4 Ways Consumer Financing Supports Your Main Marketing Channels
Whether your main marketing channels include email marketing, social media advertising, or SEO, consumer financing can support your marketing strategy in several beneficial ways. In this article, we provide insight into the role that consumer financing plays in an eCommerce business and pinpoint four ways that consumer financing supports your main marketing channels.
Consumer Financing: An Overview
Consumer financing is a term that refers to buy now pay later services offered to eCommerce businesses by leading fintech companies. Buy now pay later, or BNPL, is a modern marketing tool that enables efficient consumer financing during checkout on an online store. The tool allows customers to secure financial support when buying on websites that integrated BNPL. Consumers can receive personalized loans within a few simple steps that are far more affordable than those offered by financial service providers, with the best consumer financing platforms offering eCommerce customers zero-interest repayment plans.
Integrating consumer financing from companies like ChargeAfter not only benefits the consumer but benefits businesses by supporting various marketing channels. Here’s how!
1. Consumer Financing Speeds Up the Sales Funnel
One of the most important benefits of consumer financing is that it provides consumers with quick access to financial support. When assessing your marketing channels, the speed at which a consumer moves through the sales funnel is a powerful consideration to analyze. Faster movement through the sales funnel means sales happen more frequently. As a result, the introduction of consumer financing to speed up customer flow through the sales funnel with positively impact the frequency of your sales. Instead of consumers leaving your website to seek financial support elsewhere, they can procure their cart within a push of a button via the checkout process. This is incredibly beneficial for sales funnel consumer flow.
2. Consumer Financing Provides Additional Value
Many of your marketing activities will aim to offer consumers additional value when they interact with your marketing channels. For example, providing free resources is a great way to attract consumers to your newsletter in which they then become part of your email funnel. In the same way, consumer financing provides additional value by improving and streamlining the consumer journey with your website. Consumers no longer need to organize loans elsewhere and spend time undergoing a cost analysis to determine whether or not their purchase is worth the long-term investment. Instead, they can receive zero-interest loans extremely easily, encouraging them to make a purchase.
3. Consumer Financing Promotes Other Products
Your marketing channels may be designed to promote specific products, and you may struggle to find ways or resources within your budget to promote other products in your store. For example, electronics like televisions and cellphones are trickier to sell as they require more consumer buy-in. Consumer financing can alleviate this problem by facilitating the promotion of your more costly products. Customers that are interested in specific products in your store may be encouraged to make larger orders as they can receive affordable financing for these costly orders. Consumer financing works in this way as a promotional strategy, aligning with your upselling or cross-selling strategies to generate sales of expensive items in your store.
4. Consumer Financing Creates Action
Consumer financing is the final piece in your marketing strategy that will encourage action from your consumers. If you are sharing social media ads and running Google PPC campaigns, then consumer financing can be the ultimate companion to drive conversions and increase the performance of your campaigns. Consumer financing encourages customers to make a purchase, positively influencing your advertising key performance indicators (KPIs).
Integrating consumer financing can support your main marketing channels by speeding up the sales funnel, providing additional value, promoting other products, and creating a reason for customers to take action.
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