A soft pull credit report is a powerful and low-cost tool that accelerates the sales process. It provides valuable insight for both the business and the consumer into the customer’s financial standing and purchasing ability without affecting the consumer’s credit score. Here’s how soft pull credit reports help you sell more and cut costs:
ACCELERATES PURCHASE DECISIONS
31% of consumers are more likely to purchase in 30 days or less when they use a soft pull to get pre-qualified. A transparent sales process enables customers to feel more confident and ready to purchase, significantly reducing the sales cycle.
Pro Tip:
Offer the option to get pre-qualified in your marketing — externally and in-store.
PROVIDES A SEAMLESS ONLINE & IN-STORE EXPERIENCE
84% of shoppers believe increased online engagement can bridge the gap between the online and in-store experience. Offering soft pull pre-qualifications through QR codes in various advertising mediums gives customers a preferred mobile experience and reduces their time in-store.
Pro Tip:
Ensure your soft pull pre-qualification forms can be completed on a mobile device or a single-focus landing page and watch your conversions increase 30%.
BOOSTS SALES
Starting the buying process with a soft pull pre-qualification leads to a 16% increase in sales. It provides the customer with confidence for a smoother and quicker sales process.
Pro Tip:
We mentioned offering the soft pull pre-qual option in your marketing — but we mean EVERYWHERE — mailers, salespeople’s business cards, streaming ads. With the right tech, you’ll get the lead info even if the consumer doesn’t complete the pre-qual.
DECREASES PAPERWORK, INCREASES EFFICIENCY
Soft pull pre-qualifications require minimal information, making it a non-intrusive process for consumers. This increases the chances of conversion.
Pro Tip:
Soft pulls typically have fewer compliance requirements — meaning less paperwork for your team to manage and protect.
GIVES YOUR TEAM ENRICHED DATA
Soft pull pre-qualification is more than just a score. It gives valuable insight into the consumer’s credit situation, so you can offer the deal the customer needs.
Pro Tip:
Besides understanding what a consumer can buy, you’ll also understand if they’re in the market to do something else like trade-in a vehicle — plus so much more.
BONUS TIP: The Power of Pre-Screening:
Pre-screening is a business-initiated inquiry that involves presenting a firm offer of credit to a set of consumers based on specific credit criteria and includes data you don’t have in your CRM. Leverage this tool in sales and service.
Want to learn more about how your business can leverage soft pulls?
Contact us today to schedule a demo.