We are dusting off our Sign Twirling Skills…..JK
Here at BLM, we have recently developed a partnership with the Pawn Industry. And not just in the US: AZ, ND, SD, WY, ID, but we’ve officially gone international and ventured to The Great White North…. a.k.a. Canada. Eh??
The History of Pawn Shops has dated back thousands of years and often has several misconceptions: They are full of stolen goods, they take advantage of their customers, or the items are often damaged and inoperative. But, this is not the case! Pawn Stores often sell a variety of pristine, high functioning and legally owned merchandise like electronics, instruments, bikes and even jewelry.
The Pawn Industry is growing quickly. The independent jewelry industry is never going to be larger than it is at this very moment. We proudly represent dozens of fabulous independent jewelers, but while looking for a growth opportunity, we saw Pawn advertising as a new reinvented retail industry to explore. We now represent several Pawn businesses and it is our mission to show how the industry is changing with exceptional customer service, professional company culture and winning teams, all feats we excel in.
Our industry and the Pawn Industry are growing, ever-changing and evolving. We will lead the Independent Jewelers into the future with these goals as well. Even though the term Pawn Shop isn’t as glorious as one would think, we are hired on to make you think differently.
The Bottom Line Crew recently visited the stores in the US and Canada. While interacting with the teams and shooting new TV promos, we’ve thrown out all our misconceptions. We can’t wait to explore and share the new ways to market a different type of client. So what did we learn from our Visit?
Pawn IQ Test from Smart Moves by John Thedford:
What is the Average Size Loan at Pawnshops:
The Average Loan is $150
What Percentage of Loans are Redeemed(Paid Off)
More than 80% of Loans are Redeemed
What Percentage of the US Adult Population has no Banking Relationship?
50% of the US Adult Population
What Percentage of transactions in the industry deal with stolen property?
Less than one-tenth of 1% deal with stolen property.
How do the pieces differ from what you are used to seeing/shooting in the Jewelry industry?
The biggest difference I saw with the jewelry in the pawn stores versus our private jewelers was a bigger variety of price ranges. They had many of the same top brand names as any local jewelry store. I was very impressed with the presentations of the jewelry in their cases and you really couldn’t beat the prices.
What’s your biggest misconception of Pawn Stores:
The stores merchandise, presentation and customer service. I always pictured Pawn shops to be dark, dingy and messy with an older man staring at you suspiciously from behind the counter. I was completely wrong! When we hit the road for our initial shoots I was amazed at how nice the stores were. Very clean and organized. The employees completely understand what Customer Service means. I was pleasantly surprised by their knowledge of all the products and how much they enjoyed what they did.
How does the message you are trying to convey differ from other clients?
I find that the message for the Pawn Store commercials isn’t just about selling a product or service. We are also educating the public on what these Pawn Stores have to offer. They are an essential resource for people who need a little help until they get their next pay check. The merchandise they sell is no different than shopping at a consignment shop.