Marketing

Marketing is a big one. One of the things that I think the guys that are successful at right now are using social media pretty well to market, they’re advertising obviously online, they’re effectively using eBay and Amazon and some of those places to sell some of their merchandise. But I think there is a huge missed opportunity in the advertising to your current customers. And, what I see every day is you have the pawn customers that are religiously coming in to get money for their items, and, then you have the retail customers that are coming in to see what new items are hitting the floor every single day. How much marketing do we do to get them to cross over? In most cases what I see with our clients is they don’t do much or anything to get those clients to come on over. And, there is a huge opportunity along with text messaging as well. People might change their email address regularly, they definitely change their home address in this industry, our customers. So, but they tend to keep that phone number, so if you can give them text alerts and say, “Hey this is our special promotion here” or “Your loan is due today” that’s huge for them. Gives them a nice reminder and it’s going to get you a nice uptick in retail and interest collected on your pawn loans.

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