Coupons are often associated with old women, crocheted afghans and TLC reality shows. That may have been the old version of physically clipping little papers from the back of a magazine. But today, websites like Groupon and Living Social thrive on businesses who offer coupons to generate new business, while successful companies like Starbucks and Subway offer punch cards for loyalty rewards. Loyalty programs and discounts are great ways of attracting new customers and keeping them coming back job after job. Coupons offer value to customers and make both the seller and the buyer satisfied.
How can this apply to your equipment rental company? We came up with a few ideas that can help kick-start your coupon strategy.
1. Introduce a new line of equipment
You’ve purchased a new line of equipment and now you need a way to incentivize your customers to try something new. Offer them a discount on their first rental and possibly create an advocate that can give a testimonial on the equipment.
2. Increase utilization during slow periods
Offer enticing deals on typically seasonal items during its off-season. This will keep utilization as high as possible on equipment that would normally sit unused in the corner of your lot. Customers might just start on that job a bit earlier with some incentive to get to work.
3. Create a Loyalty Rewards Programs.
Offer a free (or heavily discounted) item after a certain number of rentals. Or, have customers earn points to purchase items from your promotional store. The possibilities for a Loyalty Rewards program are numerous and repeat customers adds to your bottom line.
Quick Tip: Use SIC codes to distribute coupons for lines of equipment to those who are more likely to use them. For example, offer a special on drywall lifters to drywall installers.
Wynne’s RentalMan software can help you with your discounting needs, just ask how.