Niche Marketing Lists and Advertising - A Way to Get Your Customers a Better Deal and Keep Them Coming Back
Pawn shop owners and managers wake up in the morning and ready themselves for the daily tasks. They are focused on their team, their sales, their loans, and their operating profit as well as their revenues.
They know their community needs and the customer they serve. Today is the day that local pawn shops will discover it’s a great day to start building their business and rising above their competitors by taking advantage of the idea of creating a niche market and automated marketing.
What is a Niche Market?
A niche market audience is a focused subgroup of the broader customer base you have established for your pawn shop. The niche audience has a specific group of needs, which a targeted product or service can meet.
How To Multiply Your Profits With Niche Lists
By adding niche lists to your marketing profile, you will add more to your bottom line with less effort than anything else you do in your store. You will use them repeatedly to sell items at a premium over what you usually would. You will be able to move in-demand items with little effort for top dollar. Businesses that have expanded their marketing strategies have seen a deal close every day with an item worth the efforts to advertise to the niche list.
How To Use Niche Lists To Get More Product Back To Your Store
The small group of people on your lists have come to know your pawnshop as THE place to go to buy OR sell that niche item. When they need money or trade something new, they come to you, and we get inventory back in the store. Say, for example, you have a customer who continually brings in old damaged gold jewelry to see if you will take it for a percentage of spot minus your premium. They know when you are offering a reasonable price and when you are offering a bit more because the niche list helps you keep them informed. You have not only gained their interest, but you have also gained their loyalty to your company.
How To Create New Streams Of Income With Niche Lists
Your niche lists will be successful in your store that you can now buy gold and silver bullion from online dealers and sell it to your list at a profit! Are you thinking about added revenue now? The use of a niche list will bring more money into your company without too much effort. Say you specialize in loose diamonds, gold bullion, or name-brand electronics or guns. It doesn’t matter the item you have a niche list set up for; it matters that the item is something you can buy, sell, and loan on without a problem. It is a brand new way to make money at your store.
How To Automate The Process With Technology
As you’re getting ready to head into the pawnshop, you think I don’t have time for another task. Well, rest assured. Automation with technology is the answer, so your niche lists don’t get lost in the everyday shuffle of running your store. Gold coin niche lists will bring in customers to sell your gold coins and buy them. Inventory will quickly turn as you sign up interested customers to a specific list to get towards sales. If you specialize in silver jewelry, gaming systems, power tools, or collectibles, niche lists can be automated to do the marketing for you.
How Do You as a Pawn Shop Owner Successfully Target a Niche Audience?
First:
You have to know your customers, your avatar. Who is your audience? What makes them excited? What challenge or challenges do they need a solution to. Are they interested in selling, buying, or loans? Maybe they are interested in all of these full-service opportunities from a pawn shop.
Second:
How can you resource your customers and get them involved in your pawn shop? Do they need and expect services that provide luxury items at lower sale prices? Do they need fast cash? Do they have “stuff” they would like to sell, and your shop wants to provide a better shopping experience for another customer? How can you get these potential customers involved in your company by making a list of niches? Starting with a few (maybe 3) is a great place.
Third:
Focus on interest-based advertising. Customers listen to and read what is of interest to them. Often, the interest they have outweighs the price of an item or is in excellent condition. Customers all know what they want, what they are willing to pay, and how to absorb the cost of purchase into their daily budget. Customers see the quality of an item they are looking for and what condition they will settle for. Maybe they only want brand new excellent condition when purchasing power tools. Have you considered that some people only want luxury items or gaming systems with all the pieces and parts? What niche list could they be included on?
Targeting your customers’ specific interests is a great way to get them connected and in the pawn shop, and there is less competition.
Why? Because most of your competition pawn shops are casting a wide net in a large pool of potential customers and seeing what they catch. You already know your customers, and word of mouth with niche audiences can increase your influence and bring that extra cash into your company.
What is the Advantage of Engaging in Niche Advertising?
In simple terms niche, audiences save you money!
Having a niche audience for several products you sell, buy, or loan in your pawn shop is crucial because it makes your company stand out from the other pawn shops. It establishes a positive advantage by identifying your shop as a trustworthy place and an expert as a pawnbroker. Having a niche audience saves you money!
Large Groups vs. Smaller Groups the Key to Conversions
Instead of marketing to the broader group of people who want to sell and be paid for gold bullion and who you will experience fewer conversions, you can target a smaller group of customers who you know will not only be excited about selling you gold for a fair price but will come back in the future when they need cash form another product. Knowing and having the right customer will convert to repeat business, making it difficult for them to go elsewhere for cash when they need it to cover personal expenses.
Niche Marketing Will Crowd Out the Competition and Build Interest In Your Pawn Shop
Another advantage of a niche audience is reducing the competition from other pawn shops or similar stores that advertise value in their services. The more specific your product or service is the fewer companies competing for your customers. Pawn shops sell, buy, and loan on gold, they buy broken gold jewelry for top dollar, they often have power tools for sale, and they have gaming systems that gamers want for a reasonable price. Because pawn shops have specific products, niche marketing makes sense.
By marketing to a smaller target group, you will close deals more efficiently when you strategize better ways to meet their needs. With each closed deal coming from your target niche group, you will win their loyalty to your pawn shop and therefore repeat business.
Niche Marketing Will Increase Your Revenue
All business owners, including pawn shop owners, want to earn a higher profit.
Because you have thoroughly researched your community and potential customers leads, you know what they want and need. A temptation is to price products high to make more, which could work to your disadvantage. Although there may be some customers on your niche lists that won’t mind paying a higher price for an item because they trust you and know they can’t get it elsewhere. But consider this.
Focus on the A B C of pawn shops.
A= Always B= Be C= Closing
You could add a D to the title for deals. Pawn shops are built on making deals and turning inventory. They are about knowing the costs of a transaction and applying negotiation skills to convert a Niche List customer into a long-term customer who brings value to you.
Cost Per Transaction vs. Profit Per Transaction
Crazy margins all the time doesn’t make sense. Consider this idea about the cost per transaction versus profit per transaction as a guiding factor to Niche List customers.
A team member who focuses on closing a deal but sells things for higher prices may make a higher profit percentage on the dollar. But looking at reducing the “Cost per transaction” to increase the “profit per transaction” is what churns the deals and brings money into the company, like inventory turn.
If you have 2 500 transactions a month or $10,000, how much are the labor costs associated with those transactions? How much is the fixed overhead per transaction? How can I increase the margin per transaction over the total amount of transactions to net more at the end of the month?
Compare one $20k transaction that your business makes $250 on (1.2% margin) with a deal worth $100 that you earn $30 on (30% margin). Can you bring more customers into your pawn shop through niche lists and close more deals. Absolutely!
Pawn Leads Automation Platform
Pawn shops provide retail and financial services to customers who need quick cash to meet their financial situation. Understanding how to make target nitch lists that advertise to customers who visit your pawn shop will not only increase profits, it will save you and your team time.
Pawn Leads is a marketing and CRM system (2-way texting, reviews, email marketing, etc…), website builds, progressive mobile websites that add onto your current site, web hosting, and custom development as needed/required. Pawn Lead offers Google Ads, SEO, and dedicated marketing support (flyer creating, holiday marketing, etc…).
Part of the Pawn Leads system includes the Riches and Niches Guide that will provide you, the pawn shop owner, with inside information on leveraging the latest tech to generate more traffic into your shop and more profit.
The automated marketing system was designed by Sam Reading, a pawn shop owner, who knew that the pawn shop industry didn’t need just another CRM system, but it required a system that works for pawn shops.
rHe knew that some systems had a bad reputation regarding user-friendliness and support. He knew that although he received compensation for his work, he wanted the pawn industry to thrive by using an automated tool for all the many things involved in operating a pawn shop.
Check out the Riches and Niches Guide and see how Pawn Leads can help thrust you into the next phase of making your pawn shop business worth more.
