| History
Lifestyle Home Products was started in the Durham region by two brothers, Bill and Keith Carroll, in 1989, and has since grown to service homeowners across the province. They sell and manufacture all-season sunrooms, Jacuzzi® bathtubs, indoor and outdoor spas, and windows and doors from their state-of-the-art facility in Peterborough, Ontario, working with clients from planning and design to installation and servicing. Lifestyle Home Products is known for their focus on energy efficiency and quality, and is ranked among the top sunrooms and window replacement companies in Ontario. To gain insight into the company’s approach to integrating financing into their sales process, we spoke with Marcus Carroll, Vice President of Sales, and Chris Stewart, Director of Sales, to share the Lifestyle growth story. |
The Challenge
Prior to Financeit, a significant portion of Lifestyle’s sales were made in cash or by cheque. This often led to more negotiation, as sales reps offered discounts to close deals, ultimately reducing profit margins. As a result of the reliance on cash transactions, it often resulted in smaller project sizes. In times of economic uncertainty, customers also sought more flexible payment options to avoid large upfront costs or high-interest credit card fees.
How Financeit Helped
Through partnering with Financeit and incorporating financing in their salesperson training and processes, Lifestyle has made their products more accessible and increased their average ticket by 56%. By offering customers more flexible financing options, Lifestyle is able to attract a wider range of clients with solutions that work for them, without resorting to deep discounts that impact bottom line and revenue.
“With financing, it’s never the about price; it’s about affordability, so that’s where we’re headed now with all three lines of business. When we’re training, it starts with a financing mindset.” – Chris Stewart, Director of Sales
Lifestyle also incorporated financing in their marketing, shifting from a discount strategy to a financing-first mindset. This, coupled with seasonal and CRM efforts, led to further sales increases.
“We start the financing conversation early, whether it’s in commercials and marketing materials or at the call center.” – Marcus Carroll, Vice President of Sales
Financeit helped improve close rates through pre-approvals driven through these marketing efforts and referrals from repeat customers and sales teams. Looking to the future, Lifestyle hopes to break into exciting new markets, armed with knowledge sales reps and a wider variety of financing options for customers.
*Source: Lifestyle Home Products sales closed from financing through Financeit.