One of the most commonly observed things recently is that one of the most popular genres of lending is ‘buy now pay later’ finance available on the high street such as BrightHouse. People making use of low or no interest bargains are spending their money prudently and making their hard earned money go further by paying for the cost of expensive essentials such as couches and consumer products over a period of time. With the downturn in peoples spending, it seems that every retailer 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 the best deals available?
You could turn to a dedicated rent-to-own company, a company that rents all kinds of products from games consoles to digital radios with pay weekly, monthly or upfront options. A company such as BrightHouse. With over 150 shops so far, it’s the biggest such chain in the country.
The problem is, it’s not a wholly cheap alternative although it is a good deal, this shop offers a very reasonable rate, however 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 cash price for the item.
With buy now pay later being a popular choice in the current economic climate, BrightHouse saw the opportunity and, during the summer, ran a nine week full on marketing 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 retail outlet thriving and planning on adding 20 stores during 2009.
BrightHouse head of advertising said ‘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.’
Hand in hand with the increase in awareness however, has materialized an inevitable rise in disgruntled customers. The company recently hit the papers when it was investigated by BBC radio 1’s Newsbeat programme.