The worth of the global Av industry is expected to be $35 billion in 2024. Av Rental Services is a significant component of the event industry and plays an integral role in its growth as well. It provides equipment to the event producers for various kinds of events. The pace of technological advancement has increased so much in this era. With advancement, the prices of different pieces of equipment are touching the sky. Therefore, almost all event agencies prefer to opt for equipment hire.
Av rental company has become more popular than ever before because of relatively low cost. They preferably cater to the customer needs relevant to different Av equipment. The increase in video and photography gear rentals is the best example of the great customer service of Accompanies.
Even though the rental business is experiencing a boom. But still, a lot of challenges are acting as a hurdle in the way of its progress. It is not a cup of tea to deal with the advanced Av technology. Even a minor mistake can adversely impact your bottom line.
We commonly talk about the challenge of a good customer experience. But we need to see beyond this aspect to understand other challenges. The overarching hurdles that most Av companies face are given below:
- Equipment unexpectedly breakdown
- The management of the sub-rented items is not up to mark.
- There is no presence of an online store.
- Agencies are wasting time on manual processes.
The companies need no rocket science to deal with these challenges. So, a trick here is to opt for an appropriate method for making the current system efficient.
Challenges Which AvAgencies are Facing:
Without any delay let’s dive deep into the challenges which Av Rental Services are facing. Moreover, we will look forward to the solution of hurdles too.
1. Unable To Fulfil Orders Due to Shortage of Equipment:
Any client may ask for Av equipment at the last moment. The event producer is organizing a big event so the demand is high. You don’t want to miss that opportunity and obviously, no one would want to. So, you responded that you will fulfil his need. Now, you went to your store to have a look at the inventory. You are thinking that some miracle can save you from the shortage of equipment.
Sadly, no miracle happens. There is no option rather than letting a customer go. This is what exactly most rental companies are experiencing. They are forced to let go of clients because they don’t have a needed amount of equipment in the inventory. As expected, the result will be customer dissatisfaction and the downfall of the business.
So, to meet that unexpected demand. Companies prefer to make a spreadsheet of the available equipment. This allows them to have an idea of the current inventory and how much they can promise to arrange last minute. This seems that problem is simply solved. Well, it might be hurting for you to hear but the problem hasn’t been solved.
Manual tracking orders itself is an inefficiency. Moreover, making spreadsheets consume a lot of time and chances of human error are also there.
- Sub-Renting Is a Solution:
Sub-renting is the greatest approach to cope with this issue. It allows Av Rental Services to fulfil an unexpected need of customers on an immediate basis. Even though it is an effective method. But keep in mind that you are dealing with a company that doesn’t belong to you. Therefore, you have to focus on managing them well.
2. Absence Of an Online Store:
From shopping to service booking today everything is online. The existence of any business is unimaginable without an online presence. Therefore, every rental agency whether it’s a small or big one should have an online presence.
But unfortunately, most Av services don’t focus on this aspect. There can be many reasons behind ignoring this aspect. Maybe they don’t consider it a necessary element for their business. However, they are missing out on a lot of business chances since they do not have a virtual presence.
- An Online Website Is a Solution:
The agencies which are struggling with an online platform can opt for well-reputed software. This will sync rental data automatically with an online store. By having an online presence Av companies can enjoy a huge market share and growth opportunities.
3. Rental Rates Are Complex:
There are many Av Rental Suppliers that use the system of complex rental rates. What does your pricing structure look like? It would be most likely similar to other companies. The rental rates outlook will be like video cameras $5 per hour. Like this, you have created a mix of different rates and duration.
Now, what if your client needs a whole PA system for an event for 3 months. How much will you charge for this?
Advanced Rental Rates Are the Perfect Solution:
By using this method of pricing, you can either set a flat rate or a variable rate. This will work out if you have to rent out equipment for 2-3 days or an entire week. Additionally, offering promotional deals will become extremely easy for you. Customers easily get attracted to promotional deals. Because if they rent out for a longer period, they have to pay less.
Now, there is no escape for the rental agencies from these challenges. They have to face all of the above challenges heads on. It is necessary for rental companies now to become more efficient. Because the event market is getting very saturated. Those who don’t prefer to change their business style won’t be able to survive.
The agencies which strive hard for their betterment becomes valuable one like Ems-Events. Consumers are now preferring those agencies which offer the most affordable rates. Moreover, they are not going to compromise on the element of great customer support. So, companies have to work on their flaws to become an ideal choice. Furthermore, try to take benefit all the opportunities they find to grow in the competitive event industry.