VIDEO BUYERS GROUP DOES THE RESEARCH AND FINDS SOLUTIONS
VBG is always looking for better ways to do business. We stay current with consumer trends and involved with the issues affecting our industry and especially independents. Once the information is gathered, VBG looks for solutions. For example, our research showed consumers were renting less often and were not as loyal as they once were. One of the main reasons for less frequency in renting, especially during the week, was that consumers simply had less free time than ever before in our history. A cooperative study done by some major manufacturers (including 3M and Honeywell) concerning the quality of life for their employees found that the average woman had 1.3 hours of free time per night Monday through Fridays. The average male had 1.7 hours. When compared to twenty years ago, there has been a significant drop in free time. Another study done by a major University showed children also had less free time, especially on weekdays. This study estimated the loss to be 15% less free time than children had twenty years ago. When ranking importance, consumer time is now the #1 priority. It has become such a priority that we say, “Time is the currency of today.” This issue led VBG to recommend a number of changes in rental policies for video stores because the research indicated changes were needed to deal with this time issue. It stands to reason that with fewer visits there will be less customer loyalty. Obviously value was also very important to them due to their lack of free time. How could we promote loyalty and increase value to customers? The answer we came up with was to add this value and much more.
In today’s retailing, in order to keep customers returning it is a necessity to add extra value to the shopping experience. Our members purchasing through Ingram Entertainment receive a Rental Rewards kit each month. Within this marketing kit there are a number of tools designed to address the issues that our retailers are dealing with. Nobody is better at developing marketing concepts for independents than Video Buyers Group. We use marketing as a tool to address issues, add value and awareness of the independent segment of the industry. According to Ted Engen, President of Video Buyers Group, “Marketing is telling your story to your customers. Independents have a unique way of doing business and addressing issues that customers want to hear about. We find ways to tell our stories and what we can offer compared to everyone else. Video Buyers Group does the research and develops programs to meet the challenges to keep our retailers moving forward in this industry.