Tap Into a $49 Billion Market
Many homeowners don’t buy a sump pump until they need one. If the house is dry, why bother? There’s nothing more forgettable than yesterday’s weather, and if the house survived that, it will surely survive tomorrow’s little rainfall.
Wrong. We’re creatures of habit and those habits--especially regarding safety--are often misinformed. Tires are the same way.
“You don’t buy tires often, so educating yourself is important,” says Janine Leggett, marketing director at Tires-Easy.com, “even if customers figure it out after a flat, it can still become a pleasant experience and we strive for a positive outcome with each customer.”
If a consumer is improving their vehicle’s aesthetic or is forced to replace a flat, there are ways to provide alternative options so they can obtain what they need. For those already on a budget, extra tire expenditures can be backbreaking purchases. Fortunately, for that market--that $49 billion market--companies like Tires-Easy.com offer a phenomenal solution. And they do so through Katapult.
More Options, Less Turndowns
Most tire customers are accustomed to three options: good, better, best. But for the segment who have to choose between “good” and “any other monthly bill,” the choice is more like no choice at all.
Through Katapult, however, companies such as Tires-Easy.com can offer an alternate solution: a lease-to-own option on whichever tires a wheel-less customer needs. Working with Katapult, Tires-Easy.com didn’t have to bring the market to the customer--instead, Katapult brought the customer to them.
“Katapult created a market for us,” Leggett says, “because we didn’t have a solution when someone didn’t have credit or is in a circumstance with no or bad credit. Like many shop owners, there just wasn’t much we could do.”
Customers who previously had to be turned away are now ushered into a space where they can obtain the tires they need, and where they can look with confidence (and safety) toward the open road of the future. Katapult allows this underserved market to obtain the tires they desire without hurting their FICO scores.
“We had many customers call who said they can’t afford the tires they want, so their only option was the lowest tire available,” Leggett continues.
“Katapult gives them options for better products and puts the power more in their hands.”
In short, Katapult wants to change the narrative of the lease-to-own customer, assists customers with no or developing credit or can even help millennials who don’t want to rely on a credit score.
Misti Achilles is head of marketing at Katapult. “We give our retail partners the opportunity to reach customers who otherwise won’t get approved through prime financing,” she says. “We want to continuously help our retail partners understand, gain access to, and grow with this important customer base. To do that we partner with them through marketing strategies and channels aimed at engaging and raising awareness with customers in the market for their products and services.”
Achilles explains that Katapult isn’t so much a service as an inclusive solution that helps retailers attract more business to reach customers who might otherwise walk away and spend their hard-earned money somewhere else, in turn filling a void in the market and simultaneously increasing brand loyalty through that space. What was once a vacuum becomes a market in the best sense of the word--new and old customers coming and going, browsing, getting educated, and eventually transacting where previously they couldn’t.
“Many believe they won’t get approved for traditional financing to get the tires they need, but our partnership with Katapult allows them to obtain the tires through a lease-purchase solution,” Leggett says.
“It’s a simple, easy process, and they’re safer. The thing about tires is their safety is your safety; you’re as safe as the driver next to you.”
For Leggett and Tires-Easy.com, working with Katapult has been an invaluable, eye-opening experience. They’re able to help more drivers understand the value of their tires, and also help them obtain those tires in the first place.
“I think this is an excellent solution for customers,” she says. “Katapult is fantastic to work with and you can implement a solution quickly and easily to reach more customers. It’s a stressful time, right? It’s been a stressful year. And when we can offer something to help a customer, that’s a win.”
To learn more about how Katapult can help you find more customers (and access that $49 billion market), click here.