This could be a game changer for your video rental outlet! If you are thinking about how to make your video rental outlet relevant and profitable in this era of unlimited bandwidth, then this is just what you have been looking for.
Michael isn't a novice in the movie rental industry, for his family has been running a video rental outlet since the 1970s. However, he has seen profits dwindle in recent years, and he isn't totally oblivious of the new ways people are renting movies such as Redbox and online rentals. He has been thinking about how to make the old rental outlet worthwhile.
If you are facing the same problem, or contemplating starting a new one, then try the following strategies.
Ensure That You Always Have The Latest Movies
Many, who rent movies online, will tell you that they often hear of new movies, but when they search for the movies using their paid streaming services, they realize that the titles are not available. There is an unmet need. This is the opportunity.
When many of such movies are released, they are first screened at the cinemas before they are made available. It will take many months before many of such movies make it to the streaming services. Immediately they become widely available place your order. By constantly doing this, and by constantly sampling views, you will position your self as an outlet that always has the latest movies. When people realize this, they will flock to your video rental outlet.
Order Ethnic Movies
You may have realized that many cities are quite diverse. Some neighborhoods have a number of Asians, or Hispanics, or migrants from a particular country. Many of such people are always looking for the best movies from their countries of origin. One way to boost revenue and make your video rental store profitable is to ensure that you have the movies they are looking for. Doing this may take additional effort, but you won't regret it.
Add Game Rentals
Unlike video rentals, game rentals have seen little online competition, and so many, especially the young, are always looking for game rental outlets. Many have been limited to only a few games, but when game rental outlets are around, young people can enjoy more games than they ever thought possible. Adding game rentals to your video rental outlet is one sure way to boost patronage and profits. People who come to rent movies will be attracted to the games available. Similarly, those who come to rent only games will be attracted to the movies available.
If you are in Michael's shoes, then you now have a number of options. If you follow the steps above, your movie rental business should bounce back.