Delivering useful and dependable services to your customers goes a long way toward building their loyalty to your shop. You know that along with offering an awesome selection of top quality string, brass, and woodwind instruments, providing repair and maintenance service for those instruments is essential. Because for musicians, keeping their instrument in top condition is an on-going process. However, if you’re looking to enlarge your outreach and expand, you may want to consider adding other services, such as a rent-to-own program.
Designed to benefit your business in countless ways, rent-to-own programs for musical instruments are also great for artists and budding musicians. This additional service can positively impact your total business by filling a very real need in the community. Check out these reasons why it works:
High Quality, Low Investment
Student and beginner musicians can’t always afford to make an immediate purchase, but playing on an inferior instrument is extremely difficult and trying to learn to play on one increases the challenge exponentially. With a rent-to-own program, you provide an affordable way for musicians to purchase a quality instrument immediately, without having to wait or play on an inferior one until they can save their money.
Not Quite Sure…
Many beginners aren’t actually sure about their instrument selection. They may want to start out with one thing, only to discover that they’ve changed their mind and now wish they’d chosen something else. With an adaptable rent-to-own program, you can offer your customers the freedom of choice, which is a selling point that many parents appreciate.
Peace of Mind
Another great aspect of a rent-to-own program involves the peace of mind both you and the lessee gain from available coverage and repair options. The instruments you place on your rental program will naturally be included in your insurance until the final payment has been made. Plus, many dealers include repair and maintenance during the rent-to-own contract to ensure that the instrument remains in good condition.
All Inclusive
Another feature that makes rent-to-own instruments attractive involves the inclusive outfit. For example, instruments are sold with a hard case and any other standard accessories, such as a bow and rosin for violin family instruments or cork grease, reeds, and cleaning swabs for woodwinds. By making it easy to purchase a complete outfit, you provide a service that beginners will love.
Partnership Development
Because rent-to-own programs simplify the costs and confusion associated with buying an instrument for the first time, many schools partner with dealers who offer this service. The importance of a music education is gaining momentum and many educational institutions are increasing their music options. By offering a service-oriented rent-to-own program, perhaps including periodic visits to the school(s) to provide instrument repairs, you are helping invest in your community. Kids who stay in music programs are less likely to drop out and generally earn higher marks than their peers.
Best Practices
Knowing that a rent-to-own program offers these advantages, you can ensure that your program is successful by following some of these best practices:
- Offer Quality Instruments—Choose brands that are crafted to deliver wonderful tone, clarity, and durability.
- Make it Flexible—Allow your customers to apply the entire (or at least a large portion) of the previous payments to another instrument, if necessary. As mentioned, sometimes students change their minds, being able to transfer the investment from one instrument to another is a huge selling point. Customers know that their funds won’t be wasted.
- Replacement Insurance—each instrument on your program should be covered in the event of fire, theft, or other damage for the full length of the contract.
- Make it Transparent—include all of the costs in a basic, up-front manner. For instance, if you are leasing to own a brand new violin whose retail price is “X,” the insurance for it is “I,” and your service charge is “S,” add those amounts and divide it by the number of installment payments. If the instrument isn’t new, include the discounted amount so that you customers understand exactly how much they are paying for each part of the contract.
- Consult a Professional—obviously there will be legal aspects that you’ll want to ensure are covered, both for you and for the lessee. Contact a professional about the terminology for the contract you’ll need to develop.
Including a rent-to-own program in your instrument shop is a great way to expand your business, but it also provides real solutions for parents, musicians, and artists who need access to quality instruments but aren’t necessarily able to purchase them outright. Offering this service will grow your business while fulfilling a community need.
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