As you know, growing the pawn balance is not as easy as it used to be. The customer base seems to be smaller that it used to be the customers are more “educated” than ever on what their merchandise is “worth”. Both things are not in our favor, but we will show you that you actually control your destiny in this area. You can still see increases of 20-30% or higher without spending any money at all!
How Much Do You Need- This is always a touchy subject because the customer is always going to ask for the “maximum amount” or “how much can you give me” because in this industry we or our competitors have conditioned our customers to expect the low ball offer or that we will pay more if they do a loan(or sometimes sell). We will teach you how to break this cycle with the customers because the days of loaning the maximum amount to them in the hopes of getting the most interest paid just does not work anymore with the savvy marketplace. In conjunction, we will train you and your team how qualify the loan better and differently and to come up with a offer that allows for maximum services charges, pick ups and profitability upon default. You can win every transaction without breaking the bank and upsetting your customers. You will also learn how to get the customers to take an offer lower than they want without walking out as well as getting them to bring in things that we actually want them to loan on instead of what they see as “valuable”.
Win Each and Every Transaction- Winning each transaction is the key to being profitable in this new age of pawnshop operations. This industry has changed more in the past 10 years that it did in the last 100 prior. The days of loaning the maximum amount has burned out a certain segment of the customer base and made it impossible for them to redeem their items. It also opened the door for competition to move in. This is especially true in the higher interest states. This coupled with the world wide web at everyone fingertips has been detrimental to our business. We will teach you and your team to win each and every transaction even if you and the customer are far apart on price. It is very common for our clients to see increases of pawn book of 20-50% in the first 90 days! We will show you how as well as teach you how to collect even more interest and service charges on those new and existing loans.
As you know, growing in store retail sales is not as easy as it used to be. The customer base seems to be smaller that it used to be the customers are more “educated” than ever on what the merchandise is “worth”. Both things are not in our favor, but we will show you that you actually control your destiny in this area. You can still see increases of 20-30% or higher in retail sales without spending any money at all!
In this training, we will cover many things including:
Perfect Pricing – Having products priced incorrectly leads to two major issues in your business. If the products are priced incorrectly and too high, you get aged inventory that doesn’t sell and decreases in value (perishables). In this scenario you lose tons of sales and profit margin as the items decrease in value. The second scenario is that you are priced too low. In this scenario, you are leaving tons of money on the table. We will not only teach you how to price your inventory perfectly for retail, but also online sales. The training earlier in our process will also result in you being able to pull forfeited inventory as soon as legally possible without upsetting the customer. This results in higher sales margins due to less depreciation. This part is essential to your maximum profitability as this industry continues to change.
Merchandise to Sell– One of the biggest mistakes pawnbrokers make is not making their merchandise appealing to look at in the retail sales floor. This costs you big time in sales! Especially to your regular customers because they think they are seeing the same things. We will teach you how to set your store up for success and how to often times turn your inventory twice as fast! Sales is still your largest profit margin so imagine how much more money you can make with this process!
Make the Sale!– Often times in stores with clients, we see that one of the major areas lacking in education is the sales portion of the training. Especially when it comes to high end items such as jewelry and purses etc. How do you turn gawkers and “just browsing customers” into buyers. Not only will I teach you how to do that, but I will teach you how to romance the jewelry sale and to sell your other perishable items without having to discount. Both of these mean more profit for you! It is very common for our clients to see increases in gross profit of 10% or higher on their overall sales increases of 30% or higher!
In addition to all of this amazing training, you will also learn even more! We will also teach you how to market internally to your customers, and via social media which can be done for little or no cost. We cannot assume that our loan customers never buy items and that our sales customers never need cash fast. We will show you proven marketing messages and signage that are sure to jump start your business into the new way of doing business. This training will be a game changer for your business!