As year-end approaches, business owners often get pulled in many directions. In the retail sector, this is when sales typically peak. This finds many business owners working more hours in their shops while spending the little free time remaining readying for the holidays and gathering together with family and friends. What can be forgotten in the midst of the season’s hustle and bustle is the critical task of business planning for the upcoming year. Even a small amount of planning in the following areas can provide your business with a roadmap for success.
Earlier in the year we discussed falling prey to competitors writing fake reviews and trying to take false shots at your business. Let’s expand on this topic because we have received a lot of inquiries regarding this topic and many people wanted more information about and feedback pertaining to it. Marketing is a vital part to bringing your products, your services and your message to the market place. Marketing strategies should be a key part of your business planning and depending on the size of your business should be given a lot of attention. Your marketing efforts need to align to your overall business practice and company goals. It will also convey the message you want to deliver and set the stage for how you want to be perceived in your business.
You can start small. Look into buying some keywords related to payday loans, cash advances, cash loans, collateral loans, pawn loans, etc. You can target these to people searching for those terms within a geographic radius of your location. On the retail side, you can also target terms that are related to items you’re trying to sell. Some people searching for items may not think to check their local pawn shop. The great thing about AdWords is you can set a daily budget, so you can spend as much or as little as you want – you can start small and increase later. The system manages your budget for you, so you never go over.
As a pawn broker, you know better than anyone that time is money. You may have a dedicated budget for marketing. Or you may have a website that was created two or three years ago that hasn’t been updated since it was uploaded to the web. Perhaps your niece posts something to Facebook a few times a year for you. No matter how little or how much effort you put into marketing your shop, you probably would like to know how that effort is affecting your business.
Each year pawn shops can expect a spike in sales from Thanksgiving Day and throughout the Christmas season. This is a special time of year indeed, as item and jewelry sales spike on any given day as bargain hunters are out to fulfill their holiday obligations. Are you okay with the status quo or are you looking at last years’ numbers and trying to blow the doors off of them? This is a unique time of year to pull out all the stops; the choice is yours. Shops can generally see upwards of 30% of their total annual sales revenue during the holiday season each year. Do you have the data points available to you to capitalize on this unique opportunity that you have in front of you? Here are a few things to think about as you ramp up for this holiday season.
- Post photos of your products. Even if the people following you aren’t looking for a specific item, they may know someone who is. Be sure to include some information in the comment section such as size, price, etc.
QR Codes are everywhere! From grocery stores to the streets, from business cards to billboards, from marketing materials to people marketing themselves with tattoos, everyone is scanning! (or Everyone seems to be scanning)
As in any operation, we’re always trying to maximize our performance. We began looking into employing "Think Tanks" (paid groups based on a specific income/demographic/age/gender criteria). Instead, we tapped our greatest resource, our staff.