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Rent-To-Own: How To Drive More Sales Without Ever Picking Up a Phone or Mailing a Single Letter

by Shawn M Schafer

posted in Business

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1. On time renewals- You might ask yourself, "How does on time renewals help me get more business?". The answer is customer satisfaction. People who renew their agreements on time are happy with their merchandise and happy with your customer service. People who are happy with the items they have and the service they receive will buy more items from you in the future. Those same people will tell their friends, family, neighbors, etc about your great service and refer more business to you. The more people that are referred to you the more sales your store gets. Can you see the cycle? Sales will always create more sales if the people doing business with you are satisfied with your level of service and the quality of the items you provide.
2. Referral business- When I talk to people about referral business I get a lot of the same responses. "I've tried to get referrals but it just doesn't work!". Well I'm here to tell you that if you can't get referral business from your current customers then they probably don't like you very much. People refer friends and family to people not businesses. It doesn't matter if you work for a huge multi-million dollar rent to own company or a small single store operation. People come to your store to buy items from YOU, not the brand you work for. If you can't get referral business then you need to ask yourself a few questions. Do you ask every person, every time, for referrals? If you are 100% sure that you do and everyone that works for you does than you need to dig deeper. Do my customers like me? Do my customers trust me? Do I provide the best service in my area? What are you offering customers to refer business to you? Is it worth it to them? Again, If you aren't getting referrals from anyone, there's something wrong and it's your job to find out what the problem is and fix it.
3. Customer service- If you've read the first two paragraphs then this would should go without saying. Great customer service is an integral part of every successful business. If you aren't taking care of your customers why would they bother telling other people about you? Why would they bother paying for the items they have if you aren't going to fix it? Ask yourself this "When a customer calls me with a problem, how long does it take me to implement a creative solution to fix it?". If you can't honestly say that you fix every problem the same day then you aren't giving world class customer service, and the sales you get will not create more sales for your business.
4. Knowing what your customers want- This is an easy one. In my experience I have found that there are 3 types of rent-to-own customers. The first type only wants brand new merchandise and they don't care how much more it will cost versus the previously rented merchandise on your showroom. The second type only wants a great deal and they don't care if the item is new or previously rented as long as it's cheap and they can pay it off fast. The third type is somewhere in between. They will buy whatever you have on the floor and pay whatever price it is marked. Some areas will have more of one type then the others. It's your job to make sure you have something for everyone and in every category of merchandise that you carry. This leads to more sales and happier customers. You should know by now what happier customers translates into for your business.
5. Building relationships- If you've done everything I've told you so far then you are well on your way to building relationships with every single one of your customers. Remember, the people that utilize rent to own are doing business with YOU, not the brand that you work for. You are building a customer base for the future not just for today. Having a great relationship with your customers basically guarantees future business with them and with the people they send to you. You can do this by following all the steps in this guide but you also need to be on a first name basis with everyone. Ask about their lives. How are their kids doing? How's the new job? Do you have big plans for the holidays? You have to be sincerely interested in every single person that comes into your store. Do not look at customers like a dollar sign, they are not a number, they don't care about your stores profitability, they don't care if you hit your collection numbers. They want to be treated like a human being and want to receive the best service from a friendly staff.
I hope you enjoyed this quick top 5 list, as you can see all of the items in this list go hand in hand and are imperative in making you successful in the RTO business. If I lost you on any of the topics the gist of it all is this. Put down the telephone, put down the envelopes, throw your fancy flyers away. Take care of your current customers, build LONG TERM relationships with them and they will take care of you for years to come through referral business.
About the Author: Shawn Schafer is an RTO professional and ambitious self learner.
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