January 08, 2020 - Pawn Resources
James, the owner and CEO of Heritage Jewelry and Loan, outside Houston, remembers getting a call from PawnGuru announcing the new service in his area.
“I was always looking for ways to grow my business and get more customers in the door,” James explains. “I spend thousands of dollars a month on Google Adwords and other traditional marketing campaigns, but it was always a struggle. PawnGuru seemed intriguing, so I agreed to give it a shot.”
(If you haven’t heard of it, PawnGuru is an online marketplace for customers and pawn shops to connect. Customers list their items to pawn or sell, and local pawn shops respond with offers or messages. After negotiating and discussing different offers with shops on PawnGuru’s platform, the customer takes their item in person to the local shop of their choice to finalize the deal and get their cash.)
James’ pawn shop joined the PawnGuru Houston network in early 2015, and he immediately saw business come in.
As PawnGuru increased customer traffic in Houston, James grew with it. He went from seeing 20 items in June to nearly 300 items in December.
James recalls a particuraly successful PawnGuru experience:
What’s the secret to James’ success? He mentions a few “good habits” that he follows when it comes to PawnGuru:
I always try to greet the customer on PawnGuru by name, and I type like I’m speaking with them. Full, friendly sentences that show I’m interested in them and their business, and I’m sincerely trying to help them out.”
When I make an offer, I try to explain why that’s the dollar amount. Sometimes the customer doesn’t realize that I’m a reseller, and I need to leave a profit margin for myself. Also, I try to make sure the customer is aware of relevant local and state regulation that will affect their loan. I try to be helpful and informative, and customers respond very positively to that.
I treat customers with dignity and respect and walk them through the valuation process from beginning to end. That way the customer has all the information needed to make the right decisions.
If I closed a deal with a PawnGuru customer, I’ll send them a follow-up message through the Portal thanking them for their business.
James’ biggest piece of advice?
He attributes 15% of his growth this year to PawnGuru, and it’s still growing.
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles