Running a production equipment rental business is not easy. To get an edge over the competition, you have to stock all the popular products (renting equipment) in your industry, make sure the products are in good condition and provide a seamless delivery experience to your customers to make them happy and maximize repeat rental purchases. It is also necessary to deal with insurance liabilities and make your services are easily available.
Here are some tips you can follow to become the market leader in your area:
1. Conduct thorough market research – If you have not done so already, study the local market in as much detail as you can. Learn about the preferences of your target customers by conducting surveys or interviews. Know which types of production equipment are popular in the area, or in general, and how much people are willing to spend to rent them. Don’t forget to check brand preferences and check out the competition.
Thus, this is an extremely important step as it allows you to assess the demand for products that you are renting or want to rent, study the competition, and enable you to invest correctly without wasting money.
2. Invest your money wisely – Buy smarter instead of buying more. There is no need to buy every type of production equipment even if you have the money. Resist the urge to buy the latest products and focus on buying more popular equipment or products that are always in demand. To know which equipment or products are in demand, you have to do proper market research.
If you don’t invest wisely, your money may get stuck in idle inventory. If you save some money on buying products or gears, you can use it for other purposes such as paying insurance or promoting your brand.
3. Develop your brand – People prefer to buy products and rent equipment from reputable brands. On the other hand, if your brand is not popular or has negative publicity, people will hesitate to rent equipment from your store. Thus, it is crucial to develop a strong brand early on.
The best way to develop your brand is to build an online presence by creating a professional-looking website. It will create a good impression in the minds of your potential customers, make your business more discoverable, allowing you to reach your potential customers easily, and enable you to market your products efficiently.
It is also important to create a good social presence on popular social media platforms like Facebook, LinkedIn, and Twitter. As your business grows, consider hiring a digital marketing expert or online reputation management agency to help you maintain your online reputation and eliminate negative publicity.
4. Create partnerships with other businesses – Here is the secret to generating more revenue and pleasing your customers at the same time. Consider the needs and requirements of your customers and refer them to reputable businesses that can serve them.
For eg., if you are selling video production or music production equipment, your customers may require a venue for shooting video or a recording studio for recording the music. Maybe they need access to models, musicians, helpers, etc. Whatever they need, try to figure it out and create a partnership with the companies or organizations that can fulfill these other needs of your customers.
Referral partnerships with these companies will create a win-win-win situation. It will enable both you and these companies to refer potential customers to each other and allow your customers to fulfill their other needs promptly and easily. However, make sure you refer only to reputable companies as a bad referral can reflect badly on you.
5. Provide the best customer experience – Rental business owners need to delight their customers as their success depends on repeat business. The best way to ensure your customers keep coming back to you is to provide them with a hassle-free experience and offer the best customer service that you can.
Offer recommendations that can help them and answer all their queries in detail. However, don’t overwhelm them. If you treat your potential customers right, they will become your loyal customers.
6. Automate everything to reduce workload – If you want to beat your competition, attract more customers, and expand your renting business, you have to work smarter instead of working hard. It is not possible to run your business through manual efforts alone. And, to scale your renting business, you have to automate the whole process of renting out equipment, collecting cash, delivering the equipment, and keeping track of the status of your products. A rental software like reservety can ease your workload and offer you the right tools to grow your business. Here is a brief overview of reservety:
You can use reservety to create a professional-looking and mobile-optimized website for your business. It will also allow you to minimize your workload by automating key processes such as shipping, inventory management, taxes, informing leads about the availability of rentable equipment, collecting information and payments through multiple secure channels, and much more.
Using a rental software is not complicated at all. In fact, check how easy it is to create rental products in reservety below:
It doesn’t matter what industry you are in, you can customize reservety according to your needs. The rental management capabilities of this software allow you to run your business on auto-pilot. You can send automated reminders to your customers, or let them know of any promotions or deals you are running through SMS notifications.
The intelligent tracking system will keep you informed of your rental assets, reducing the worry of theft. The advanced analytics will help you learn more about your customers, improving your knowledge of the target market.
To learn more about the features of reservety and get first-hand experience with the software, you can apply for a free 14 days trial.
A production equipment rental business can suffer from a lot of problems. If you don’t do anything to minimize these problems, it can ruin your reputation and create problems in the future. Create a proper agreement that is easy to understand and impossible to deny. The rental agreement should clearly state how the rental equipment should be treated, the penalties for damage, theft, late returns, etc. and information pertaining to the rental period. Clear communication is the key to avoiding any problems. So, avoid confusion at all costs.