Episode Overview
Part 3 of Mastering Rental Growth with Elliott Vigil explores how rental companies can strategically expand into new markets and niches. Kyle and Elliott discuss how to use data, observation, and curiosity to identify missed opportunities, analyze underutilized equipment, and test demand before investing. They also cover untapped opportunities like tenant improvement (TI) work, the value of partnerships, and how to align compensation and KPIs with sales performance.
Timestamps:
- 00:00 – Introduction to unlocking new markets and niches in rental businesses
- 01:17 – Recap of previous sessions focused on efficient rental growth and building sales teams
- 04:31 – When to use time utilization vs. dollar utilization metrics
- 06:53 – How to identify new markets through underutilized equipment and missed rentals
- 09:36 – Tracking lost opportunities and missed rentals to find expansion potential
- 13:37 – Uncovering business opportunities by asking simple questions (e.g., who handles maintenance at grocery stores)
- 16:31 – “Play in the blue ocean, not the red ocean” – targeting markets with less competition
- 17:55 – Tenant improvement (TI) work as an untapped market opportunity
- 24:21 – Market research before expanding to new locations
- 26:57 – Using e-commerce and digital presence to test demand in new markets
- 29:01 – Benefits of partnerships with other rental companies and industry associations
- 43:21 – Sales compensation structure recommendations
- 46:17 – Using KPIs and commission incentives to drive sales behaviors
- 52:23 – Summary of the four key quotients for mastering rental growth (IQ, AQ, TQ, EQ)
