Texting is a Pawnbroker’s Marketing Superpower

Texting is a Pawnbroker’s Marketing Superpower

By Kathleen Owen, VP of Marketing

This blog post is part of Bravo’s 90 Days of Retail Marketing Guide for Pawnbrokers. To see more content like this and to follow along on our calendar, visit our 90 Days of Retail webpage.  

Marketing is a chore. We get it, trust me. There are so many different channels that you can use to talk to customers – chances are you’re going to wear yourself thin trying to be good at them all without a heavy marketing team behind you. Plus, consumers have advertisers shouting at them from every direction, every day. They’re bound to tune some of it out, and that’s just wasted money businesses are spending shouting into the void.

But, we know that marketing is still essential. If done right, your marketing dollars can go farther for less. That’s why retailers, and pawnbrokers specifically, need to think about reaching customers where they are.  

Texting – Your Secret Weapon to More Sales

Let’s just lay out a few facts about texting. Text messages yield super high ROIs – because:

• Texts are almost guaranteed to be opened.
  98% of all text messages are opened, and 90% of them are opened and read in the first 3 seconds of receipt. Compare that to your email inbox.  
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• And they are effective in making people take action.
  1 in 3 recipients respond to SMS offers, and texted coupons are redeemed 10x more than traditional ones.  
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• They’re cost-effective, accessible and versatile.
  Customers don’t need a fancy phone, a special app or program, or an expensive data plan to receive texts. And you can send texts for more than just marketing – such as following up on customer service requests, loan payment reminders, or just a simple, “Hi, how have you been?” ‍
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• Customers prefer text messages.
  A text message feels more personal and private, and most consumers prefer texting over calling. In fact, millennials in particular love that text messages are a convenient reminder for all those sales they don’t want to miss.  ‍
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• They’re convenient for everyone.
  Text messages are short and to the point. No flowery language, SEO knowledge or graphic design needed. Plus, with programs like Mobile Messenger, text blasts can be automated or scheduled in advance.  

How to Get More Text Subscribers

For texting to be an effective marketing tool, you need to build your text list. Fortunately, that’s easy to do.  

We know that customers, generally, prefer using text messages to get important information, but it doesn’t hurt to remind them to sign up. Here are some ideas for encouraging customers to “stay in touch” via text:

• Offer VIP treatment to text subscribers
  VIP access can look like rewards, bigger discounts, early access to sale items or exclusive invites to private shopping sessions. Keep it simple, and make sure it’s valuable to your customers.
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• Run a contest or giveaway
  Once a year or once a quarter, give new SMS subscribers the chance to win something great by agreeing to receive text messages.
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• Make it a no-brainer
  Train your staff on how to make asking for a mobile number a casual and natural part of their sales process. To enroll customers into receiving texts, all your employees need to do is add the customer’s mobile number into Bravo. One easy way to do that is using eReceipts – ask customers, “What’s a good phone number for us to text your receipt?” ‍
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• Ask for their feedback.
  Everyone has an opinion. Invite your customers to leave you a review by sending them a Review Booster link through text. Say, “Can I send you a link to leave me some feedback about your experience today?” (This is a double win for you, since now your business has a new text subscriber AND a positive review posted on Google, Facebook, Yelp and more.) ‍
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• Promote, promote, promote
  Whether it’s via social media, through your email list, or some in-store ads – make sure it’s loud and clear that your store has a text service and that it comes with really great incentives.  

It’s easy to start SMS marketing

SMS marketing is the next frontier of the customer experience. It’s such a powerful tool to be able to reach customers wherever they are – so make it count. That’s why Bravo’s Point of Sale platform allows you to customize your customer lists, so you can make every text blast feel more personalized for the shoppers you’re trying to reach (AKA target marketing) and every marketing dollar go farther.  

Take it one step further

The strategies I shared here can also be used for sending MobilePawn push notifications. MobilePawn is a consumer app that’s integrated with your Bravo Point of Sale and is a natural next step if your customers are loving text message promotions, because the app lets them interact with your employees and online shop directly from their phones. Everything they want to do in store – from negotiating on an item, buying an item or managing a loan – they can do from the convenience of their phones. All customers need is that small reminder to check in and see what’s new.  

So what are you waiting for? Get a platform that can do all of this and more in as little as 30 days.  

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About the Author

Kathleen Owen has spearheaded the development and growth of marketing and sales teams at several B2B SaaS companies spanning different industries throughout her career, including pawn, wealth management, payments, eCommerce and insurance. In her role as Bravo's VP of Marketing, Kathleen loves helping companies scale, improve operational efficiency and drive bottom-line results through strategic implementation and adoption of new technology platforms.

Kathleen attended the University of Wisconsin - Milwaukee where she earned a B.A. in Communication, as well as a Masters Degree in Communication and Rhetorical Studies. During her time at UW-Milwaukee, she was a member of the Division I swim team and taught Public Speaking & Argumentation as a teaching assistant.