It’s difficult to grow equipment rental businesses by generalizing. Instead, it’s a better option to identify and join relevant communities that are more likely to show interest in your products. If it’s not direct conversions, those communities will bookmark your marketplace and revisit it to find deals on the equipment they need.
You can find such communities on LinkedIn and Facebook. Also, you can reach out to offline communities buy weight loss leads and visit their exhibitions. One such offline community for heavy equipment companies is the American Rental Association (ARA). It helps contractors connect with heavy equipment suppliers from around the world.
As mentioned above, joining a community may not yield immediate results, but it is certainly a good move to make important business connections and embark on sustainable growth.
Spread the word
After joining a community, it is time to increase word of mouth. This type of marketing is often considered to be the best form of marketing as it grows on its own and also provides you with maximum recognition. Almost all the big brands have achieved their position thanks to immense word of mouth.
To spread the word, you can host podcasts within the community or organize expos. At these expos, you can talk about the advantages of buying from or joining your marketplace. To gain the trust of the audience, you can organize a Q&A session to clarify their doubts.
For word-of-mouth to work, you also need to have a strong value proposition and communicate it very clearly to all audiences. This can include creating useful websites and offline marketing materials that clearly mention your value proposition.
#6. Venturing into new geographic markets
Throughout this article, we have emphasized staying agile and resilient. This includes identifying problems with your current marketing strategies and changing them if necessary no matter how difficult they may be. Similarly, you will also need to test new marketing regions.
This step is useful in both cases, i.e. if you have reached a plateau in your geographic market or if all your previous marketing strategies have not worked. As an online equipment rental marketplace, you have the advantage of targeting new regions without having to move your physical assets or location.
To target new geographic regions, you will need to perform keyword analysis and insert them into your marketing pages and advertising campaigns. Additionally, you can enable multilingual and multicurrency support on your website to target non-native English-speaking audiences. For further localization, you can integrate the region’s native or most-used payment gateways, which will also provide more payment options to customers.
#7. Leverage analytics
Whether you're targeting geographic audiences or not, using analytics tools will help you in every case. You can design data-driven marketing strategies, measure performance, and identify your core customer groups. To do this, set up the Google Analytics property on your website and set up custom audiences or use predefined dimensions.
Additionally, integrating a video meeting API can help in real-time communication with your vendors or customers, providing a more personalized experience.
By identifying the underperforming pages in your marketplace, you can create various digital marketing strategies to increase traffic. Similarly, you can find the top and bottom performing products to map out your ad and markdown strategy.
You can also identify top-performing sellers and offer them exclusive incentives to retain them on your platform. This will also help you gain and maintain a competitive edge over other players.