FDs can boost revenue by £200K via funeral plans, claims Golden Charter
Golden Charter’s latest data shows that one in three people who have arranged a funeral for a loved one intend to purchase a plan for themselves
A typical funeral director could add around £200,000 annually in future revenues to their business through funeral plan sales, according to new data from funeral plan specialists Golden Charter.
Currently one in five UK funerals conducted are a result of a prepaid plan, a figure that has grown recently year-on-year. As interest and demand increase, independent funeral directors are presented with more opportunities for business growth.
Golden Charter’s latest data shows that one in three people who have arranged a funeral for a loved one intend to purchase a plan for themselves.
The survey revealed how a rise in popularity of pre-paid funeral plans can add notable financial benefits to businesses that provide them – and the opportunities for growth are more attainable than independent funeral directors may think.
For a typical funeral director, this equates to selling around four plans per month to families they are already in contact with.
The latest data also shows that three funeral plans are sold for every 10 funerals carried out.
However, despite the rising customer demand, independent funeral directors are currently securing only one funeral plan for every 10 funerals they carry out.
Golden Charter is encouraging funeral directors to engage with their customers and communities to ensure independents are securing funeral plan sales at the same levels as the UK average.
The data, which has been extracted from 25,000 of Golden Charter’s funeral plan sales and maturity values, has been analysed to unearth the opportunities for independent funeral directors considering how funeral plans integrate into their business strategies.
Charlie Norman, chief executive at Golden Charter, said: “Our latest data and analysis demonstrates the number of potential funeral plan customers that are already engaging with our independent funeral director partners.
“By sharing this insight with other funeral directors and demonstrating the potential financial impact this could have on their income over time, we hope that this will aid independents in understanding the potential benefits of additional funeral plan sales on their business as they plan for the future.”
