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19 Jul 2016 by Farhan Rehman
Marketing in the vehicle rental industry has its blessings and its challenges. On the upside, businesses in this sector have the potential for rapid growth if they market themselves effectively. On the downside, it is difficult for vehicle rental companies to distinguish themselves in the mind of the customer. Effective marketing in this sector is all about establishing brand recognition in the minds of your customer base.
Working vehicles and great customer service already form part of the customers’ expectations and the opportunity to niche your business in this space is limited. Driving revenue growth in the vehicle rental sector is therefore less about niching yourself and more about a relentless focus on brand recognition. Businesses that are proactive and scientific in their marketing will be in a great position to establish brand recognition and scale up.
Email marketing should be the backbone of the marketing strategy
It is true that a good marketing plan should include a mix of channels and media however as most digital marketers will tell you, email marketing should really be the backbone of your overall marketing strategy and email marketing in the vehicle rental industry is no different. The rise of big data means that businesses are now able to be a lot more scientific in how they approach their marketing. As the readership of printed press declines, the days of placing an ad in a newspaper and hoping for the best are dying a slow death too. Over 90% of the world’s data has been generated in the last 3 years and businesses that place emphasis on digital marketing will be able to leverage big data as marketing intelligence.
So why is email marketing so crucial to the vehicle rental sector?
Establishing brand recognition in the vehicle rental sector can be somewhat of an arms race and requires persistent, proactive marketing to ensure you acquire prime real estate in the minds of your customers. This quest of course requires many different types of marketing, but email marketing has the following benefits:
The rise of big data has seen a sharp increase in the average ROI that email marketing generates. In 2015, businesses in the UK generated an average ROI of £38 per £1 spent through email marketing, up from £22 the year before. The resurgence that we are seeing in the effectiveness of email marketing is largely down to the ability to leverage big data and target more effectively.
In addition to high ROI, email marketing is also famous for its high variability in ROI. Below is a graph from the latest DMA Email Benchmark report showing how vast this gap was amongst UK businesses in 2015.
The above research shows the massive opportunity to drive growth through email marketing. Small changes to best practice have dramatic effects and distinguish businesses at the upper end of the ROI spectrum from those at the lower end.
In the vehicle rental sector, driving revenue growth is directly linked to brand recognition and thus requires a proactive and measurable approach to marketing. Businesses in this space with growth ambitions should ask themselves honestly if their email marketing is getting the time and resource it deserves and whether it is currently delivering the results it should. If not, get in touch.