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In-Store Credit Acquisition. Best Practices. October 25, 2004. “Success is not measured by what you accomplish, it’s measured by how you accomplish it!” – DB, 2007.
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In-Store Credit Acquisition Best Practices October 25, 2004
“Success is not measured by what you accomplish, it’s measured by how you accomplish it!” – DB, 2007
Environment: The in-store environment can dictate the potential for a successful Private Label Credit Card Program. Ensuring that managers and sales professionals keep credit acquisition “top of mind” is the foundation for blending credit acquisition into the store culture while maximizing acquisition efforts which ultimately helps to drive sales volume. • Credit Signage helps to strengthen the environment by providing visual cues to customers. • Having credit signage at the store entrance lets the customers know that you have a PLCC program. • Having credit signage in furniture display areas introduces and reminds customers of the PLCC program. • Having credit signage “table toppers” on merchandise displays reinforces the POS credit option for customers. • Introducing credit when writing the ticket provides the customer one last opportunity to consider the convenience of having and using a Private Label Credit Card. • By setting daily goals at the store and wit the sales professional and periodically following up on the status of the goals throughout the day, helps keep credit top of mind. • Having credit collateral available reinforces the validity of the PLCC program and makes it convenient to provide customers that would like to think about the offer with an application and the CCA if needed. • By recognizing the top credit performers within the store publicly amongst their peers in meetings or via recognition in the break room, builds team camaraderie and adds value to their accomplishments. • By assigning a credit captain and rotating the responsibility weekly, each sales professional feels like they are a part of a team that contributes to the success of the PLCC program and their individual stores performance. • Making the credit offer at POS maximizes your efforts and ensures that every customer has an opportunity to take advantage of the PLCC program in the event it wasn’t mentioned earlier. • Posting the credit results in the store for the associates to see increases credit awareness and the associates are able to clearly see their results compared to their goals.
Resources: By utilizing in-store-resources managers can efficiently maximize credit acquisition by building an acquisition strategy that compliments their efforts. There are a variety of resources that can be used to generate incremental credit acquisition results or more meaningful results based on how effectively you coordinate your strategy. • By utilizing the PA system to make credit announcements, you remind customers that you have a PLCC program, while reminding the associates to solicit customers for credit. You can set a PA credit announcement schedule for busy times, weekends, and weekdays. • PLCC Signage: When assisting the customers, make it a point to walk the customers past visible credit signage. Use the credit signage to start the credit conversation. This makes your offer less intrusive to the customers and more natural because it’s a part of the landscape of the store and the store environment. • Customers: Every body wants to be in-the-know, share testimonials, credit promotions and exclusive offers with the customers. This helps the customer make informed decisions. • Credit Collateral: Having collateral available can help when the customer declines the offer or doesn’t have time to apply. You can provide the customer with a mail in application and invite them back to the store for a more personal application processing experience. • Utilize Convenience: For those customers that may not always shop in store, let them know about the convenience of online applications, account management, and E-statements. This is the type of customer that needs and values convenience. • The Buddy System: Get the top credit acquisition sales professionals involved in developing the other sales professionals . Sometimes they respond better to their peers. • Train-the-Trainer sessions during management meetings can help provide management with informational insight that can be used to develop selling skills, and product knowledge, while motivating the associates to meet and exceed performance goals and expectations. • Conducting credit refresher training monthly, weekly, or when credit acquisition begins to decline helps maintain a strong credit acquisition focus. • Rewarding the associates by running credit acquisition incentives can serve as a motivator. • Authorized Buyer: If a customer applies and is approved, always recommend adding an Authorized Buyer. This increases the potential for more card activity and more sales if an authorized buyer is added. • Activation: Make sure approved applicants use their card on their first purchase to activate. Because once the card is activated the exclusive customer benefits begin, which are design to get the customer back in the store shopping. • Customer Loyalty: Customers that use the (Client Name) PLCC spend more, shop more, and or more loyal.
Effort: Using a consistent approach to credit is key in opening the door to success. In order to be effective you have to be professionally diligent, persistent and determined. • By knowing the features and benefits, you are better prepared to reinforce the value if the customer declines your initial offer of credit. • Engage the customer: • Engage every customer in conversation. Find out why they’re shopping or who they’re shopping for. • When the customer is talking listen to “hear” not to “speak”. The customer is providing you with valuable information about their needs, wants, or challenges that you can use to customize your offer of credit. • Never Profile a customer. Treat ever customer equally. Every customer deserves an opportunity to apply. • Speak with confidence and conviction. When you speak with confidence an conviction you are more believable. • Make a strong initial offer. By making a strong initial offer you build value in the PLCC program because the customer will see the program as an advantage rather than an inconvenience. • Ask open-ended questions. This will start the conversation while creating an opportunity for you to learn your customer’s needs, and likes/dislikes. You can then attempt to overcome any hesitation the customer may have about the PLCC program. • Use verbal and visual cues to assist in making the offer of credit (Are they specifically looking for sales items? New merchandise?, etc). • Customize the benefits when Reinstating the value: • Be prepared to rebuttal any objections, but try to refrain from using the same rebuttal every time. Buy using the same rebuttal, your attempt loses important energy because of redundancy. • Based on the customers needs, highlight the most appropriate benefit. For example, If a customer is concerned with savings, talk about the exclusive promotions they will be able to take advantage of by being a cardholder. • Mention the benefits of the PLCC program throughout the entire customer experience. Share testimonials from associates, current cardholders, other customers, etc. • Attempt to overcome at least one objection by “Reinstating the Value” of the PLCC program if a customer declines the initial offer. • Affirm and Confirm at the end of your offer or rebuttal attempt. Tell the customer the application process is convenient, quick, and all they need to apply is their valid government issued photo ID and a major credit card. • Ask every customer. • If they don’t have a PLCC, then suggest that they apply. If they do have the card make sure you thank them for being a cardholder, and recommend that they place the purchase on their PLCC.
