Maximize Cash Flow in Your Music Rental Business with Proven Marketing Strategies
Discover innovative marketing strategies to boost cash flow in your rental business! Hear from industry leaders who share effective ideas such as stuffing coupon booklets into rental cases, sending regular email reminders for accessory purchases, promoting supplemental instruments, and establishing personal connections with customers. With proactive communication and a focus on customer relationships, you can increase sales and retain customers. Learn how to implement these ideas to drive new potential customers and generate more revenue throughout the rental season.
Maximize Cash Flow in Your Music Rental Business with Proven Marketing Strategies
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Presentation Transcript
Finding More Cash… in Your Rental Customer! Liz Reisman, Creative Music Center, Monroe, CT
Touch X 7 = Purchase After 10 Purchases = 7 New Potential Customers
IDEA #1 “We stuff a booklet of in-store coupons into rental cases!” Connie Smith Ward-Brodt Music, Wisconsin
IDEA #2 “Students need accessories throughout the year so we send out a couple of emails a month reminding them to come in and get them.” IDEA #3 “We also try to push the supplemental instruments such as piccolos for the flute players and tenors for the good alto players.” Scott Summerhays Summerhays Music, Utah
IDEA #4 “We write and call these people because we know who they are, where they are and what they play. And we know when they’re ready for a step up because we know how long they’ve had their rental.” Russ Beacock Beacock Music, Washington
IDEA #5 “We pass out accessory sheets for each instrument to the band directors, and our guys leave the sheets in band rooms as well.” Jim Kidder Kidder Music, Illinois
Soft Sell with Emotion! • Courtesy call • Make a personal connection • Positive, caring attitude always – in store, on phone, to friends • Remember the mission: MAKE MORE MUSIC MAKERS
Rental Customer Marketing Plan RENTAL SEASON Advocacy Card 1 year = 11% 2 years = 22%
$140 $140 $ 460
NOVEMBER 2011 Sale: $38 Total Sale: $500
DECEMBER 2011 Total Sale: $700
February Responds to flyer at school, purchases a new box of alto reeds. $30 January Responds to e-mail blast about guitar repair clinic, buys a new set of strings. $25 March Responds to Bring a Friend postcard. Friend signs up for 3 months, and buys a new guitar. $660 April Brings in his report card from school, buys a sax stand. $30 May Mom receives $10 coupon if she keeps rental instrument over the summer. $65 June – August E-Blast Signs up for 1 week of summer rock band camp. $300
$3,000 Multiply by 5
Future Reading Hug Your Customer, Jack Mitchell The Big Moo, Seth Godin
