Brighthouse Address the Credit Crunch
A more common thing people are current seeing is that one of the highest growth areas of lending is ‘buy now pay later’ finance available in lots of the big stores such as BrightHouse Electricals. People taking advantage of low or no interest bargains are shopping prudently and making their finances go further by distributing the cost of high-value essentials such as sofas and consumer products over a period of time. With the reduction in peoples spending, it seems that every store is getting in on the act and offering tempting finance deals.
But what if you didn’t have the choice of finance deals? If your credit history (or lack of), the fact you were on benefits or your age prevented you from applying for these great bargains?
You may turn to a specialist rent-to-own retailer, a company that rents all kinds 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 problem is, it’s not a wholly cheap option although it is a good deal, this shop offers a very reasonable rate, however it doesn’t include other things like the optional service cover which most customers take out. In the end, you may up paying a bit more than the cash price for the item.
With buy now pay later increasing in popularity now the credit crunch has taken hold, BrightHouse saw the opportunity and, during the spring, ran a nine week intensive advertising campaign including TV commercials and direct marketing and employed- for the first time- TNT’s Home-in Targeting postcode modelling tool for precise targeting. It worked, with the chain thriving and planning on adding multiple stores during 2009.
BrightHouse head of advertising 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.’
With such an increase in awareness however, has come an inevitable increase in disgruntled shoppers. The company recently made the headlines when it was investigated by BBC radio 1’s Newsbeat programme.
