What to Do About Changing Customer Expectations

Customers12 59247fe1f3482

Rental companies need to accept and adapt to new ways of satisfying the needs of their customers. It’s not just what new, young customers want and expect, it’s what older and more traditional customers are now craving too.

Many rental companies are not adjusting their methods of communicating with prospects and existing customers to reflect the expectations of today's customers. For example, many rental company employees are not truly selling. They lack the ability to influence whether or not the prospect rents from their rental company. They can take the order if the prospect takes the initiative. Similarly, they can take the multiple item order if the customer takes the initiative to build it themselves. Remember, more than ever, today's customers have the option of not just giving their business to a different rental company, but to buy the equipment they need for a one-time project at a cheap tool store.

It's important to realize that dozens of items that once were almost exclusively rented from a rental store are now much more commonly purchased by customers at discount stores prevalent in many market areas. Some of these items were core rental items and once were dramatically more profitable. Of course, the quality of tools and equipment that customers purchase at one of these discount stores might be inferior to the brands a rental store carries, but often customers don’t know that. Customers are increasingly unaware of the many benefits of renting instead of buying. One of those benefits is equipment operation instruction.

I remember how rental companies labored to make homeowner customers watch instructional VHS tapes back in the day. Some tried to force their customers to watch certain videos (such as floor sanding) before the customer would be allowed to rent the equipment. Few customers wanted to spend the time to watch the video in the rental store. Even when customers were given a copy of the tape to take with them when renting the equipment, many didn’t want to take the time to actually watch it.

That’s all changed. Now, many rental customers eagerly seek instructional “You Tube” videos on their smartphones. The challenge is there are so many internet videos made by amateurs showing improper (and downright unsafe) equipment usage. So, instead of hoping that customers stumble across a video that demonstrates the proper usage of your rental equipment, it might be wise to send your customer a link to certain manufacturer-approved videos and other manufacture- approved instructional materials. Check with your insurance agent to be certain that this meets with his or her approval.

Another developing trend is the customer’s desire for more technology in the equipment they rent. Customers now want to be on the cutting edge. Many are not that impressed with “Plain Jane” features on rental items they wish to rent. Customers are starting to gravitate to rental companies that stock superior solutions to their projects. Increasingly, customers don’t want to merely complete their project. They expect to be “wowed” by equipment performance. For their part, contractors increasingly prefer to rent equipment that can reduce manpower requirements, so it would be wise to investigate equipment with more labor-saving options and accessories.

What's next?

Keep an eye on developing trends. Personally, I'm making another visit to the annual “Maker Faire” in California. It might sound like a strange name for a technology exposition (and in some ways, it is very strange) but it helps me to get a glimpse of many developing trends. The Maker Faire is described by its organizers “as a celebration of the Maker Movement, it’s a showcase of invention, creativity, and resourcefulness. Faire gathers together tech enthusiasts, crafters, educators, tinkerers, food artisans, hobbyists, engineers, science clubs, artists, students, and commercial exhibitors." The many demonstrations are for consummate do-it-yourselfers. (A number of years ago, I saw the early development of drones and 3D printers for the masses before they became commercially available.) These folks (many are young) are the future renters as well as the engineers who will craft new rental equipment (with bionics and other amazing technology). Again, it is so important to get a glimpse of developing themes that could give insight into what customers will want and expect in the very near future.  

Keep it fresh

Contractors and other construction company decision makers are growing more intent on completing their projects in the shortest amount of time by experiencing the least amount of rental equipment downtime. In the past, loyal rental customers seemed to have more patience and were more forgiving when renting equipment that might have logged a few too many hours. I believe there has been a gradual shift in customer expectations over the years with customers doing considerably more business with rental companies that have a fresher, more reliable fleet.  

Some people think the younger generation is less likely to rent equipment than previous generations. I don’t agree. I believe technology has sharpened their minds in many ways and that many of those who are the most tech “nerdy” are the gifted “mechanics” of today and tomorrow. They are the discoverers and the troubleshooters. They are the problem solvers. They are buying their own houses and they are learning the many joys and benefits of being a DIYer. And so, they will need the proper rental equipment that suits their individual needs.

Never assume you know what customers want. Even with so many customers providing online reviews, the best course is to continue asking customers for clues to satisfy their changing needs.

Latest