Do you measure your website traffic or keep track of how many leads your advertising campaigns generate? If so, you already understand the importance of analytics in your business. As with other aspects of your business, tracking different financing metrics can help you understand how and why certain outcomes are achieved so that you can maintain or improve your results in the future.
Get started by tracking the metrics listed here!
Option 1: Number of Financing Applications
How many customers are you offering financing to? How many of those people are submitting applications? The number of financing applications you receive from customers can offer insight on how beneficial customers see a monthly payment option.
Option 2: Number of Approved Applications
Submitting an application does not necessarily result in a customer being approved for financing. Different companies have different criteria they use to determine whether or not to offer financing. You can get more approvals by ensuring your customer puts their best application forward and by working with more than one finance company.
Option 3: Approval Percentage
If you work with more than one financing company, tracking your application approval percentage can help you save time and determine which order to utilize them in. Placing a partner with a higher approval percentage as your first choice may cut down on the number of applications you may need to submit to match your customer with financing.
Option 4: Number of Accepted Financing Offers
Neither you nor your customer is obligated to accept a financing approval, but tracking the number of sales that did use financing can offer helpful insight, especially when compared month over month and year over year.
Option 5: Average Sale Size
At what point does offering financing start making sense? Looking at your average sale size for customers who used financing gives you a good baseline at when you should definitely be offering a payment plan option (if you aren’t already offering financing to every customer).
Interested in other ways Foundation Finance can help you close your next sale?
Contact us for more info: 1-855-241-0024, [email protected].
