CliqStudios Sees 190% Financed Sales Growth by Promoting 0% APR Financing
Renovating your outdated kitchen isn’t always a simple task. It can be expensive and complicated, but a kitchen remodel of just $22,000 recoups an average of 80% of its cost when the house is sold. CliqStudios was founded in 2010 on the belief that the kitchen remodeling experience can be easier and more affordable for homeowners if they can work side-by-side with an expert throughout the renovation process. By combining the hands-on approach their designers are able to offer with cutting-edge technology, flexible financing, and in-person service and training from Bread, CliqStudios are helping more customers build the kitchens of their dreams.
Hands-On Trainings and Higher Credit Limits Means More Renovations
CliqStudios’ team of kitchen designers work individually with each customer to provide detailed floor plans, photo-quality renderings, and lifelike 3D walkthroughs. Customers truly see what their new kitchen will look like before they order, and the team has guided over 30,000 project renovations to completion. One of the major reasons CliqStudios decided to offer financing with Bread is because of the high-quality experience Bread would allow their designers to offer customers.
As Chief Financial Officer Todd Nickell describes, “Bread really taught our designers about our customers’ needs regarding financing, as well as how to talk to them about it, and how to make sure when we do talk about financing, it’s within the regulations of the financial industry.” The hands-on training Bread was able to provide was crucial, because 97% of financed sales are rep-assisted. CliqStudios has four locations across the country, and Bread was able to train over 120 of their designers on the ins and outs of financing.
The other major driver has been Bread’s higher credit limits, which are essential for customers who are looking to make the large investment of remodeling their home. These higher limits means financing can make a meaningful impact for CliqStudios’ customers’ budgets.
“A major piece in our decision to work with Bread was really the high credit limits that our partnership afforded us to offer. They really make a difference for our customers.”
Ultimately, the customer experience was a fundamental reason for CliqStudios’ partnership with Bread. Lowering friction by working closely with their team to deliver the best possible buying process was essential. A plug-and-play solution simply doesn’t allow for that kind of customization and attention to detail.
“The second piece behind our decision to work with Bread was really the ease of use and interaction our customers were able to have when using the Bread product.” Says Nickell.
A Dedicated Financing Page Helps Drive Interest-Free Offerings and 190% Growth
Offering financing is one thing, but effectively informing and educating customers about it can be a whole other proposition entirely. To this end, CliqStudios has added a dedicated financing page to raise awareness of their offerings even earlier in the buying process. Their page is a place where customers can conveniently get any information they need to answer their questions. It is prominently displayed in the top-left corner across every page on their site and lays out the details of the financing process, including a full FAQ. Because this information is readily at hand, their customers are more informed and more confident about choosing financing. The results speak for themselves: 77% of applicants now prequalify from the financing page.
The financing page has also been a perfect place to highlight their 0% APR options. CliqStudios recently ran a trial where they offered 0% APR interest rates to qualified customers on their financing page. During the first month of their trial offering 0% APR financing, CliqStudios saw that 66% of all of their sales across their different financing products were being driven by their interest-free offering alone. They also saw 190% year-on-year sales growth and a 16% increase in average order value for the same period. Due to the success of this first offering, they’ve decided to continue to offer 0% APR financing all year round.