2 Benefits and 1 Outcome from Connecting Machine Learning to Your Self Storage CRM
As our team learned at Inside Self Storage 2019, data integrations like connecting CRM data to machine learning models aren’t years away from implementation. They’re currently being used to help organizations work harder and smarter.
That said, before your self storage marketing team can recommend an investment in data integration, it will first have to understand the benefits. To help take your data out of a silo, we’re breaking down benefits and an organizational outcome from data integration. Continue reading to learn:
- Two benefits storage facilities’ gain by connecting CRM data with machine learning
- One outcome self storage organizations can expect after CRM data is successfully merged with a machine learning initiative
Benefit #1: Leveraging Existing Customer Data
If your self storage marketing team has currently invested in a CRM (customer relationship management) it’s already utilizing the ability to keep accurate records of storage customers and track sales opportunities. When machine learning is integrated into a CRM, this existing customer data can be used to predict and anticipate the needs of future customers.
This will occur at the prospect stage, where prospective renters are gathering information and considering storage options. Before a machine learning initiative was integrated, self storage CRMs would be used for functional purposes including (but not limited to):
- Payment prompts
- Lead management and monitoring
- Automated reminders for management
- Facilitating email sales cadences
With machine learning implemented, these tasks can be scaled to provide actionable analytics to be acted on in real-time. Existing customers provide a roadmap for the customer of tomorrow, and machine learning integrations allow for better utilization of this data to act on today’s sales opportunities.
Benefit #2: Adaptive Sales Processes (by Media Channel)
The more proactive self storage marketing and sales teams can be to the needs of their prospective customers, the more effective they will be at surpassing occupancy goals. Also, a strategic allocation of advertising dollars by media channel assists these efforts.
When machine learning is integrated with a CRM, self storage marketing teams will have insight into the costs associated with earning a renter based on the channel driving inquiries. This enables marketing teams the flexibility to reallocate marketing dollars to the channel that’s driving the greatest ROI. From a reporting perspective, this allows teams the ability to make immediate impact, rather than assessing data for insights weeks or months after the fact.
The Outcome of Integrating a CRM with Machine Learning? Smarter Revenue Management
Ultimately, by integrating datasets from your CRM to a machine learning initiative, not only will your marketing team benefit; so too will your entire organization. The outcome of this data integration takes the form of cost savings for operations, marketing departments and more.
Meaning, if integrated properly, your storage organization will be able to reinvest its cost savings in any number of ways to scale your business. This could be reinvesting in more locations to expand or investing revenue back into the infrastructure of your existing facility’s.
Contact Our Team to Learn Additional Benefits of Integrating Datasets
Integrating datasets; whether from a CRM with a machine learning model or another potential solution sounds easier in theory than in practice. Without the proper expertise and execution, problems and unintended consequences could arise.
If your self storage organization feels that it wants to integrate data but isn’t confident with the ability to execute on this initiative, contact our team. We’ll lend our expertise and will guide your organization through potential pitfalls into successful implementation.