The RTO Show "Let's talk Rent to Own"
Welcome to "The RTO Show Podcast," your gateway into the fascinating world of the Rent to Own (RTO) furniture industry. Join host Pete Shau, who brings nearly two decades of experience to the table, as he dives into engaging interviews and thought-provoking discussions on the latest trends and innovations. With a blend of humor and realism, Pete explores the evolving landscape of Rent to Own, making complex topics accessible and enjoyable for everyone. Whether you’re a seasoned professional or simply curious about RTO, tune in for insights that will inform and entertain!
The RTO Show "Let's talk Rent to Own"
Mastering Social Media Marketing w/ Chad Fosdick & Jerard Norman at RTO World 2024
Ever wondered how to achieve consistency and engagement in your social media marketing? Join me, Pete Shau, as I dig into this topic with industry experts Chad Fosdick and Jerard Norman at APRO's RTO World 2024 convention in Orlando, Florida. We uncover the powerful blend of organic content and strategic ad placements. Chad shares his secrets on making community-focused posts that truly resonate, while Jerard dives into the nuances of paid ads to keep your business top of mind. If you're seeking actionable advice to enhance your social media presence, this conversation is a must-listen.
Is radio still the king of credibility, or has social media taken the throne? In our exploration, we debate the trustworthiness of traditional media versus the deep engagement potential of social media. I make a case for social media's ability to forge strong connections with your audience through longer-form content. With younger generations increasingly opting out of traditional ads, we discuss why mastering social media is crucial for staying relevant and building brand loyalty.
How can you adapt your business strategies for growth without losing sight of your core values? Through real-world examples from Chad's businesses, we discuss personalized social media engagement and the benefits of cross-platform campaigns. Discover why being active and approachable on social media can significantly impact your conversion rates. Lastly, we share insights on Premier's evolution in response to market demands and offer a sneak peek into next year's RTO World 25 event in Omaha, Nebraska.
Hello and welcome to the RTO Show. I'm your host, pete Schaub, and today we're covering podcast guests Chad Fosdick and Gerard Norman, who stopped by the Gerard Norman Marketing Booth during APRO's RTO World 2024 convention in Orlando, florida. That's where we had the RTO Show podcast set up for multiple guests to stop by and literally talk rent to own. Now, during several of the next few podcasts we release, these will be the interviews that came from those amazing discussions. This was a great show I couldn't believe it where I was able to talk to some wonderful people from the RTO industry and really get a chance to know them for a few and talk one-on-one. Now also, I want to let you guys know that the season four is coming to an end with the release of RTO World 2024 Flash Interviews, because it's time for season five. The entirety of season five will be done in audio and video format, so make sure you find my YouTube channel, the RTO Show Podcast, and make sure you subscribe to us there as well, so you don't miss anything new. Now you can follow me on Facebook, instagram, linkedin, as well as find us on Spotify and Apple Podcasts, and remember that this podcast wouldn't be here literally without your support, so if you'd like to become a sponsor for the show, please head over to the website. You can find us at thertoshowpodcastcom. Click on a sponsor's page and listen. If you're on your phone, click on the three lines at the top of the home page. When you go to the sponsors page, show your support through the links. Your help is literally guys literally always appreciate and I thank you so much. And with that being said, I want you guys to know here is the flash podcast with chad fosick and gerard norman, just outside rto world 2024 in the main vendor hall. All right, we're back in, back in session two. We got two guys here. We got the man of the hour man. He's the. You heard a little bit of everything, right, a little bit, yeah. So Chad Fosdick, gerard Norman Listen, just so you guys understand. These guys know a ton about rent to own. And now we're scenario RTO world 2024.
Speaker 1:I was in your class earlier I think it was yesterday when we're talking about how you make Facebook work, how you make radio work, and you're not doing all the fancy things. Gerard does the fancy things okay. So it's almost like that dichotomy of how do you make it work with what I got and one of the things that kind of got to me when you were talking was this is how you do it Not sure if it does this or if it's sure if it does that. And then, of course, that's where you come in. You just kind of analyze all that data. How is it working out now? Because you got to 6,100 last time we talked it's working, but you said your Facebook Lives are not kicking on right. So what's going on with that?
Speaker 2:Well, I think we became inconsistent and so I think that the algorithm punishes that Right. So if we could, if we could, get consistency back, I think that we would probably, because I mean, we were doing some lives where it was every third Thursday of the month, we are going to auction this item off live on Facebook, right, and people could look forward to that stuff. And then, where we just stopped, I don't know why we shouldn't know no, and that's how it works, right.
Speaker 1:The consistency Now is it a daily consistency, like, let's say, thursday for Thursday for Thursday, or is it a consistency like at least every single week something's coming out on a regular basis?
Speaker 3:I'd say it's a little bit of both. Honestly. If you keep the consistency weekly, it helps out a lot. But that's kind of why I played the ads game, because organic is necessary. But when you run ads it kind of just keeps that consistency going. So when it comes to learning the algorithm, I know if you're consistent it works, but if you're not consistent, that's when it does punish you, like you said. But then ads can always jump in and kind of make up that difference Because even like with him having a 6100, he knows what his reach is like For him riding the algorithm.
Speaker 3:Really good, because they do a good job with their facebook. He reaches a lot. They do a great job. Excuse me, thank you, they do a great job. I'll be honest. I was telling you yesterday I was, we were on one of the premiere calls. We were on one of the premiere calls and I brought up his page on the premiere call and was like, hey, this is what chad's doing. You guys at least need to do this if you're consistent. But then one thing I think it was something I think you were talking about it yesterday with the restaurant. There was a restaurant came to town and some people were complaining and he kind of put his feelings on how it was out there and he had so much engagement on the post, because he's talking about social issues and how he feels and that's the whole point of being local. Do that with or do it organically, yes, but then my thing is I get fancy and put a dollar or two behind it. You can get in front of way more folks. So he's doing it.
Speaker 1:Now Chad, because this is something I have not done right. So when we say mix it up, we say, all right, show your delivery guy, show some product, talk about things. But you're talking about stuff that happens in town, not rental-owned related at all. This is hey, this is what's going on in Nebraska, in my side of town. Listen, man, that place is closed down. Or hey, man, this new place is opening up. Do you find that engagement brings you the same type of return as if you're just talking about hey, this sofa is $12.99 or $13.99 or whatever?
Speaker 2:it is, it's probably actually better engagement, really.
Speaker 2:Well, I mean, if we're and I kind of touched on it a little bit yesterday but I mean we all care about our communities, especially in delivering in the way we do through Rent to Own, so we already care and are concerned of the health and well-being of the community that we're in, and so then we probably have a little bit of responsibility to speak on some of those things when, because I mean, as, as we all know, the algorithm it's, it's so responsive to the negativity and because they're keeping you on the loop, they're keeping you on the on the platform, and a lot of time it's that negativity that keeps you.
Speaker 2:Well, we all know it's not all that bad out. So, if I can be the voice of some positivity when I'm, when I'm seeing things just getting blasted for no reason, or maybe that people are just in their feelings or something, I don't know. But so, yeah, I actually think it gets better because then, because then when it comes time for us to ask, hey, do you want to buy this couch? Or here's this TV we got, or whatever it is, they know that we're not just there doing that. You know what I mean. We're, we're doing more.
Speaker 1:I'm going to tell you guys a secret. Okay, I heard this the other day and I heard you want to have a sunnier day, turn your phone off for a day, all of a sudden, like there's nothing going on anymore. Right, I'm not worried about what's happening in this country or what's going on over here, or taxation over there, or this guy's going and having a bad day, and now it's all over TikTok. It's like you just have a better day. It's all over TikTok, it's like you just have a better day. And I think sometimes we forget that it doesn't always have to be that negative, because that negativity spreads but it doesn't really do anything. It's just that misery loves company. Yeah, you know what I mean. But when you say something like, hey, man, this place has really good food, you need to try this out, and then you get and it really helps. Yeah, but Thought of something.
Speaker 3:Oh, that's it. It's an idea on the show. First, what he was saying about the negativity, that's true, because if you could look at somebody's newsfeed, it tells you what kind of person they are, because they have what they attract in there. Right, more than likely guys like us. We're removing negative things from our newsfeed, but most people aren't. But they don't always remove the positive thing.
Speaker 3:So in his town, if he's that positive light or if he's someone who's bringing change to the conversation, then he stands out Right, not to mention like I agree with you it probably does better when he's not doing that, because all you're doing is selling. They become blind to that. But if they actually get to deal with the people behind it, right, because even if on that post I was talking about I didn't like what he said, I could not shop at the store. But the people who did like what he said, they're more bought in and they're like that's my guy, that's who I want to deal with If that's how and I know I'm not just risk and I reply to all the comments- no matter if they're good or bad, because they we have to be able to have a conversation and kind of to your point, some people are going to read my, my response, which I try to have tact and be professional.
Speaker 2:still right, I'm not getting digging in the mud with them, but some people might not like my response to them and they may never actually come into the store because of that, which is not what I'm trying to do, but that probably is going to save us all some pain in the future. It's polarizing.
Speaker 3:Polarizing to an extent because you attract your tribe, so the people that are with you. They become so loyal that they tell other people and it's genius how you're doing it.
Speaker 2:Thank you.
Speaker 3:I feel like more people?
Speaker 1:No, but it's true. We was just talking to yesterday when we had the live podcast, right, joe Luxit was sitting there and he was talking about the differences between now and Gen Z. And when I say now, our particular generations versus Gen Z, and they're not necessarily loyal to the brand, they're loyal to the cause, right? So you might have one or two fall off because you know what, that's not their kid. But if you're true to who you are, the company's, true to the brand that they are, then you're going to find off right off the bat that the people who are attracted to that are going to be more now loyal to that situation. Because you know what. I'm not going to go here because this guy doesn't do what I like, but I know they do. You know what I mean, and it might not be everybody, but it could be a good chunk of somebody and it'll keep on returning because you've been honest about it up front and said hey, man, this is just the way we are. I don't like that, right, I don't like that. We got taxed pretty crazy, I don't like that, or whatever this is. I don't like that, let me tell you. Or you do situation relate differently to the radio situation Because you brought in both. And now I know social media is, you know it's algorithm based, right, you're the doings, like you said.
Speaker 1:Sometimes you get punished for not doing it all the time. You do it all the time, or I'm trying to change the content, or whatever. I say something, you don't say something, somebody's stitching it. Radio is a one way world, right, and you're on the road. You either hear it or you don't. You can't back it up, you can't replay it, and so it gives you a whole different ballgame. And what's crazy is, back in the day when I did this with Danny, he'd be like, hey, man, we were talking about radio. And he's like, yeah, I don't ever listen to radio. Everything I listen to is like MP3. I dial and I stream and I'm on the radio. I probably heard it. He's like, nah, I don't listen to radio all the time. So you get that that change. Do you realize that radio, the radio customer, that you get that clientele, is it different in some way than your social media clientele? And is that why you do both?
Speaker 2:You know, I almost think that it's, and it's not lost on me. Um, I try not to let it be lost on me, but, um, I don't want to say I think a radio ad similar to a tv ad is like the social proof, like if, if this, if this individual is on this radio commercial, they must be legitimate. Right, these are not fly by night, they must be the real thing and like it's probably an older generation that if I see something on tv like an, it's like that's social proof, like, okay, this is legitimate.
Speaker 1:You know we're just getting knowledge right now. You know what that's so absolute truth, because I've gotten to the point now when I watch something on YouTube as a real, if I see something on TikTok, if I see something on Instagram, always in the back of my mind, that's not real. That's somebody out there with a camera just kind of funking it up. You always see those things. This is Instagram, this is life, right, you look at it and you're like one person by the waterfall, and now there's like 75 people by the waterfall. But that's true, though, because when I hear it on the radio, I don't question that. To me that's knowledge. Like you said, when I see it on TV, not on YouTube. When I see it on TV, I'm like that's knowledge, because they have to answer to somebody for that. It can't be fake, it can't be unreal. You can't say, hey, I've got this deal for this, and then somebody walks in as not no, because they're going to call the radio and go this guy's lying Right, that's true. Yeah, that's that's absolute truth.
Speaker 3:It's the barrier to entry, basically what you're saying. So it levels the playing field. Yes, like you said, radio and TV give you a higher level of credibility because people know Well and not only that.
Speaker 1:Listen, and I could tell you right off the bat I know that on social media you can buy a good camera which you're making payments on, right. You didn't buy a $1,500 iPhone. You got a camera that you're making good, some payments on. You got a good, maybe a good microphone and you can make some content, yeah. But when you get on the radio, that's not a cheap entryway, no, and I'm not going to ask you how much you pay, but I know it's not cheap, I know you just don't go on the radio and be like, yeah, I want a 15 second ad for nothing. You know what I mean.
Speaker 1:It's like, hey, no, you've got to buy time, you've got to schedule. You want to say you can hold them accountable. It's not like, oh, I posted it today, I don't want to post it tomorrow, whatever. So what do you think? Given apples to apples and oranges to oranges, you had to give up one, you got to give up social media or you got to give up radio. Are you going to put something into one or the other? Where do you go?
Speaker 2:Oh, I'd give up radio, I would go.
Speaker 1:Really, I actually thought it was the other way. Really I thought it would be the other way.
Speaker 2:Well, cause it's different. Maybe, maybe, if this was earlier on in our stores opening, right, people know we're legit right now that we've been there 10 and a half years, um, because it's much longer form content. We can go deeper on the topic if we stick with Facebook. So and I'm not we've done a little bit of like Spotify and, um, you know, youtube music or I just don't. I'm not really sold on it. I feel like, um, the generation, the people that is targeting on those.
Speaker 3:they're probably paying for the premium to not have the ads delivered to them. My son's like that. I like that. It's cause I'm Mark. Yes, he doesn't want no ads. He's mad when I got my YouTube interviews.
Speaker 1:Well, you know, what I've noticed too is on the streaming platforms, when it comes to music, it becomes background noise. I don't know too many people that actually put it on to listen to it. Like the radio, they kind of put it on because it's there, it's non-interruption, it doesn't get static when it rains or whatever, and when the commercial comes on you kind of just zone it out. Right, it's just there. But I think when you're listening to the radio you are intently listening to it. So I do think it's a different platform.
Speaker 1:But it's funny that you say that and I was going to be curious, like, is it like peanut butter and jelly that they're not the same but they go together? Or is there like a dichotomy? Like you know what my social media guy is, like fighting with my radio guy and I'm trying to figure out who's who's best Right, have you ever really decided to do something like a, like an ad campaign, that says, okay, my ad campaign is going to say on the radio I want you to give me this, right, I don't know, premiere is better in Nebraska. And then go online and go, hey, give me this coupon code of Chad's the man right, and then see what what plays out? Have you ever tried?
Speaker 2:that that's a really good idea. We've done versions of that where, okay, we have one source of information that this piece, that this piece of information can be put out on, which would be, let's say, the radio ad, and the radio ad might say, hey, be on the lookout for our videos that we're releasing on our Facebook page over these next seven days to get qualified to blah, blah, right, and. But we've never done it. In the inverse, where we're saying on Facebook, make sure, when you hear my ad, give me that coupon code at the 22 second mark or whatever. That's a good idea.
Speaker 1:Well, I'm going to say this. I'm going to say this cause I know we are RTO related, but you have two other businesses. You have the glass doctor. What was the other one? Mr Appliance, Mr Appliance, Okay, so what? I you know, and I'm thinking I'm always to use that for premiere Right. It just kind of like we're just going to make it all out, yeah. But I love the ideas because the truth is there's a lot of, there's a lot of us out there and we don't use radio Like I think we should, and I really don't. It's not that I them. I really believe that there's more out there than just the errands and the renaissance. I'm not saying that that's a bad problem. They're good, but they can also divert that cost over a lot. But my question is, as you bring them in, what's the closing rate on your social media run-ins and your radio run-ins? I mean, is it a lot higher than somebody calling on the phone?
Speaker 2:Absolutely. I mean because, especially from Facebook, cause if we've done something that they engaged with and they did that, they already made their decision. They they got. They didn't accidentally make it to the store if they engaged first or if they heard the radio ad first and then they got in their vehicle and drove. Cause our store was actually in a really terrible like location. It's like so hard to get into into it's. It's surrounded by a bunch of one way, so if you take the wrong turn, you're going five blocks or around. It's all right. It actually almost didn't get approved by premiere when I, when I first opened it's like look, chad, we can't get there, we just, we're done, we're done yeah and um, so it's very intentional.
Speaker 2:So, yes, if someone, if someone's like hey, I saw this on, do you still have this? Show me their phone. I mean, we get that sale all the time unless there's something just completely different with it than what was in the picture or the video.
Speaker 3:Yeah, I want to say something about that. I think part of the reason it works so well on Facebook goes back to what we talked about at the beginning is because how you are on your Facebook page right, because people are getting to know you and your team. They're looking forward to meeting you. They want the thing. They already built the trust and then they want to meet you. On top of that, it's like a little subconscious thing in the back because there's guys that run ads and they're running carousels and they'll get in contact with those people, but the contact rate is lower. Plus, they're not following up fast enough versus if they did more videos or if they were more active on their page. Like him, then it's I'm going to meet Chad or I'm going to meet his team and on top of I need the thing Because people do business with people they like. Whether we're doing B2B or B2C, it's all P2P, it's people to people. I think.
Speaker 1:Chad's a likable guy, right I think he's all right, it's a moment.
Speaker 1:The good thing about what what you're saying is and the takeaways are it doesn't matter what you do, you have to be invested in it, and I think that's the biggest thing. Right, if you're going to do social media, stay constant, stay relevant and make sure that there's a way that you can make sure that I got you from social media whether it's a picture that you brought back to me, a special pricing, a coupon code, whether it's radio, and you're saying, hey, like well, how did you hear about me? Was it radio? Was it social media? Was it just my pretty face? I'm walking around as you're driving three blocks around my store trying to figure it out, right, so you really want to like know that, no matter what it is, it's a consistent cause. You said you, you ran ads and it didn't really work, and then you started doing them on a consistent way and that really changed the mindset. I mean, that's really what what changed it?
Speaker 2:Yeah, yeah, it was the frequency that you know and you get, and I understand the uncomfortable uncomfortability of getting on video like just selfie video or whatever, but my point to people when they tell me, well, I'm not good on video is like well, you're pretty good right now in person with me. That's all, that's all it is and that's all I'm trying to do. When I got that phone up, I'm just pretending Pete is sitting right across from me, I'm having a real conversation, and that's the only way, though that people and so I know that again, some are like I'm just so uncomfortable doing these videos, but you're going to be in their presence eventually. You could just do it, Did you? You're just using a tool to do it digitally beforehand, and it's just so powerful.
Speaker 3:And to his point, what I tell people is very similar. I'm like like right now, pete, you left the house, didn't you? Yep, you don't live here, right, that's right, you're on video, my man, as soon as you left your house. It's just whether someone's recording or not, how many rings did you pass on the way here?
Speaker 1:How many CCTVs did you pass Exactly? So it's like when I pull out my phone and you pull out your phone, don't change who you are. You're already out the house Like oh my gosh, I got to do my no, you're already here. Have you seen that?
Speaker 3:And this is like a complete side note but like all of a sudden, you turn on the camera and they change. Like who they are is a different and it's like no, no, no, I want to capture who you are. No, no, I can't. I'd go interview restaurants and they were like I'm not getting on video. They messed around and did a live video, didn't even know it, Because I basically asked them questions they know the answers to. So sometimes doing it by yourself is hard because you have to get started. But having someone like you, or having someone like you that can help them in that moment and just ask them questions, they start settling down and then they forget. And worst thing is they didn't look directly at the camera, but it's really just talking about what you already know. You don't need a script for that.
Speaker 1:Well, I could tell you right now it's. It takes practice. You know, the first time I did it, just like, I'm sure, the first time that you guys started what you did right. It's just one of those things like, okay, I didn't get it right, but, like we've been saying, the consistency, in whatever direction we take, has to be there. You just consistently get better, yeah, you know, no matter how it is.
Speaker 3:I was a critic, though, because, in all honesty, most of the time people shoot videos and send it to me I'm like it's good. They're like, oh my gosh, yeah, it's good, like it'll get better.
Speaker 1:I was like it's guys saw my last video. That was terrible. Everybody seemed to like it. So the one I was running, did you see it? No, the one that was in the bounce house. I didn't see that one. Oh, you didn't see that. Oh, I'm going to show it to you guys. Okay, well, listen, I'm glad I have you guys here.
Speaker 3:I'm glad that you All right. What do we got? I've done it, but I think he's the guy. Okay, you were talking about the restaurant. So I have a page that, like, I was working with restaurants at one point and decided I didn't want to work with restaurant owners but I would go out to eat, interview them and eat the food where I would do both Right, and the whole thing is everybody likes to eat. The question in everybody's house and usually it's not the guys asking this, sorry, ladies is what are we eating tonight? You know I don't eat cereal anymore, but my question is I'll just eat some cereal, peanut butter and jelly, yes, so the whole thing is everybody's looking for something to eat.
Speaker 3:So, especially a guy like you, if you go out maybe once a week or once every other week and interview a restaurant owner and if you can't get to that, just test the food. And because you are who you are, I'm like Guy Fieri. If I really don't like something, if you see me enough, you'll know. But I'm not trying to trash the business. But what happens is that restaurant will tag you. The people that go there will follow you. Then they get to see who you are. Then your people go there. Yeah, on top of that, that's a great idea.
Speaker 3:What I used to do is I used give me a $25 gift card or 50? They were like, yeah and my page, I would share it. But honestly, five $10 on Facebook I know I get a thousand, show up, get the gift card. Give the gift card away on live and have raised Such a great idea yeah. Right.
Speaker 2:I'm going to make it happen.
Speaker 1:Premier is going to have like a whole different channel after this is done. They're going to be like we're 85% rent to own, but there's some other stuff on here you want to see, right. But I think that's what it's about. It's about how we change to meet the demands of our current situation and still hold true to what we want to do, and we've got to be different than we were yesterday. There's just no other way to make that happen. So, thank you for being on Chad Fosdick premier, all the way from Nebraska. We're going to be in your neck of the woods next year. That's right, looking forward to it. Wait for that. You're going to have to drive, you're going to have to fly. What happens in Nebraska? Oh, it's next year. Arturo World 25 in Nebraska, omaha, nebraska Okay, I'm going to see you out there, yeah, and then Gerard Norman and Gerard Norman, and that's the end of that quick flash podcast. Thank you so much for listening and, as always, get your collections low to get your sales high. Have a good one.
