The plumbing industry is booming in 2022, and all the recent trend reports show that customer financing is definitely rising. Plumbing is one of the basic requirements of a well-functioning home. Consumers today are becoming more aware of how important plumbing services are currently.
The biggest hangup of making the call to a plumber is the cost for most customers. However, customer financing has taken hold in the plumbing industry, and more plumbing professionals have taken notice of it. Here are a few reasons why consumer financing is the latest trend in the industry in the new year.
● Competition is At An All-Time High
As customers get comfortable with financing tools to get plumbing services, most companies have adapted to the demand. Offering flexible payment options can easily be a company’s unique selling point and drive more sales.
There are many management apps and tools available to make it easier for companies to track these payments. Homeowners can simply choose their preferred financing method and get their work done faster. The customer gets their services done on time for a marginal interest rate, while the service provider gets new customers.
● Customers Want to Fund Big Projects
Renovating bathrooms and kitchens can be financially and mentally exhausting for homeowners. Usually, these renovations cost thousands of dollars that they may not have lying around.
Usually, people buy real estate to flip them and sell them at higher costs. Usually, these homeowners want their work to be done as fast as possible. Funds are low, and time is running out; what shall they do?
Consumer financing allows these homeowners to fund these projects for little to no money.
● Money is Tight
Owning a home is not easy! You’re paying the mortgage, electricity bills, and buying groceries.
Think about the last time you had a plumbing emergency like a burst pipe or a clogged sink and how much it affected your sanity. Having a plumber come at odd hours of the day on short notice is truly a privilege.
Home Advisor claims that an average plumbing service can cost anywhere between $175 and $450. Emergency plumbing services can cost double these numbers!
Consumer financing can be a great way for homeowners to get the plumbing services they require while making wise spending decisions.
Bright Plumbing Fittings are Increasingly Popular
A simple flush toilet no longer suffices in today’s society. When it comes to today’s customers, Generations X, Y, and Z are all now purchasing houses, and Generation Z is only a few years behind them.
Showerheads with Bluetooth connectivity, smart water heaters that can detect leaks, and touch less digital faucets that minimize water flow are newer technologies that people are looking for instead of the old ones.
Smart toilets, such as those that save water or have heated seats and night lighting, are also available on the plumbing market. A growing number of homeowners are turning to touch less plumbing fixtures because they last longer and conserve water.
Brain Pipes Report Leakage
Is this anything you’ve heard of? This innovative method of identifying leaks is sweeping the new building market and is expected to influence the plumbing sector significantly.
When a leak in your plumbing system is detected, Brain Pipes technology sends a text message to the homeowner and shuts off the water supply. As a result, mold and leak damage are less likely to occur.
This new technology may also provide homeowners with a monthly report on their water usage, allowing them to see where and when they are wasting the most water. Learn more about brain pipes if you’re installing plumbing systems in new construction.
A Competitive Edge through Digital Marketing
No one plumbing firm in the United States holds more than 5% of the overall market share in the sector. Statistics from the plumbing industry show that demand for plumbing services will rise over five years.
Without digital solid marketing techniques, a solid social media presence, and excellent online ratings, plumbing firms are simply another face in the crowd for consumers.
Your plumbing business needs to raise its profile to compete in a crowded market with historically low levels of client loyalty. Getting your name out there is the first step in establishing a solid brand identity for your plumbing business.
Why Should Your Plumbing Company Offer Consumer Financing
People should be able to afford good plumbing. The younger generation is tech-savvy, thereby finding newer ways of financing their requirements. Your plumbing company should adapt to these changing trends if you want new customers. In the current economy, consumer financing is the right step to moving forward in the current economy.
When a customer likes the services you offer but doesn’t have the required funds to afford you, it’s a loss to your company. Customer financing is a unique way of roping your customer in and getting paid later. If you’re looking to upgrade your business, offering consumer financing should be your #1 goal this year.