When running your own car rental business getting sales can be a tricky business – especially if you work in high traffic areas like airports or city centres. Not only do you have competition to deal with, you also have to worry about search engine rankings nowadays if you want your firm to succeed.
So how do you go about increasing sales revenue for your car rental business? We took a closer look to find out…
Increasing Sales Revenue for your Car Rental Business – A Five Step Guide
Increasing sales to any business in a growing digital market takes a little finesse. Traditional means of advertising are somewhat more expensive – and can have limited reach by comparison to digital means. Our top tip for any car rental business, in fact, is to make the most of their online presence. Assuming you have already established a visible website with good consumer engagement – here are the five steps to work on next.
1 – Up Your SEO Game
Making sure that your established online car rental presence has great SEO is a great way to pick up traffic. More traffic means a higher click-through rate – which ultimately leads to higher sales. Some of the best ways to keep your SEO game on point include:
- Keep a blog and keep it updated.
- Enter your business on Google My Business.
- Use local place and area names throughout your site.
- Research and use keywords that will bring in the traffic.
If you can balance each of these points you are sure to find SEO success for your car rental business.
2 – Narrow your (Car) Focus
Focusing in on which types, makes, and models of cars you have for hire can help you to optimise your selling potential. If you operate in an area where sports cars are in high demand then playing to this will make you the most money. Offering a deluxe sports model will appeal to that same crowd but still set you apart from the competition… you get the idea.
There are also a few key categories in the car industry, each of which ought to be covered to ensure you are maximising your profit making potential. These include the family car, the estate car, the luxury vehicle and the 4×4. Getting to know your area can see you aiming these categories at us the right people.
3 – Plan Rear Round Car Sales
Take advantage of the best sales periods to increase revenue for your car rental business. Offering discounts in less productive areas might eat a little into profit, but it can be worth it for the long term car hire sales you could receive as a result. Although discounts in low sales periods might lower the average order value overall; there are still opportunities to be found in the low season for the savvy salesperson that knows where to look.
4 – Streamline That Pricing Model
Obviously you will have conducted market research before you even set up shop – but when was the last time you checked your car rental costs next to that of your competitors? Increasing revenue and sales in car hire is much easier when you are working to the same price model as everyone else. Price yourself either too low or too high and you will find yourself out of business…
That being said, a luxury product also requires a luxury price tag. If what you are offering is a premium car rental service for the refined business executive then by all means, increase the price. Go too far and you will lose out. The main point here is that you look at your pricing model often and streamline it to match market expectations.
How do you know when your car rental pricing model is working for you? You can make sure they are correct by:
- Engaging in customer feedback.
- Monitoring sales and losses over time.[i]
- Identify a revenue target that you want to reach and working out what you need to do to get there.
- Closely monitor changes in market trends.
You can get more help on identifying the best prices for your car rental firm by visiting Inc.com.
5 – Prioritise your Customer
When marketing your car rental business, the customer needs to always be the centre of attention. It is only by prioritising the customer experience that we can build brand loyalty. Establishing brand recognition through good digital marketing programs is one thing, but if your end user is not satisfied with your car hire service then they won’t return.
A high engagement rating on your website, high traffic, and measurable analytical data can all help you to ensure your vehicle rental firm is always bringing the customer to the forefront. IF the consumer is not satisfied by the experience they are unlikely to return for future rentals[ii].
Using our five step guide can help you bring more money into your car hire firm. Try it for yourself and tell us how you get on in the comments!