Domestic car sales have dropped considerably when compared to the last year. This can be attributed to the shifting user interest from car ownership to shared mobility. Following the changing ideologies, car rental and leasing services have seen a sharp growth. The global car rental market is expected to register a CAGR of 7.5%, during the forecast period, 2019-2024. The increasing demand and the entry of new players into the market make it even more competitive. If you are looking to make your mark in the market, here are 5 effective tips for your car rental business.
Create your brand
Similar to any business, creating and promoting your brand has a greater impact to drive sales. Through brand recognition, you create awareness which forms the bridge through which you can connect with the outer world. Within the congested market, it’s hard for your customers to remember your business – that’s where a strong brand can create wonders.
Additionally, a unique brand image has a better chance of building credibility. When your customers see you as a brand with values and shared interests, they are more likely to trust you.
Consistent online involvement
Create an online presence by building a website for your car rental business. Nowadays, the internet is a channel for every search and when it comes to finding a car rental service, make sure your customers find you easily – this means setting up a solid digital marketing strategy.
And to attract online bookings, you can adopt a digital car rental software. This way, it’s easy for both you and your customers to manage daily bookings.
Build healthy customer relationships
Customers are of primary importance as the car rental industry is mainly customer-oriented. And when it comes to marketing strategies, there’s nothing more effective than brand advocacy. Use your existing customer base to turn them into your biggest strength. Start by building customer relationships through loyalty programs, reward points and referral strategies. Personalized experiences and surprise offers are also great ways to gain your customers’ loyalty.
Associate your brand with car hiring websites
One of the most common means for customers to find car rental services is via online aggregators. Link your car rental with such car hiring websites. Most sites charge a minimal amount either directly or commission-wise from your booking fare. And if your budget permits it, you could also pay an additional amount to list your brand at the top. This way, you can tap into a larger audience and get more bookings.
Connect with related providers
Associate your car rental business with other service providers, where your car rental business can fit in. For example, you can approach hotels, restaurants, shops, salon, hostels, ticket booking agencies, where if people use their services, they can avail your car rental services at discounted rates. Discounted and complimentary services will have a greater pull than conventional strategies.
The car rental business is one of the fastest-growing sectors in the transportation ecosystem. Leverage these effective tips to build a sustainable business. Talk to our industry specialists to know more about the market and how a car rental solution can improve your offerings.