As times change we can no longer wait around for
customers; we must develop a sales and marketing plan.
By: Scott
Brinker
http://www.rtoonline.com
The 'good ole days'
Gone are the days when we could wait around for customers to come into
our store. Today, we need more creative ways to “find the business”.
More than ever, we find ourselves competing against traditional
retailers. “Mega-Super Stores” sell appliances, electronics, and
furniture at close to wholesale prices. They are extending credit to
consumers they may not have considered in the past. We find ourselves
working harder than ever to earn the business of today’s consumer.
We do, however, have a clear advantage over traditional
retailers...Information
·
Customer’s address and telephone number
·
Names, addresses and telephone numbers of friends and
relatives from the rental order.
Major retailers have nowhere near this level of detail about their
customers.
The Total Sales and Marketing Plan
The total sales and marketing plan is a two-step process that includes both
traditional media advertising and a store-level solicitation program.
While media advertising is effective when properly planned, it cannot
be solely relied upon to grow your business. Media advertising will,
in effect, provide leads, but a store-level solicitation plan will
ensure that the leads receive the follow-up they deserve.
Developing A Solicitation Program
The key to a good solicitation program is to be consistent with
customer contact and follow-up.
·
Send mailings at regular intervals
o
For example, send mailings 14 days after a return or
pay-out occurs.
o
Follow-up these mailings 30 days, 60 days and 90 days
after the return or pay-out.
·
Combine the mailings with telephone solicitation calls
at alternate intervals
o
As an example, the initial call is made 7 days after the
agreement termination followed by calls at 21 days, 45 days, etc.
In order to document mailings and telephone contacts, you will need
to create an organized system to track activities. Whether you use a
system of index cards, a legal pad or utilize a computer spreadsheet
or database program, be sure to create a system that makes follow-up
easy and consistent.
Sources for Solicitation
Now that we have a plan, the focus shifts to finding customers to
solicit. As discussed earlier, we have several resources at our
disposal in the form of a rental order. The following are a few
examples.
Previous Customers
Defined as those who have either returned product or have paid-out
an agreement. This is a resource that is easy to approach since they
have used our services in the past.
Customer References
The references listed on the rental order by a customer are also
an excellent source for solicitation. The references are also easy to
approach because we have something in common with the reference...we
both know the customer who listed them.
An additional source for solicitation would be in-store / telephone
inquiries that do not result in a rental. This is, perhaps, the most
overlooked source for solicitation. Simply ask for the names, address
and telephone number of all in-store / telephone inquiries. Tell them
that you send “special offers” by mail from time to time and you would
like to include them in future mailings. After you have secured this
information, add them to your solicitation system.
In
closing, I hope that I have generated some interest in the creation
and execution of a total marketing plan that will help you “find the
business”. It has always been my belief that, in the rental purchase
marketplace, it is our responsibility to “find the business” and a
store-level solicitation program is a great place to start.
Remember, your total sales and marketing plan should be a two-step
process that includes both traditional media advertising and a
store-level solicitation program. As always, I welcome your questions
and comments. I hope to hear from you soon.
