Rental business is among the freshest talk of the town. This is among the ideas that spread like a rapid wildfire amongst consumers that previously were influenced by the buyer model. People preferred to buy and showcase the goods they desired and dreamed of as the essence of their luxurious lifestyle. But when things took a U turn, rentals turned out to be leading the future for buyers and economies.
The devastating impact of the recent COVID-19 outbreak has turned life miserable for entrepreneurs around the globe. And, the rental industry is no different to remain uninfluenced by the slowdown in the demand and growth of industries.
However, the things would not be like this forever and would certainly get back on the track sooner or later. But, it remains a key challenge for rental entrepreneurs on how to adapt to this crisis and respond to it with their all mightiness.
Where to Start as a Rental Firm When COVID-19 Restrictions are over?
When the restrictions are lifted and businesses are allowed to operate with free hands, it will be crucial for rental companies to pick the same level of momentum where they left. Why is it important? For businesses to stay profitable, it is imperative to meet revenue and profit goals that ultimately meet the daily, monthly, and quarterly targets. And, all of this is possible only if they work consistently with a constant growth pattern.
To achieve these results, rental operators have to figure out ways to attract more and more customers by winning back the confidence demonstrating the standards of trust and safety to them. Here, exploring the popular free and paid marketing source would outpour significant results when used strategically keeping aligned with growth and revenue goals.
What would be the Best Way to Market a Rental Business Under or After COVID-19?
Marketing has everything to do with the development of relationships with potential customers. A larger perception of your rental business is formed largely due to marketing or advertising campaigns. In fact, many potential customers are able to recognize your rental business through these marketing campaigns. So, these marketing campaigns not only bring in new customers but effectively enhance your brand recognition and awareness.
Thus, it becomes significantly important to tap into these marketing channels whether free or paid to harness the true potential of your rental business. Some of the best marketing channels to start with for rental business are:
- Facebook and Twitter Accounts -Official Pages (Free)
- Instagram Account – Official Page (Free)
- Facebook Groups (Free)
- Pinterest (Free & paid )
- SEO (Free)
- Facebook Ads (Paid)
- Google Adwords (Paid)
- Bing Ads (Paid)
- Instagram Ads (Paid)
- Native Ads (Paid)
How to Choose the Best Marketing Channels for Your Rental Business?
Picking the marketing channel that would work expectedly to meet your planned goals has had to be a careful consideration. Since, a lot is dependent on the marketing platform you choose and its scope to achieve the very result you crave for; any predictions could do more harm than good.
For Example, Pinterest that is primarily a visually driven marketing platform relies on beautifully designed and appealing eye-catching pictures to drive customers to the business. However, the results are ambiguous and are absolutely dependent on what you are trying to promote. Pinterest mostly attracts women’s user who like to share beauty tips, gifting ideas, fashion, jewelry, and similar sorts of stuff.
So, Pinterest may work incredibly well for jewelry, wedding, fashion rental business may not work the similar degree for the other equipment rental business. Therefore, it is always wise to shuffle across the appropriate marketing channel for your rental business and try and test the perfect tool for your arsenal.
Determining the Scope of Free and Paid Marketing Channels for Rental Business
Every marketing channel whether free or paid has its own distinctive quality and capability to deliver the result you anticipate. Plus, every one of them requires a totally different strategy and efforts to reap significant benefits from it. Let’s drill down further and take a closer look on the scope of each marketing platform.
Facebook And Twitter Accounts – Official Pages (Free)
Facebook is the 3rd most visited website in the world making it a hub of potential buyers for companies. Among these visitors, 74% of people log in daily spending more than 30 minutes each day. Thus, offering the best possible chance to be converted into a loyal base of customers. However, these numbers could only be tapped either with paid marketing strategy or carving a strategy around a community that can be built for free with Facebook community page.
Talking of twitter, with 330 million active users per month, it is the 2nd most popular platform that always keeps the buzz of marketing alive. Although, of these numbers around 23 million accounts to be bot, but the real accounts comprise a cluster of potential buyers who get influenced by the social platform to make the most crucial buying decision.
2. Instagram Official Page (free)
Another platform similar to Pinterest, Instagram a popular social network garners users motivated by a luxurious lifestyle and vivid fashion-styling sense. With more than 1 billion active users, Instagram could be the perfect place for strategies marketing goals revolving around the US teenagers who are about 71% of Instagram active users. So, there is no guesswork that these numbers could be a game-changer when exploited using the right blend of tools, technology, and planning.
3. Facebook Groups (Free)
According the website hootsuite, there are about 10 million active groups on facebook and 1.2 billion using those group to create awareness about their products and services and communicating with their customers directly. Hence, no doubt, these groups could do wonders to the marketing strategy when explored wisely. These groups are different and could be a bridge to reduce the gap of communication and perception between customers and the business. So, taking this opportunity to give your business a completely new dimension of growth and survival could be a tactical switch of strategy that may be beneficial than you could have anticipated.
4. Pinterest (Free & Paid)
Pinterest is the image sharing platform that inspires generation of millennial driven by visually enhanced and appealing pictures. Pinterest powers many purchase decisions with 600 million active searches every month. Womens are the most active users on this platform using to explore fashion, jewelry, watches, interior, design and other inspiration. Plus, many dads are using actively using this platform to get inspired with creative and unique ideas.
5. SEO (Free)
SEO or Search Engine Optimization is the technique to make website search engine friendly to attract free or organic traffic to landing pages, website or ecommerce store. The greatest benefit of SEO is that it is absolutely free but takes a long term strategy to start reaping significant benefits from it. With time, SEO has evolved as the search engine like Google introduces new features and updates such as voice search, mobile optimization, local SEO, video SEO, and more. With more than 40% mobile searches and 70% voice search, SEO is the leading source of potential customers and community building.
6. Facebook Ads (Paid)
Facebook being among the top 10 most visited website in the world is home to 1.62 billion active users per month. With such a vast massive audience on the platform, it is undoubtedly the remarkable source of an engaging and targeted relevant audience that could help any business grow. And, for the rental business it is the thing matters when keeping the business goals in tail.
7. Google AdWords
Google Search ads, PPC, CPC & CPM based ads all forms a part of the Google AdWord that could be incorporated in the marketing strategy to give rental business an edge. Combining the features and reach of all these platforms could drive relevant customers to the business and allow them flourish with full pace.
8. Bing Ads
Bing can be a remarkable choice for targeting users in the US. With around 7% searches conducted on Bing and keeping the low competition factor in mind, Bing would certainly the best place for paid marketing at a much lower cost than Google Ads. Apart from it, Bing ads are quite simple to use and could bring customers with completely different needs and requirements.
9. Instagram ADs
Instagram ADS could be a fantastic way to win over your competition. Instagram is perfect for fashion, lifestyle-related rental items, and however, you have to be clear with your strategy and about your target audience. The audience and their preferences are quite different than other platforms, so are the results. Apart from it, budget is an important aspect that could make or break the game if not heed carefully.
10. Native Ads
Native Ads are amazing to bring traffic of every kind to your website or landing pages. These Ads drive most of the traffic on the website and keep the buzz around content alive. If you are knitting a strategy around content based Ads, native based ads could do more than just lead generation and could help your business bloom.
The Right Marketing Strategy to Power Your Rental Business
Circumstances have changed a lot and what that would have worked a few months back may not work now. The Coronavirus has impacted people financially and emotionally. So, it is not merely about marketing it is all about getting things to work like before by stimulating the customers to take actions. However, it has to be relevant to a bigger picture that you want to ultimately create. Take a look at what it means for multiple types of rental businesses.
Inflatable Rental Business
There are rental businesses that rely on building community level customers to power their business growth. And, inflatable rental businesses are the perfect example of those. Inflatable are generally demanded in parties, weddings, celebrations, and other multiple events and has had to be delivered timely. So, people mostly prefer it rent from a local business. So, the best marketing tactic should be something relevant and effective.
Local SEO and Facebook groups would work extremely work. With Facebook groups, you can create your own community for existing and new customers where you can promote new items and connect with customers to better understand their needs. With local SEO, it is easy to target customers that are local in your town and are often seeking inflatable via search engine such as Google. Local SEO gives you an edge to appear on the top of the results for local search intent allowing you to capture those leads easily.
And no doubt it works, in our study of existing rental customers, we found that rental operators who used Local SEO for marketing saw a 120% increase in potential customer response with a 40% conversion.
Other Businesses that could use the same strategy as of Inflatable Rental business are AV rentals, construction equipment rental, garden, and tool rental business.
Vehicle Rental Business
Vehicle rental business is completely different in various ways from other types of rental. The customers are mostly tourist and travelers with a certain special requirement. Plus, these customers have limited time availability, so they have to serve timely without much delay. Plus, reaching out those customers cannot be anyway with marketing channels such as Facebook groups and pages.
Here the best way to capture those customers is Facebook Paid Ads, Google ADS, and Bing ADS. Of course, marketing takes budgetary as well as expertise in this area but the ultimate result are inspiring and pretty much expected one.
And, our case study has already found these marketing channels pretty much cost effective. As per the study, the rental operators who used Facebook paid ADS saw an ROI of 40%. So, all in all, it is phenomenal to give your business the right momentum at the time of crisis like this COVID-19.
Apart from Vehicle Rental such as Boat, Yacht, Car, SUV, RV Rental, these marketing channel could be optimized for fashion, uniform, jewelry, wedding and gadget rental as well.
Baby Gear, Gadget, Fashion & Props Rental
There are multiple items that are extremely delicate and require extreme caution and care. Baby gears, gadgets, Fashion & props are one of those items, these items has had to be furnished promptly and are required mostly in local towns. So, the customers have not had to wait to get those items furnished when required. The most sought after place to get those items are local store, so marketing those customers has to be at the community level.
Either you could choose to build an Online Presence using Facebook or Twitter community pages that will help develop your local presence and also can use local SEO. Here Pinterest could be great to build awareness for your business and could drive a few customers for you as well but may not fully unleash your capability as a rental business.
However, you must have the online store out there to keep your credibility and convenience for customers. And, don’t forget to demonstrate your commitment to safety, trust, and cleanliness standard in place to build a positive perception for your rental business.
No matter what challenges lie ahead of you, there are ways to approach them and test those troubled waters to create a hallmark of quality and credibility for your business. Marketing business is all about connecting the customers, the way they want to visualize a business ideally, and experiencing it beyond the odds of consumerism.