Mike O'Connell breaks down three types of home-improvement buyers: promotional buyers who chase short-term deals, budget buyers hunting for low monthly payments, and rate-sensitive buyers fixated on interest rates. The key is asking discovery questions to match each customer to the right financing product.
Hey, everybody. Welcome to this week's coaching moment. I'm coach Nathan Thibodeau and I'm here with Mike o' Connell from one of our newest partners at Contractor Coach Pro Moment Finance. So he is going to be doing a celebrity coaching moment for us this week. What do you got, Michael?
You know, Nathan, today I wanted to talk about the different buying behaviors that consumers have whenever they're purchasing a home improvement contract using financing.
So we know today that homeowners cash.
Flow is obviously key. Savings may be a little bit low at this time, and offering an affordable.
Payment solution is a very strong way.
To capture that win.
But how we offer financing and what products we offer is a deal maker.
Between whether or not we win that business or we lose that business.
So a lot of times when we're talking to our homeowners, we're asking these probing questions about what type of payment.
Works best for their budget, maybe at what time they'll have the availability to.
Come up with these funds.
These are all discovery questions to put the right product in front of them at the right time. So let's talk about the three buying behaviors. So once you know what the buying.
Types are, you can ask the right series of questions. The first buying behavior we have are.
Those are their promotional buyers.
Those are ones who, they may have the cash today, maybe in a short.
Window of time, six months, 12 months.
Whatever the promotion is, that's a good enough window of time for them to.
Have the enjoyment of benefiting from the project today and they'll have the cash tomorrow.
That's a promotion type buyer. Okay.
Okay.
So your second one is going to be your budget type buyer. Those are the ones who just need an affordable solution.
They need your home improvement solution today, but they need a payment plan that's.
Affordable and fits into their budget. So let's make sure that we talk to them. And then the third one's my favorite. Those are the ones who think they have the keys to Wall street and.
They want to negotiate the Federal Reserve exchange rate here and talk about rates and terms.
So let's keep those happy as well. Right? Let's have a very attractive lower interest.
Rate plan, maybe a little shorter term, maybe a longer term plan that's out there and giving that option close so that consumers can pick which one of those three buy behaviors they fall into.
They're seeing the right kind of offer.
