Economic Uncertainty Can Be Good For Rental Business

With all of the upheaval in Washington right now, I’ve heard from many dealers who say that they’re nervous about what all of this mess is going to do to the construction industry. But some dealers remain unconcerned, because they know that businesses can still grow by focusing on products and services that align with customers new needs and concerns. Focusing on your rental business is one smart way to accomplish this.

As consumers are less likely to make big-money purchases during economic uncertainty, beefing up the rental side of your business is one smart way to keep your growth humming along. The option of being able to rent a unit for a specific job can be very appealing for customers concerned about making long-term financial commitments. We’re seeing a lot of firms that used to buy most of their equipment now looking to rent, knowing it will help minimize their long-term exposure and reduce liabilities on their balance sheets.

This may be preaching to the choir, but it’s important to make sure that your customers and prospects know that rentals is a business option that you not only supply, but are experts in. Promoting your rental business through your online listings on both your website and large third-party websites will drive your rental business.

When posting units for sale, make certain that you also offer daily, weekly and monthly rental rates in order to give prospective customers more reasons to work with you. And, interestingly enough, we’ve seen a good number of rental prospects become buyers once they have an opportunity to speak with a knowledgeable dealer about their options.

About Ken Taylor:

Ken Taylor’s training, consulting, and coaching have been used on individual, regional, and national business levels to achieve ultimate success! Known as an industry leader and as “America’s Corporate & Personal Coach,” Ken has consulted for companies like General Electric, General Motors, FCA, Ford, Commercial Truck Trader, and Equipment Trader.

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