Running a rental business today is vastly different from even a decade or two ago. Companies are going through rapid digital transformation and rental businesses need to make changes to keep up with the evolving landscape and competition. So what does this mean for businesses with physical locations that are renting out gear or equipment?
While your business doesn’t solely exist online, you can still use the advancements of the digital age to take your rental business to the next level. Implementing smart digital techniques can help you reach more customers, save money, and run more efficient operations.
1. Use AI to enhance operations
Even though the concept is still in its infancy, businesses are starting to use artificial intelligence to streamline certain tasks. Using AI to drive business decisions can help you save money, time and run more efficient operations.
Rental companies can use AI to perform and enhance a variety of tasks ranging from tracking inventory, automated invoice processing, to boosting customer service efforts. For example, you can use chatbots to offer customer service and respond to your most common questions. Companies are dealing with ever increasing data and AI can be used to mine and interpret this data for more informed business decisions.
AI can help with these tasks and as it automates operations and improves efficiency, your employees can focus on more pressing or detailed tasks.
2. Maintain a great website
Even though a strong online presence is increasingly important for business success in the digital age, there are still many small companies that don’t have a website. If that is the case with you, it should change. Your website is a great place for customers to learn about your services or products, read reviews, watch videos, and access testimonials.
There is a lot that goes into building a quality website. It needs to be visually pleasing, simple to navigate, and provide all of the necessary information that a customer may need to know about you and your rental products. Also, you want to ensure your site and all associated pages load quickly and display well on mobile devices. If it takes more than a couple of seconds for your site to load, many potential customers will simply go elsewhere.
Populate your site with high-resolution photos of your product line along with compelling product descriptions. Make sure the site is easy to navigate and customers don’t have any problems when they reserve, rent, check out, and pay for their rentals.
3. Take advantage of digital advertising
Effective digital marketing and advertising are a critical part of business success in the digital age. Design your campaigns to increase outreach, establish brand loyalty, and reach new potential customers.
Digital marketing includes everything from email marketing, social media marketing, content marketing, to SEO optimization and more. All these forms have their unique benefits. For example, running targeted ads online will ensure that your product or service is placed in front of the ideal customer, in the places they visit the most.
Before you design your campaigns it is important to understand your ideal customers. For your ads to have the best chance of being successful, define who your customer is in terms of their location, age, gender, and even more detailed information such as their interests, pain points, income, and location. All of this information will help you to better focus your marketing efforts to ensure you are reaching out to the right people.
4. Utilize social media
With billions using social media, it is another crucial part of succeeding in the digital age. Social media channels are a great way to engage with customers, reach out to new customers and generally expand your reach as a business.
In addition to helping you market your product and grow your audience/customer base, social media is a great avenue for market research. It can help you identify and reach out to new customers who may be interested in your products. Their bio, tweets and preferences ( based on the content they like or share) can provide a lot of information about them and help you build customer personas with well-defined preferences and pain points.
When creating posts on social media, keep your brand voice and identity in mind. If you have a certain voice you use on your website or in content, this should be consistent with how you engage on social media.
These are just some of the great ways for your rental business to find success in the digital age. Whether you decide to use all of them, or just a couple, they can help you find success in the modern-day business landscape.
EZRentOut is the leading cloud based rental equipment tracking software with specialized features to help you optimize rentals for different customer segments. Use our mobile app to create and process orders anywhere, anytime!
You can try us out by signing up today for a free 15-day trial. For more assistance, drop us an email at firstname.lastname@example.org.