Small businesses help drive the economy. In the U.S., there are 33.3 million small businesses, including about 2.9 million in retail (1). Finding ways to support more transactions and keep customers returning can make a big difference in your growth. When you understand your audience, you can help improve shopping experiences, strengthen customer relationships, and set yourself apart from competitors (2). This article will explore ways to support business growth by getting to know your customers, offering Acima Leasing’s lease-to-own option, and exploring other helpful strategies. 

Knowing Your Audience: The Key to Growth 

If you want your small business to succeed, you need to know who your customers are. Without a clear idea of what they need and want, it’s tough to offer products or services they’ll choose. 

• Understand What Drives Their Decisions 
  Learn what matters most to your customers to better meet their needs (2). 

• Speak Directly to Their Needs 
  Consider the diverse traits of your customer base—such as access to alternatives to financing—to better understand their expectations and preferences (3). 

• Create a Clear Picture of Your Ideal Customer 
  Consider your customers' interests, challenges, and goals to understand better who they are and what they value most (4). 

Reaching Underserved Markets with Lease-to-Own 

If you're looking to grow your customer base, meeting the needs of your customers with lease-to-own can make a big impact. Nearly half of U.S. customers can be categorized as non-prime customers who may be seeking alternatives to financing (5). With Acima Leasing, you can give more customers a way to get big-ticket items without using credit*, making shopping more accessible for them. 

Benefits of Lease-to-Own for Small Businesses 

Recognizing your customers' needs and providing diverse payment choices can contribute to your business's success. A survey found that 91% of retail executives believe adding payment methods can attract new customers, and 67% report that offering more payment options has led to higher conversion rates (6).  

One such strategy is lease-to-own, which provides businesses with an alternative way to serve more customers, increase visibility, and improve the overall shopping experience. Here’s how lease-to-own can benefit your business: 

Serve More Customers 

Lease-to-own may appeal to customers who have limited access to traditional financing. For example, studies suggest that over 60% of Gen-Z consumers may have un-scorable or non-prime credit profiles, making lease-to-own an option worth considering for this demographic. (7) 

Increase Brand Exposure 

Partnering with Acima Leasing connects your business to a network of over 15,000 retail partners, expanding your reach and positioning your brand in front of more customers interested in lease-to-own. 

Enhance Customer Experience 

Lease-to-own can enhance customer satisfaction by offering easy lease renewal payments and a straightforward application process (8). 

Growth Strategies for Small Businesses 

Keep your business moving forward with these additional insights. 

• Increase Revenue and Reach with Acima Leasing: A Retailer’s Complete Guide 

• Boost Your Business with Customer Acquisition Strategies  

• Exploring Retail Strategies: Omnichannel vs. Multichannel 

Expanding Your Business with the Right Strategies 

Growing a small business means using strategies like getting to know your customers and offering solutions such as lease-to-own. Understanding what your customers need and keeping up with industry trends can help create new opportunities and build stronger relationships. 

Working with Acima Leasing can help you serve more customers and give them new ways to get what they need. If you're ready to enhance your growth strategies, apply today with Acima Leasing and see how lease-to-own can support your business. 

By staying flexible and focused on your customers, you may find new ways to stay competitive and create opportunities for growth. 

Sources: 

1. U.S. Small Business Administration (SBA). (2023, November). 2023 small business economic profile. 

2. Experian. (n.d.). The importance of understanding your audience. 

3. Forbes Business Council. (2023, September 21). Getting started with need-based segmentation. 

4. Forbes Agency Council. (2024, January 29). Buyer personas 101: How to really know your audience. 

5. Consumer Financial Protection Bureau (CFPB). (2021). Consumer credit card market report. 

6. FreedomPay. (2024, August 27). 91% of retail executives agree that adding payment methods can bring in new customers. 

7. Consumer Financial Protection Bureau (CFPB). (2016). Credit invisible policy report. 

8. Acima. (2024). How providing inclusive shopping options can help you tap into a larger consumer base.