Retail Observer

RETAILOBSERVER.COM AUGUST 2019 56 T oday's consumers are gathering information in completely different ways than they did just six years ago. In 2013, less than 37% of the public received a newspaper delivery at home – down from 54% in 2000 and 124% in the 1950s, when many families subscribed to multiple newspapers. It's a new world, where "yellow page" advertising has been far outpaced by web advertising. As far back as 2012, Google's ad sales were $46 billion, versus $19.5 billion for newspapers. These changes have created challenges for rent-to-own dealers, but they've also opened tremendous opportunities. THE NEW RENT-TO-OWN DEMOGRAPHIC Thanks to millennials, rent-to-own is now a highly desirable option that offers consumers limitless product variety, along with major advantages for their wallets. However, millennial customers aren't shopping the same way their parents did. They rely on digital information, and they make decisions a lot faster. So it's critical that your store will be top-of- mind when customers start searching online. And that's why it's important to invest time and energy in setting up a digital marketing system for your business. THE PROMISE OF DIGITAL Digital marketing has two major benefits: 1. It's cost effective, and 2. It puts you within reach of scads of consumers at the simple click of a mouse. The challenge is to know where to invest your time and resources so they'll find you first and become engaged. Let's look at some of the best ways to extend your reach via paid online marketing channels. • Web Banners – Studies show this is the most-frequented section of your website, and that consumers will scroll through your banners to see what's next. So you won't always need to put the hottest items and deals first to capture their attention. However, you should spend time making sure you're delivering your message the right way. You should mix hard-hitting, "call to action" events with softer, more descriptive content. Think of it as telling the story of your store in picture-book fashion. This is your opportunity to set yourself apart from the competition – because it's a story that your consumers will be eager to read. Consumers will be interested in your people and your history. • Landing Pages – Each of your web banners should be linked to a page that gives the consumer a more complete description of your promotion. These "landing pages" don't need to be transactional (selling online) – they can be simple reference pages that give the customer complete information about your offer and promote your value as a retailer. • Email Marketing – This tried-and-true method delivers focused, directed advertising straight to the consumer. Although this channel is effective, history shows that it can be challenging to manage your emails wisely on a case-by-case basis. • Retargeting – This targeted online marketing avenue delivers advertising to consumers based on their prior Internet actions and searches. • Social Postings – Posting on social media such as Facebook, Twitter and Instagram can help you generate new customer contacts and stay in touch with your existing customers. Facebook says that while most online advertising reaches only 38% of its intended audience, Facebook's reach averages 89%. Whether you're a tech-savvy owner or a complete digital advertising newbie, it's imperative to learn as much as you can about the medium. Why? Because today's consumers expect retailers to have an up-to- date presence online. You spend a lot of time, money and energy setting up your floor and merchandising your store. Make sure you're also investing resources to attract consumers where they're spending a great deal of their time – online. You can catch more fish with a net than a lure. Let's start casting a digital net and capturing new customers today. Patrick Maloney, Senior VP Appliances Nationwide Marketing Group Patrick Maloney Rent-to-Own Trends RO HEY, RENT-TO-OWN – LET'S GET DIGITAL

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