7 Ways You Can Grow Your Pawnbroking Business In and Beyond COVID!
Provide A Safe Environment
It might sound obvious but you’d be surprised how many of your competitors shops feel unsafe for customers. Even beyond the pandemic and legal requirements of 2020 having hand sanitiser and masks, will give your customers the confidence to spend more time in your shop
2. Get Instant Credibility
You know you need to give your customers a first-class service, but how do they know you can be trusted?
I encourage all my clients to join the National Pawnbroking Association. Over the last 30 years they have proved to me and my clients to be the gold standard (pun intended) when it comes to supporting our industry.
With a focus on safeguarding the interests of pawnbrokers and customers alike, your prospects will know you have not just your own, but their best interests at heart.
3. Ask For Business
As in most other businesses, referrals are the best way of getting your next qualified client. You know, if your customers are happy they will refer business to you. But how many referrals are you leaving on the table when it comes to growing your pawnbroking business? The best time to ask for a referral is shortly after you have completed a transaction. By using the diary function in our Vertical Solutions software, will ensure you and your team will ensure your follow up with customers you’ve served.
4. Make It Easy For Your Customers To Choose You
When it comes to pricing, clarity is key. Be transparent with your rates and focus your offer on value over price.
While there will always be others who are willing to undercut you, focusing on the trustworthiness and value of your service, will help make it easy for prospects to choose you over your competitors.
5. Identify Your Challenges
Understanding your market is essential to long term survival and growth. While focusing too much on your competition too much won’t help you you should always be aware of your competitors.
Knowing the answer to these questions will help keep you one step ahead at all times.
Who are my closest competitors in a 3-5 mile radius?
What interest rate do they charge?
What services do they offer?
What can I provide that they can’t?
6. Increase Footfall
When you think of your ideal prospect what other services can you provide to move them from one-time customers to loyal clients.
Adding services like money transfer, bureau exchange, buy-back will increase footfall into your shop, increase customer value and your bottom line.
At Vertical Solutions, we offer simple software solutions to help you add all of these services and more to your pawnbroking business.
7. Have A Solid System
Your ability to process and quickly track stock and customers will help you save time, delight more customers and make money.
As a professional and profitable pawnbroker, our software and support will help you make that a reality.
To find out how we can help you grow your business with easy to use pawnbroking software, get in touch to discover more.