So it’s Summer, and sales are slow. In order to execute at a high level in today’s pawn world, brokers should always be focused on retail and the benefits that it can provide.
We are in the lending business, but as the Covid pandemic has shown us, it cannot be the only source of revenue to rely on. Here are a few things that I did to make sure the Summer months were exciting, profitable, and successful.
- Have a staff meeting. Explain the pawn cycle to the team and make certain they understand that what happens now will dramatically affect how the holiday season/end-of-year plays out. Summer is the time to plant the seeds so they can be harvested in late fall and winter.
- Create excitement. Run contests for your employees with a focus on loans and sales. Bring in breakfast a few times a week...do whatever it takes to motivate and keep them smiling. Have a yard sale, play music outside, etc. Do anything that will create energy. Remember, you need to shine in the Summer to reap the benefits in the fourth quarter. Show your team and the community what type of organization you are.
- Get involved with the community. Sponsor baseball/softball teams, partner with the humane society, soup kitchen, local pizza places, etc. Get your brand in front of as many people as possible while helping others in the process. Be sure to wear your logo and have it on all marketing material that is handed out.
- Have one big event each month (June-August). I suggest a Friday/Saturday event. Use your partnerships to promote this and try to have them at the event if possible. Give away hot dogs, have some crazy good deals, identify and move aged inventory, etc. MAKE IT FUN FOR YOUR TEAM AND THE SURROUNDING COMMUNITY! Plant those seeds...
- Find ways to say “YES”. If your customers bring something for a loan or to sell, do your best to accommodate. If your customers want a little more of a discount…do your best to accommodate. Find ways to say “YES”. But be sure to let your customer know you’re taking care of them today, so they better come see you again real soon. Always ask for future business with every transaction.
Be focused, have fun, and create excitement. A few simple things can make all the difference in the world when it comes to making money during the Summer.