If you’re in the party and event rental industry, you know all too well the rollercoaster ride that comes with seasonal highs and lows. It’s all hands on deck during peak seasons, but when the off-season hits, it can feel like the party’s over. But even when the events aren’t rolling in, you’re likely buried in paperwork, organizing inventory, or catching up on all those tasks you’ve had to put off.
But while you’re managing these important details, there’s also a golden opportunity to strategically use this time to set your business up for even greater success. This guide will give you three 5 steps you can take during this slow season to set yourself up for success next year.
Step 1: Conduct a Performance Review
Start by pulling together all the stats from the past year. Focus on the busy times as well as numbers during slow season. How did your rentals perform? Look for patterns that tell you when and why your customers come calling.
Here’s some ways you can use this information:
Adjust Inventory Levels
Use the insights on popular and underperforming items to adjust your inventory levels. Stock more of what sells during specific seasons and consider phasing out or repurposing items that aren’t moving. This can help you reduce overhead costs and maximize returns on your most popular rentals.
But before you discard certain items, consider whether you can give them a new lease on life. For instance, if some pieces aren’t doing well on their own, could they be included in a package deal? Or perhaps a little refurbishing could make them more attractive.
Create Marketing Campaigns
If certain products are consistently popular at specific times, plan your marketing campaigns around these peaks. For instance, if tent rentals spike in the summer, you might run early bird booking discounts in the spring to capture that demand. This is an especially good time to start marketing to corporate accounts to secure larger clients.
Here’s how you might do it:
- For corporate targets, focus on targeted outreach through relevant channels like LinkedIn. This is a great way to connect with corporate decision-makers, share event information, and engage in relevant industry discussions.
- Create engaging content that features your items in action. Think beautiful images of past events and testimonials from happy customers. You should also create valuable content like blog posts that address relevant industry trends and challenges.
- Consider local print or radio ads in spring to reach a broader audience. Emphasize the convenience and quality of your service, and mention the early bird special to draw in early planners.
- Apply to be a vendor on the Reventals marketplace. Reventals specializes in connecting local vendors with corporate event organizers in their area, which helps even out seasonality.
- Attend industry conferences, trade shows, and networking events. This is one of the best ways to meet corporate decision-makers in person and make valuable connections that can lead to long-lasting partnerships.
Check out our detailed guide on digital marketing for rental businesses!
Plan Resource Allocation
With a clear pattern of past performance, you can more accurately predict future trends. This helps in everything from staffing decisions to financial forecasting and setting realistic growth targets.
Step 2: Network with Other Rental Professionals
Slow season is the perfect time to get to know other event professionals in your area. Think about the venues and companies nearby that host events throughout the year. These could be your ticket to staying busy even when it’s not peak season!
Start by listing all the event venues and companies near you. Look for those that regularly host meetings, celebrations, or gatherings. Send a personalized email or, better yet, make a phone call to introduce yourself and your business. Mention how your rental services could be useful for their events.
Arrange a face-to-face meeting or a virtual coffee chat. This allows you to show enthusiasm and discuss how to help each other. After your initial meeting, keep in touch. Send a thank-you note, and follow up with occasional check-ins or updates about new items or services.
And if the vibe is right, propose a partnership! You could offer exclusive discounts or packages for their clients in exchange for becoming a preferred vendor.
Check out our blog “How to Become a Preferred Vendor” to learn more about becoming a preferred vendor for venues!
Step 3: Expand and Diversify Offerings
Slow season is a fantastic time to shop around and expand your offerings for the next year. What items or services do people need year-round? Maybe conference equipment for corporate events or decor for indoor celebrations would be good additions.
Here’s a list of rental items that tend to have consistent demand regardless of the season:
- Audio Visual Equipment: Projectors, microphones, speakers, and lighting equipment are essential for corporate events, presentations, and indoor entertainment events.
- Catering Supplies: Cooking equipment, serving dishes, and food warmers are always needed for events like corporate gatherings, family reunions, and community functions.
- Conference and Meeting Equipment:Podiums, whiteboards, and conference chairs are regularly required for business meetings, workshops, and seminars
- Portable Flooring and Staging: Dance floors, stages, and carpets are needed for exhibitions, dance events, and formal gatherings.
Then, take a look at what other rental companies are doing. Is there something they offer that you don’t? Maybe there’s a gap in the market you could fill. It’s also good to see what prices they charge so you can stay competitive.
Who else might need your services? You could start helping out at corporate events, which happen all year. Or you could cater to non-traditional events like pop-up shops or outdoor winter festivals.
Step 4: Update Your Website
Slow season is a great time to boost your online presence. Your website should be your number one lead generation tool, so it must be updated and user-friendly!
Here’s what you need to do to set yourself up for a successful slow season next year with your website:
SEO Optimization
First things first, let’s make sure people can find you. Spruce up your website by optimizing it for search engines. This means updating your content with relevant keywords, improving page load speeds, and ensuring your site is mobile-friendly. Think about the terms potential customers might use to search for your services, and use those terms throughout your site.
Check out our complete guide on SEO Optimization for rental businesses!
Adopt an Online Shop
If you haven’t already, now’s the time to set up an online shop. This can dramatically streamline how customers browse, select, and book their rentals. An online shop makes the rental process smoother for your customers and automates lead generation and order inputting on your end, reducing administrative burdens and improving efficiency.
TapGoods offers an out-of-the-box website with an online shop that you can customize to fit your brand. It’s designed specifically for rental businesses, so it understands your needs right from the start. If you already have a WordPress website, there is also a TapGoods WordPress Plugin. This tool lets you directly integrate TapGoods’ powerful features into your existing site, combining flexibility and functionality.
Step 5: Use Technology to Your Advantage
This step is all about finding tech solutions that fit seamlessly into your business, making your processes more efficient and your life much easier. Start by pinpointing the areas where technology can make a difference in your business.
TapGoods PRO is designed for rental businesses, offering features like inventory tracking, smart reporting, and email automation. These tools work together to streamline your operations and free up your time to focus on growing your business.
Additionally, you can improve customer interaction through features that allow smoother booking processes and better communication through a comprehensive online shop and automated emailing.
Make Every Season Count!
Remember, strategic planning and proactive action are key to turning the slow season into a productive time. By following the steps outlined in this guide, you can not only even out the seasonal peaks and troughs but also set your business on a path to year-round success.
So, don’t let this slow season pass you by. Use it to lay the groundwork for a prosperous and stable future.
Other blogs you may find helpful:
How to Become a Preferred Vendor of a Venue in 2024
Frequently Asked Questions
The slow season varies by region and market, but it typically occurs during colder months or non-holiday periods when events are less frequent.
With fewer events and more free time, the slow season is ideal for building relationships with venues and corporate event planners to secure future business.
Use this time to update your inventory, train staff, optimize your website, and network with potential partners to strengthen your business for the busy months.
Introduce yourself, explain your services, and highlight how you can add value to their events. Attach a brochure or link to your website for more detailed information.
Follow up initially within a week of your first meeting to keep the momentum going, then maintain contact every month or so to stay on their radar.
Absolutely! Offering discounts or package deals during the slow season can attract clients who are planning ahead for future events.