5 Tips for marketing an equipment rental business
The Internet is the new frontier of business ideas and learning how to navigate it is critical to thrive in today’s marketplace. This applies to any industry: tech, beauty, finance and even the equipment rental business.
Rental companies are not the first kinds of businesses that come to mind when we think of online marketing.
This is because they fill a particular niche in the market. Unlike industries like food and fashion that serve a constant need, the equipment rental industry is typically only relevant during specific circumstances.
And as the world becomes more digitized, customers are turning online to look for service companies.
To stay ahead of the competition and bring your equipment rental company to the modern world, you need to learn how to establish an online presence in the rental industry.
In this article, we’ve got all the tips you need to help create a solid digital presence for your equipment rental company!
See what Broadly can do for your business in just 30 days
Research the equipment rental market
Any business plan should be founded on solid data. Concrete information will give your business a solid online foundation.
Market research is an essential step. Whether you’re a startup or a mature enterprise, you need to assess the market and your competition to carve a spot for yourself in the online world. Here are some ways to do this.
- Identify your target market. Research the potential customers you want to market to and find out how to approach them.
- Research your competition. Know your top competitors, what they’re doing right and what they’re doing wrong.
- Identify market gaps. Now that you know your customer and your competition, you’ll have a better idea of what the equipment rental market needs and how you can fill it.
Choose the right type of equipment
Now that you know the market, you should be able to identify where your new rental business will fit in. The next step is to consider the type of equipment you’d like to rent out, and this will be based on your previous findings.
For example, say that your target market comprises construction companies that need specific construction equipment. You would need equipment like excavators, backhoes, skid steers, pick-up trucks and other large-scale tool rentals used in the construction industry.
On the other hand, a bike rental company will need a fleet of bikes, helmets and other gear.
Once you understand your market, you can identify what equipment you need to purchase or lease.
Accounting and budgeting
Accounting is a core component of any business, whether you’re a large company or a small business. Without a solid financial system, you will never be able to keep yourself afloat.
Although it may seem time-consuming initially, it’s important to hash out the specifics of your financial processes, such as invoicing, bookkeeping, cash flow tracking and payment tracking.
Make sure you have a bank account for your entire business, separate from your personal finances. While you’re at it, consider other systems that affect finances as well, such as waivers, rental agreements and penalties.
Create a company website
A fundamental thing you can do to make your company take off is build a website. Your website is your internet storefront. Having this presence online gives multiple advantages to your brand, such as the following.
- Credibility. Data from Verisign reveals that having a website makes you more credible to 77% of the respondents. Consumers are 64% more likely to use your services if they can find your business online.
- Accessibility. With a website, renters will always have access to crucial information, such as the kind of equipment you have available, pricing, store location, opening hours and more.
- Content. Posting high-quality content that adds value for your audience creates rapport, enhances credibility and forges customer relationships.
Get the word out about your business
Now that you’ve established your equipment rental business, it’s time to take the first steps to market it.
Thanks to the Internet, it’s easier than ever to get the word out about your rental services business, even if you don’t spend a ton of money on it. Here are a few ideas.
Create online business profiles
One of the best ways to establish an online presence for free is to create business profiles on all the relevant platforms and social media. This includes review sites and social media platforms like Yelp, Google Reviews, LinkedIn, and Facebook.
Business profiles allow business owners to separate their companies from their personal accounts. With a dedicated business profile, you can market more effectively.
Best practices for marketing campaigns
Marketing campaigns are a concentrated effort to market your brand or offering across several platforms. You can use advanced features and tools to specify your target audience and boost your posts.
Successful marketing campaigns always follow best practices, such as:
- Tailor your content for your target audience
- Track and measure the performance of your campaigns
- Use free marketing strategies such as email marketing and social media posts
Why online reputation management is important
Your online reputation is an essential component to your business’s success. It serves as the foundation for your equipment rental business, so you should never take it for granted. Take the following figures.
- 53% of surveyed consumers research online to ensure they get the best deals before buying.
- 77% of respondents regularly read online reviews for local businesses.
- In the same survey, 84% of customers value reviews the most when looking for service area businesses and tradespeople.
To create a stronger online presence, you must curate what people say about your brand. Highlight the good and turn the bad into valuable lessons to learn from. And, of course, the best way to do this is through proper review management.
Track and manage your online presence with Broadly
If you want a solid online presence for your rental equipment company, you will need a platform like Broadly.
Broadly is a reputation management tool that unifies everything you need to do into one dashboard. Monitoring reviews, streamlining social media account management and even tracking payments can be done with our platform, all without hassle on your end.
Sounds like what you need to track and manage your online presence?
See what Broadly can do for your business in just 30 days