Loan balance seems to be the main topic of conversation as of late….or lack of it. These “covid times” have created a climate of excess vs. need with the typical pawn customer.
In most situations, when you continuously do something for a long period of time, it can lose it's luster. In order to keep others, in this case your customers, engaged with your business, you should change things up every so often. Let’s use text messaging for example.
What is this text messaging stuff anyway? Yeah, everyone knows what texting is, and and we all use it every day, but have you ever thought about including your customers in your “friends list”?
I’ve been asked many times, “Why do you carry all this stuff in your store”? I know they’re referring to what many would call “junk”—collectibles, clothing, kids’ toys, etc. I always answer the same way, “Because it makes me money and brings in a larger clientele”.
Thinking back on how the pawn business has changed over the last 20+ years… it is amazing. Many deals that were made years ago were by chance and by educated guess. We didn’t have the ability to “look it up online" or “call an expert” because a quick decision had to be made. This often made for some big wins and big losses. Here’s a couple that stood out over the years…
A friend asked me the other day, “What would you tell your younger self?” She was specifically referring to my prior work life. It was a very valid question, but one that I had never thought much about.
A website is the gateway to your business. For many consumers it is their first impression, and we all know what is said about first impressions.
Setting up your retail store is a tricky objective. There are two main points that need to be addressed:
- Setting it up for security
- Setting it up for maximum profitability
Hiring – what to look for and how to do it?
When the candidate shows up at your store, let them wait a few moments on the sales floor. Watch how they interact with employees and around customers.