An effective equipment rental marketing plan includes strategies that are specifically designed to market your business to your target audience. It helps you acquire new customers and increases the loyalty of the existing base, propelling growth and increasing profits.
A well-crafted marketing plan can guide you in the right direction to implement marketing goals and gain market share in an increasingly competitive landscape.
Here are some must-haves for an effective marketing plan:
1. Keep up with market trends
Consider and stay on top of current market trends and ensure that your services are meeting and exceeding industry standards. It is crucial to consider these trends when developing your equipment rental marketing plan.
Say, for example, you’re the owner of a party rental business and plan to run a discounting campaign in the upcoming holiday season. If your competitors are opting for premium pricing packages instead, this can harm your business. How? Your customers may believe that your party rental services are not at par with the competition.
A deep dive into the market analysis can help identify what the competitors are doing and whether it is working. Review and re-review your findings to avoid low-quality research that can distort your results and lead your plan in the wrong direction.
2. Define and target the right audience
It is a constant challenge for marketers to keep tabs on changing customer mindsets. This of course means revisiting marketing strategies to adapt to these changes and updating their customer profiles.
A comprehensive understanding of your customers as part of your equipment rental marketing plan can help you make informed decisions about marketing messaging and timings. Research suggests that $37 billion spent in ads fails to engage customers. It is therefore important to define and segment your target audience and create messages that resonate with them.
Customer profiles are generalized representations of your ideal customers that help in creating marketing strategies specifically designed for them. This includes age, demographics, and interests in the equipment rental marketing plan.
When implementing your marketing decisions, these detailed profiles can help in marketing to the right customers. For example, a construction equipment rental business may benefit more from advertising in a trade publication that caters to their target audience compared to a general publication with a much larger circulation.
3. Benefit from video-based marketing
According to research, videos have an online usage reach of over 90% because the number of video viewers is increasing every year, and businesses are likely to spend more on video-based ads than before.
The increase in online video consumption has led to a steady rise in video marketing. Video-based marketing is a powerful tool to personalize and convey your messaging to your potential customers. While it is an attractive medium to grab customers’ attention, it also needs to be well-researched and packed with relevant information to achieve the desired results.
You can experiment with various types of videos depending on your marketing goals. These can include customer testimonials, product demonstration tutorials, a short brand video, and more. The end goal depends on the purpose of the video, for example, video tutorials can be an active learning experience for your users who are looking to rent out equipment.
4. Focus on content marketing strategies
In order to devise a content strategy for your equipment rental marketing plan, the focus needs to be on SEO optimization. Start by ensuring that the content on your site is relevant and informative. This can increase the chances of ranking higher in search results because when search engines are crawling your website, they rank your page based on relevancy and usability. Another important aspect of content marketing is to keep your content interactive to make sure your customers are highly engaged.
Also, make sure the visitors have a great user experience. This includes ensuring fast page loading speeds, mobile-friendly views, easy navigation, and conveniently positioned CTAs.
5. Spend wisely on your marketing goals
As you roll out marketing activities, don’t forget to keep an eye on the cost. Align your marketing budget with your goals and decide exactly how much money you have to spend on campaigns and how to spend it.
Based on your previous marketing activities, you can decide to set a spending limit on marketing campaigns. Decide on an estimated budget limit and layout the expected goals clearly. You don’t overspend on marketing activities that do not produce the desired result. Conversely, you don’t want to underspend and underpromote your business.
A well-devised marketing budget helps you measure and manage your spending and ensures every marketing expenditure is appropriately considered.
Finally, don’t forget to keep assessing your marketing plan every year. This helps you to keep track of the latest market trends and align marketing goals accordingly. Keep a close watch on what is working so you can repeat successful strategies and eliminate the ones that are not giving the desired results. Monitoring your marketing goals and refining your efforts can generate more sales for your business.
This is where equipment rental software can help your business. You can run custom reports such as a detailed comparative analysis of marketing budget of two years can help you analyze trends that worked and you can set budgets accordingly.
Similarly, the software can also help you with how much of your marketing campaigns have materialized. For example, you can pull data on how many of your rental customers have taken advantage of year-end discounts and categorize these customers as loyal, good, or average based upon the results. An effective equipment rental software can help you incorporate the right marketing message for your rental business.
EZRentOut, a cloud-based equipment rental software can help. EZRentOut offers companies in numerous industries seamless rental management along with a host of other features. You can integrate your website with our EZR plug to keep track of all your rental Assets and operations.