Retail Observer

RETAILOBSERVER.COM AUGUST 2021 50 T he Rent-to-Own industry has all the same online reputation challenges as traditional retail today, and those challenges cannot be overlooked. Managing your online reputation is critical for attracting not only more business, but also potential employees. According to Statista, over 2.14 billion people worldwide are expected to buy goods and services online this year, up from 1.66 billion in 2016. As more customers shop online, they will inevitably be reviewing companies' reputations online. Your online reputation will ultimately determine how well you succeed or if you'll struggle as a business. That might sound a bit drastic, but consider this: the perception of your business in the online realm will be written or talked about by your consumers. And if those folks aren't talking positively about your company, you may not ever have a chance to prove yourself in-person. According to the annual Axios-Harris Poll 100 which ranks the 100 most reputable companies in the U.S. based on feedback from 43,000 Americans, the outdoor brand Patagonia had the highest- rated reputation. If you're into outdoor activities and products you're more than likely familiar with the Patagonia brand and their environmental campaigns. You may wonder what goes into a poll to determine the reputation of a retailer, and how it might relate to a rent-to-own company today? The Axios-Harris Poll 100 ranking is based on performance in seven key areas, which I believe cover retail and rent-to-own equally. I'd like to highlight a few key areas I feel are most important. • Trust – Are you a company that customers trust? • Vision – Does your company have a clear vision of the future, or have you been reluctant to change? • Culture – Are you a good company to work for? What do your Glassdoor reviews say about you? • Ethics – Does your company maintain high actual or perceived ethical standards? • Citizenship – Do you share similar values with your customers and support good causes in your community? According to Axios CEO Jim VandeHei, corporate social responsibility and purpose are growing in importance for brands to advertise around. "Messages about values not only boost a company's reputation, but they also help with recruiting talent, especially among younger workers that care more about what a company stands for," Jim says. Years ago it was kind of important for your rent-to-own business to have a website. Today, the requirements are SO much more. A website must be easy for customers to navigate, yet it must hold their attention. It's hard to keep today's shopper engaged without a well-organized and interactive website that not only displays your products but, even more important, defines your brand. I'd like to challenge you to take an honest look at your current website. Can a potential customer tell if you value your employees and see that you have a healthy company culture just by visiting your site? Does your messaging express your company's values and highlight the great things you're doing in your community? The other key piece to developing and maintaining a solid reputation in-store and online is going the extra mile for your customers and your employees. Taking care of your employees will pay you back in ways you cannot always identify right now. But taking care of your customers will pay off with repeat business and positive word-of-mouth or online reviews. Encouraging your customers to leave reviews of their experience is extremely important today, and a company that responds to the positive as well as the negative reviews will build a reputation for all to see. The retail companies in the top 10 of the Axios poll, including Patagonia, Chick-fil-A, Chewy and others, have one thing in common: their websites tell a great story. Your company's rent-to-own website can and should do the same. Happy Renting! Keven Dalke, Director of RentDirect, Nationwide Marketing Group RENT-TO-OWN REPUTATION CHALLENGES IN TODAY'S COMPETITIVE ENVIRONMENT RO Keven Dalke Rent-to-Own Trends

• Cover