You might be unknowingly limiting the amount of business you could be doing by assuming customers know the full extent of your services. Equipment rental companies have enough challenges without self-imposed limitations.
Strategies for big increases in income for your rental business do not need to be difficult or complicated. Perhaps changes in the wording on exterior signage can help your customers understand the broad scope of your business.
You’d probably be surprised at how little both people and businesses in your area know about your rental business and what you offer. It’s often very difficult to see your business from your customer’s eyes. But, it is so important to the health and growth of your company to let your customers know your full range of products and services. What does your advertising tell potential customers about what you could do for them? What are you missing in your messages?
Of course, the specific strategies to accomplish this for your company will be different from one equipment rental company to the next. Now is an ideal time to have an objective analysis done to discover how your company is viewed by customers and potential customers.
New customers could be unfairly comparing you to those they’ve rented from in the past. Perhaps the previous rental companies had very limited inventories compared to what you offer. You might also provide additional services (such as repairing equipment owned by customers) and the previous rental companies didn’t provide these services. So, educating the customers to the broader scope of what your company does is very important to more fully capitalize on your investment in the additional inventory and providing your other services.
In my travels from coast to coast I’ve seen a strong need for rental businesses to develop stronger and broader identities. Some company names, for example, are fairly non-descriptive of exactly what they offer customers. My company’s name, “Detmer Consulting Inc.,” is a case in point. It doesn’t let prospects know that I do employee training and assist my customers in putting together company policy handbooks, and personnel evaluation and incentive systems, in addition to providing professional advice for growing their rental businesses. So, depending on the advertising opportunity, it is wise to consider ways to relate the broad range of what you can do to help your customers.
Are there opportunities for additional income in a slight name change or a tag line? It depends on the company. Seek professional advice from a rental business consultant to learn what should be done, how it should be done and when.
If you have an under-performing department or division, you might be in need of a branding makeover – or at least some tweaking. Your entire business should benefit from this new initiative.
Also, rental business owners should consider the possibilities of broadening the scope of their companies, although there is something to be said for specialization. For some rental companies, continued specialization is the wisest choice. On the other hand, some rental companies that presently offer a relatively narrow band of services might be able to grow their income very significantly through broadening strategies.
Some customers and potential customers think all rental companies are alike. Show them what sets you apart and why renting from you is a better choice than renting from a competitor.