PawnMaster offers marketing tools to help you increase revenue and build customer loyalty.
e-foro eCommerce Integration
Simplify the process of listing items out to eBay, Amazon, Gunbroker, your Facebook business page and even your own website with e-foro, PawnMaster’s eCommerce Integraion. With e-foro, you will be able to list, manage and ship within your PawnMaster software. You can do this while the item is on the shelf at your retail store too, without having to worry about duplicate sales. Run reports on completed sales to know exactly how much revenue is being generated online. Templates are available to reduce employee errors and give your listings a nice, professional look.
Protection Plans provide both a sense of comfort to your customers making electronics purchases, and an additional revenue stream for you. You can also offer a Protection Plan as a negotiation tool, to add value to your inventory instead of accepting a deeply discounted offer.
PawnMaster’s Text Messaging product will automate payment reminders by sending SMS text message to your customers’ cell phone. Customers using text say the product significantly increases on-time payments and redemption ratios. Text messaging helps with customer loyalty too, since customers view the reminder service as a courtesy.
You can also use text messaging to let your customers know about a sale or a wanted item that comes available.
Use text messaging to automate security alerts to your own phone. Manager alerts let you know when certain red-flag activities take place in your store, no matter where you are.
You’re most likely recording demographic information such as age, gender, race and zip code for police reporting purposes so you are already capturing customer demographics on your pawns. Try running this report to see how much each customer demographic is spending in your shop. It can be a real eye opener to see where your money is. Once you know this information, you may adjust your marketing strategies based on your results.
Marketing Summary Report
If you are putting effort into marketing, then you should also train your employees to ask the customers how they heard about you. Your employees can select the appropriate “ad type” so you can run this report to see how effective you are in your advertising by tracking how many loans and sales were driven by your marketing, and which campaigns are working best for you.
Aged Inventory Report
Knowing what items are not moving and tying up your money is key. Run your Aged Inventory Report for any date range to view a list of your aging inventory. Oftentimes just moving the item to a new location in the shop will help it sell. Discount the items to move them faster. You can also post them on your eCommerce channels like eBay.
Mass Inventory Update
Reducing inventory prices can increase turns while increasing profits by moving MORE inventory. While pricing inventory higher may seem good on the surface, you could actually sell more items faster if you reduce the prices slightly. Remember, you are a retailer not a collector. Moving inventory is the key to any retailer’s success. Mass Update of Pricing allows you to reduce the price of an item type or everything in a certain location that has been in inventory for an excessive amount of time. You can do a weekend sale, or a full-out clearance to move old inventory. Not only does this increase revenues but it increases cash flow and lets you invest more in loans.
Customer Loyalty Points
Many companies use loyalty points for customer retention. You can use points to reward customers for making on-time payments, redemptions and/or purchases. As points accumulate, you choose how they can be redeemed in your store. You can even offer double points on days that are typically slower for you.