No Credit Check. These are the 3 Most Powerful Words in Marketing in 2010. These three powerful little words can mean the difference between success and failure. You’ve heard that we are in a Credit Crunch, right? Remember when everybody’s house was worth twice as much and there was all kinds of business being done with easy credit everywhere? That’s history. Things have changed.
These days, over half of the American population–nearly 3 out of 5 consumers–can’t put $500 together. And the ones that can probably don’t want any more debt in their lives, if they even qualify at all. Speaking of Credit Crunch–the latest numbers are that 15-16% of consumers are approved for retail credit–I’ve heard as low as 12% just today. Credit cards are simply not an option for most any longer, and even folks with high credit scores and large incomes are having their limits slashed. The affluent don’t have the purchasing power they once did a short while ago.
Given these market realities, you NEED to offer a payment option to your customers that addresses these issues or your business will suffer by missing out on a massive segment of your market. Before you mistakenly jump to the incorrect and unprofitable statement “we don’t want that kind of customer here”, keep in mind that last Christmas season over one million people took retailers up on their offer to do a Layaway plan and these folks that are targeted are people who earn over $50,000 per year. Are you SURE you don’t want “that kind of customer”? Because your competition sure does!
Not to mention, when a price conscious buyer contacts you as a result of your marketing that offers No Credit Check, they will often pay in full up front simply because you were able to get them in the door or call you over your competition–this is what many Reverse Layaway merchants tell us. That’s why these are the 3 Most Powerful Words in Marketing, and only Reverse Layaway allows you to say them.