How to Increase Your Equipment Rental Business Profitability

The greatest advantage of digitization – for any business – is the ability to keep your company front of mind by properly leveraging digital marketing channels and offering a customer experience that caters to your niche audience.

No matter what line of equipment rental youre in, the same principles apply to generating online buzz and to refining your web presence so that customers will not only come back but spread the word about your equipment rental business.

In this article, well review a few ways that you can tap into the potential of digitized marketing – and, by extension, marketing analytics – to boost your equipment rental businessprofitability.

Improving Insight into Customer Behaviours

Have you ever wondered how Coca-Cola landed on the color red? Why did the company choose that particular shade of red to be emblematic of their brand?

The decision was no accident. After collecting, compiling, synthesizing and painstakingly interpreting the results of their research polls, they determined that “Coca-Cola red” (as it was coined in 1948) was most pleasing to each of their audience segments.

Consider now that that work – which allowed Coca-Cola to become a household name – was done without the use of modern analytics tools. The data was gathered manually, synthesized manually, and interpreted by a team of market researchers whose singular expertise was deriving “customer insights” from an ocean of raw data.

Cut to modern times.

Through digitization, SMBs in the rental equipment space can utilize customer data to improve every aspect of their business – and they can gain insight into what their customers want and their buying habits, without the need to conduct research the way Coca-Cola did. A digital solution, like PREXA365 , will allow you to review the past utilization of equipment and predict long-term demand, purchase additional equipment when you need it, and even sell equipment for which customer demand is waning.

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Increasing Your Visibility” Online

If you want to boost your rental equipment business’ profitability, you’ll need more than just great analytics and insights into your customer’s buying/rental habits. You’ll also need a way of mobilizing that data in your marketing efforts.

A free and easy way to gain visibility online is by creating a “Google My Business Listing.” This allows you to share your business location and hours, phone number, website, and even available rental equipment special offers with people searching for businesses like yours on Google. Click here to get started on your free business profile on Google.

Also at your disposal are platforms like Facebook, Instagram, Twitter and LinkedIn – each social media platform having strengths and weaknesses, depending on your target audience. In the equipment rental business, however, Facebook and Instagram are the most useful. Facebook because it allows you to create a business page with all sorts of bells and whistles – including an actual “storefront” that allows you to conduct eCommerce. Its seamless integration with Instagram (an image-heavy social media platform) and Instagram’s shop feature makes Facebook and Instagram the perfect pair to help boost your rental equipment business’ profitability.

Bolstering Your Efficiency

If your equipment rental business has been around a long time, you’re probably using “legacy” technology. By upgrading your digital solution to an all-in-one platform like PREXA365, systems that were once disjointed become integrated. That integration – and the efficiency it promotes – is what digital transformation is all about.

By centralizing all of your customer-facing processes in one platform, you’ll improve the speed at which information can be found and the efficiency with which it can be managed. This will help keep you and your team on track, particularly as you enter into peak rental seasons.

At the end of the day, a digital solution that centralizes your data – making it both accessible and actionable – will help you and your team to work smarter.

So, if you’re looking for ways to bolster your rental equipment business’s profitability, look no further. Our experts can help you find the right digital solution. Reach out today to learn about PREXA365 – our all-in-one solution that helps to integrate all the disconnected parts of your business, with access to all the information you’ll need in a real-time environment.