A more common thing people are current seeing is that one of the highest growth genres of lending is ‘buy now pay later’ finance available on the high street such as BrightHouse Electricals. People utilizing all of low or no interest deals are shopping prudently and making their cash go further by spreading the cost of procely essentials such as sofas and white products over a period of time. With the downturn in peoples spending, it seems that every store is getting in on the act and offering fantastic finance deals.
But what if you not every store offered such bargains? If your credit rating (or lack of), the fact you were on government handouts or your age stopped you from applying for the best deals available?
You may turn to a dedicated rent-to-own retailer, a company that rents all sorts of products from microwaves to plasma tvs with pay weekly, monthly or upfront options. A company such as BrightHouse. With more than 170 retailers so far, it’s the biggest such chain in the country.
The issue is, it’s not a wholly cheap alternative although it is a good bargain, this chain offers a very reasonable rate, but it doesn’t include extras like the optional service cover which most customers take out. In the end, you may up paying a bit more than the standard cost for the product.
With buy now pay later increasing in popularity now the credit crunch has taken hold, BrightHouse saw the opportunity and, during the summer, ran an eight-week intensive advertising campaign including TV adverts and direct marketing and employed- for the first time- TNT’s Home-in Targeting postcode modelling tool for precise targeting. It worked, with the store thriving and planning on adding 20 stores during 2009.
BrightHouse head of marketing Alan Beesley claims ‘Brand awareness of BrightHouse has grown rapidly thanks largely to our TV activity, which comprises of advertising and sponsorship of the Trisha Goddard Show. As we continue to open in new locations across the UK our highly targeted spring marketing campaign will support our growth by promoting the brand as a customer-friendly weekly payment store.’
Tangentially to this increase in awareness however, has materialized an inevitable increase in unhappy shoppers. The company recently made the papers when it was investigated by BBC radio 1’s Newsbeat programme.
