How HVAC Financing Can Help You Hit Your Organization’s Sales Goals
A brand-new HVAC system is likely one of the biggest purchases that a customer will make all year. According to Forbes, a residential HVAC system can cost anywhere between $5,000 and $34,000 depending on the type of system they get and the complexity of the install.
Unfortunately, getting a brand-new HVAC system is usually an unplanned expense as a result of the previous system breaking down or demonstrating signs of malfunction. Whatever the case may be, having to come up with thousands of dollars on the spot is something the average American homeowner isn’t prepared for.
The good news is that HVAC financing is a win-win solution that provides the customer with the HVAC equipment they need while helping your organization meet their sales goals. The following breaks down the top five reasons why you should provide the financing option to customers.
#1 – Boost Your Sales Numbers
Just imagine how much new vehicle sales would suffer if there were no financing option. The same thinking can be applied to HVAC sales. When customers have the convenience of breaking up a major purchase into manageable payments, they’re far more likely to convert into a sale. According to a survey conducted by Businesswire (a Berkshire Hathaway company), 76% of consumers reported that they are more likely to make a purchase if a payment plan is available.
#2 – Improves the Organization’s Ability to Forecast
Companies always want to know how much of a revenue stream they can count on in the short-and long-term. When a significant portion of revenue is tied to HVAC financing, this
enables the organization to better project their financial health and adjust their business strategy as necessary. It can even be argued that financing allows for more accurate forecasting compared to subscription-based business models since there is an established timeline of repayment terms.
#3 – Increased Brand Awareness and Retention
When a customer takes advantage of HVAC financing through your organization, it means they get a monthly reminder of who helped them secure the equipment that’s keeping their home comfortable. It also means they are more likely to recommend your organization if a friend or family member brings up the topic of HVAC products and services. Further, your customer is likely to think of your organization first for things like standard maintenance and so forth.
#4 – Deliver Simplicity and Value
There’s a lot that goes into installing a brand-new HVAC system. The cost of parts and equipment, not to mention the labor costs, can all very quickly add up. By wrapping all those costs into HVAC financing with one affordable payment, you effectively deliver the simplicity and value that customers desire when making a significant purchase. Another benefit is that this type of financing isn’t subject to inflation since the payments are charged at a fixed rate.
#5 – No Down Payment
Imagine being a customer who just got done paying all their bills only to discover their HVAC system has officially bit the dust. In their mind, they’re probably thinking they will need to apply for a personal loan through their bank – or worse – take out a high-interest payday loan to cover the down payment. The huge benefit of offering HVAC financing is that customers incur zero out-of-pocket costs for a down payment. Further, it will be many weeks before the customer must make their first payment on their new HVAC system, affording them some much needed financial breathing room.
Find an HVAC Technician School Near You to Develop Your Skill Set
Being able to convey the perks of HVAC financing is only one aspect of delivering a quality experience to customers. Those who aspire to break into the field of HVAC or who simply want to brush up on their skills are encouraged to look into HVAC technician training.
O’Connor University offers an array of HVAC classes led by industry professionals with decades of customer and product experience. The advantage of entrusting your HVAC education to O’Connor University is that we offer training that caters to all experience levels – from first-year technicians to seasoned professionals with several years of experience under their belt.
You can learn more about our training classes and instructors on our website. O’Connor University regularly updates the HVAC class schedule, so be sure to check back about HVAC technician training in your area.
Got questions? Email us directly using the contact form on our website. Visit our careers page to inquire about employment opportunities.