RTOHQ: The Magazine, Summer 2017

F O R Y O U R C O N S I D E R A T I O N E D W I N N I I I D ON T BELIEVE EVERYTHING YOU READ That advice is truer now than ever 52 RTOHQ The Magazine although its okay to believe what you read in this magazine and we encourage you to do so Dont believe what the politicians are allegedly saying and dont believe what some in the news media are reporting about what those politicians are saying Certainly dont believe what the hysterical business press is saying about the imminent demise of brick and mortar retail Everyone agrees that the internet is changing how we live including how we shop Some even argue that it is changing how our brains work shorter attention spans and the like It would be folly to be in retail and ignore the internet At the same time liquidating your store and jumping off the roof in despair is a bit premature This is especially true for the rent to own industry Many consumers still like to shop Youve seen the T shirt When the going gets tough the tough go shopping It is still a pleasurable experience for millions of Americans to try on the clothes sit on the sofa compare the picture on a dozen televisions or listen to stereos One can do a lot of looking on the internet but one cannot engage the other four senses touch smell hearing or taste online at least not yet Rent to own is going to last longer than any other kind of retail business because of the customer experience provided in its stores That experience is better in rent toown than in big box retail chains With RTO it is personal It is intimate In a really good rent to own store it is where everybody knows your name and then some That does not mean it is not still a jungle out here Dealers have to compete vigorously creatively and well if they are going to prosper They must have a competent internet presence alongside their stores and competent really is not enough Think how easy it is to buy something on Amazon You can use the one click payment button and the product is yours delivered for free for Prime members in a day or two Rent to own dealers need to make renting an item or making a payment that easy Where is your one clickpayment button In the RTO store dealers need to make every customer interaction memorable and in a good way not in the 6 OClock News way Remembering a name and smiling is good some fresh coffee or popcorn is better The place needs to look good smell good and feel good While reasonable minds and ears might differ I would not play the music so loud that people cannot hear themselves talk Yes business has been tough lately In a sense business has always been tough We all know that rent to own is not a calling for the faint of heart but the RTO customer base has not suddenly disappeared I would argue that there are as many actual and potential RTO customers out there as there ever were They are the convenience shoppers and the credit challenged and they are still among us More are online than once was the case but many perhaps most still want to sit on the sofa or lie on the mattress before deciding to have it delivered If you are serious about the business and really want to succeed control what you can run a tight ship and make sure your customers are ahem treated like royalty Do those things and you will be fine Ed Winn III is APROs general counsel His email address is edwinn@ mwvmlaw com A Little Pep Talk