Ausrüstungsverleihgeschäft

When it comes to operating an equipment rental business, success hinges not only on providing exceptional services but also on implementing smart strategies to boost profitability. One powerful strategy that can profoundly influence your bottom line is the strategic use of coupons and discounts. These valuable tools not only attract customers but also cultivate loyalty and drive repeat business.

 

In this blog, we explore what coupons are, how to use them to increase revenue and share examples to highlight how they can truly transform your rental business.

Table of Contents

What is a Coupon?

Coupons serve as discounts or special offers for customers renting equipment from your business. They can apply to specific items or categories within your rental inventory, aimed at encouraging both current and prospective customers to book a rental.

 

Your equipment rental business can customise these coupons in numerous ways so you have full control over the number of discounts given, limited to one customer etc. Essentially you create a coupon code which a customer enters when booking and it gives them the allotted discount.

 

For example:
You may have seen digital coupon codes such as ‘Monday15’, allowing your customers to get 15% off their rental booking if it falls on a Monday. If you’d like to create coupons but your chosen rental software doesn’t automatically generate coupon codes, you can use a free random code generator online.

How Customisable are Coupons on Rental Software

Typically, the Ausrüstungsverleihgeschäft software you select for your business should offer highly customisable coupon options. Here are 11 essential customisations that should be accessible to you with this feature:

1. Percentage Discounts

This setting allows you to type in a percentage you would like to offer as a discount eg. 25% off. Alternatively, you may need to select a percentage from a drop-down menu as the percentage options may be set by your Point of Sale System.

2. Discounts on Rental Items or Rental Categories

Here you will have two options, let’s say you run a bicycle rental store, the first option is to apply the discount to all rental items offered by your equipment rental business (eg. bicycles). The second option would be to choose only a specific product category within your rental offerings (eg. mountain bikes).

3. Apply to Rental Accessories or Accessory Categories

This setting allows you to apply a percentage discount to all accessories available in your store. Alternatively, it should also allow you to narrow down your discount to only a specific accessory category (eg. the discount will only apply to helmets and no other accessories).

4. Linking to Affiliates

If you have affiliates, this setting allows you to give each company its own coupon codes. These affiliate-specific coupons can then be entered into the widget on your affiliate’s website when a customer makes a booking, giving their customers a discount when they book a rental with your equipment rental business.

5. Day of The Week Specials

Day-of-the-week coupons enable you to boost bookings by offering discounts on specific days of the week. With this setting, you can select the rental day for applying discounts, incentivising customers to book on preferred days to help increase overall rental activity.

6. Expiry Date

With this feature, your equipment rental business can establish an expiration date for the coupon, giving you the flexibility to determine the duration of the promotion and control how long the special offer remains valid.

7. Usage Limit

This feature enables you to control the redemption of coupon codes by setting a usage limit, such as restricting the code to be used by a maximum of 25 customers for example. Once this limit is reached, the code will automatically become invalid ensuring you can manage the promotion effectively.

8. One Per Customer

By utilising this capability, you can enforce a restriction where each customer is limited to using a coupon code only once. This setting prevents repeat bookings from the same customer, ensuring fair distribution of discounts and encouraging new customer engagements for each transaction.

9. Number of Products to Qualify

This functionality empowers your equipment rental business to specify a minimum quantity threshold that must be met for the discount to be applicable (eg. 5 bikes minimum). By setting this parameter, you can encourage customers to book a certain number of items to unlock the discounted rate, effectively driving higher transaction volumes.

10. Minimum Spend

By setting a minimum spending amount, customers can qualify for a percentage discount on their booking when they spend above a certain threshold. For example, you could set it that a customer needs to spend over $100 on a booking to get 10% off. This encourages customers to spend more to enjoy the discount, boosting transaction values and making the offer more enticing.

11. Coupon Code Generation

It’s important to check if you need to generate your own codes or if your chosen rental software will automatically create a code for you. When you set up the coupon on your rental software and fill in the criteria for the discount, there is an area where you can put in your own coupon code. 

 

If you leave this section blank, however, most rental software will auto-generate a coupon code for you. If this does not happen it means you will need to create your own coupon codes and fill them into the designated block. Using the auto-generated coupons on your rental software not only helps save you time but it can also prevent accidental duplication of coupons.

How to Use Coupons in Your Equipment Rental Business

Providing discounts on equipment rentals serves as a strategic tool with various benefits. By enticing new customers to choose your equipment rental business over competitors, especially in cost-sensitive markets, discounts can give you an immediate competitive advantage. 

 

Furthermore, utilising discounts can effectively manage slow-moving or older yet functional inventory, leading to improved asset turnover. This approach not only aids in staying ahead in the market but also plays a vital role in attracting and retaining customers. 

 

Here’s how you can use coupons to your advantage:

Launch a Promotional Campaign for Your Equipment Rental Business

If you are starting an equipment rental business or even if you are already established, you could consider launching a promotional campaign centred around coupons to help create buzz around your rental offerings and attract new customers.

 

To do this you will need to choose a distribution channel and determine the most effective ways to reach your target audience. This could include email marketing, social media, your website, or local advertising.

 

Example:
If you run an outdoor equipment rental business, you could provide a coupon code for new customers that gives them 25% off any tent when they book for the first time.

 

Alternatively, you may want to promote rental items that aren’t rented as often, so you may choose specific categories such as ‘sleeping bags ‘ and ‘sleeping pads’ and offer a percentage discount on these items to entice customers to include these in their rental order.

outdoor equipment renal

Use Coupons to Take Advantage of Seasonality

Seasonality is a significant factor for many equipment rental businesses. It not only affects the demand for certain types of equipment but also provides opportunities to capitalise on events or activities specific to each season. 

 

You can leverage seasonality to your advantage by offering discounts during off-peak times to help ensure a consistent revenue stream. During peak season, you may want to run specials on days of the week that tend to be quiet in your store to further boost revenue.

 

Example:
Say you run a kayak and stand-up paddleboard rental business that thrives during peak tourist season in your area. In the off-season, consider providing a discount on all rental items for several months to incentivise local customers to give your business a try. 

 

During peak season, Tuesdays might be quieter days for your shop. To increase rental volumes, consider offering a special coupon giving customers 30% off for items reserved on Tuesdays.

Use Bundle Deals in Your Equipment Rental Business to Boost Profits

Encourage customers to rent multiple items by offering bundle deals with discounted rates. These can include numerous rental items or a combination of rental items and accessories.

 

Bundles not only increase the value proposition for renters but also maximise revenue per transaction for your business. 

 

Example:
If you run a medical equipment rental business, you could offer a coupon for customers who rent multiple medical devices such as a hospital bed, patient lifter and wheelchair for example.

 

Offering a discount when customers rent a package of medical equipment can incentivise them to choose your business over competitors.

medical equipment rental

Reward Customer Loyalty with Coupons and Discounts

Coupons can serve as an effective tool to reward customer loyalty. You could create a loyalty program where customers earn points for each rental and once they reach a certain number of points, they receive a coupon code that can be redeemed on their next booking. 

 

Example: 

Let’s say you run a surfboard rental business, you could offer repeat customers a card that is stamped in-store when they collect their chosen rental item. After their 5th time renting you could present them with a coupon code, that they can apply to their next online booking. 

Enhance Your Equipment Rental Business’ Customer Experience

Coupons and discounts are valuable assets that enhance the overall customer experience. They play a significant role in customer relationship management by aiding in issue resolution, enabling your customer service team to deliver exceptional service, and effectively addressing instances where customers may have faced challenges. 

 

Prioritising a positive customer experience within your equipment rental business can result in heightened satisfaction levels, increased word-of-mouth referrals, and ultimately fuel business growth.

 

Example:
Say for instance you own a scuba rental store, and you may have a customer who faced delays and confusion during the pick-up process. As a result, their diving experience was compromised leading to disappointment and frustration. As a gesture of goodwill, you could offer a personalised coupon as an apology, providing the customer with a 70% discount on their next scuba gear rental. 

 

Not only does this help rectify the situation but demonstrates genuine care and commitment to customer satisfaction. This can potentially turn a negative experience into a positive one and foster long-term loyalty.

Scuba Rental Company

Rental Software for Your Equipment Rental Business

If you would like to use coupons and discounts to enhance profitability and drive growth, it is essential to choose rental software that offers this feature. Whether you are starting a rental business or if you are already well-established, offering discounts can attract new customers, build loyalty, and boost rental income, setting your business up for long-term success.

 

If you are looking for a bike rental manager, or rental software for your medical equipment rental business or anything in between, Hubtiger has the ultimate Mietsoftware solution for you. Our rental software also seamlessly integrates with popular payment processing platforms and POS systems.

 

In addition to our software for rentals, we also offer Werkstattsoftware for service and repair shops. If you choose to use both software solutions, you will receive a 30% discount on the lower-priced monthly subscription plan.

 

Want to know know more? Demo buchen oder Starten Sie eine kostenlose 7-Tage-Testversion to see how Hubtiger can take your equipment rental business to the next level.