that you produce but you must make it easy for them to buy. This should go without saying but I'm not talking about offering multiple payment options for a $29 product, I think that would be ridiculous, but maybe someone else feels different.
The take away lesson I hope you understand and implement is this, people want to buy from you and the will if you make it easy for them. They also want to take care of their basic needs, you know like rent and insurance. So let's take a lesson from the gigantic retailers who are responding to what their clients have stated they need…more options. The next time that you’re flipping through the channels, take note of the holiday commercials and the bait they use to get you to spend your money with them.