2 Self-Storage Data-Driven Insights We Shared at SSA Spring 2019
On Thursday, March 14th Linkmedia 360 and StorageMart presented in front of a packed audience during their Concurrent Educational Session, ‘Leveraging Data Science to Create a Marketing & Opps Scorecard that Drives Occupancy.’
For those self storage marketing teams unable to attend, we’ve compiled some of the top insights to apply in your organization or REIT’s strategy. In this post, self storage marketing teams and owners will learn:
- A definition of the MOVE framework unveiled at Self Storage Association Spring Conference 2019
- Two insights from Linkmedia 360 and StorageMart’s presentation
- How your self storage marketing team can learn to leverage data science to drive occupancy
How can Your Facility MOVE Above Competitors and Increase Occupancy?
At SSA Spring 2019, Linkmedia 360 introduced attendees to the MOVE framework we deploy to help client partners reach their goals.
- Developing a data-driven marketing analytics mindset
- Leverage your operational data to inform marketing activity and budget decisions
- Enhancing facility visibility in paid ad placement, Google and Apple maps, and organic search engine results pages (SERPs)
- The modern mobile experience (responsivity, speed, accurate information)
- Why it is important to own your digital assets and analytics data
During the hourlong Educational Session, our team covered a lot of ground. Check out some of the insights highlighted below:
Insight #1: Automation Isn’t a Solution Itself
What do we mean?
Data integration is essential to connect self storage marketing data with operational data. While data integration enables efficiencies and scalable processes through automation, the automation itself isn’t a solution. Automation doesn’t replace humans or the human element of using critical and strategic thinking to identify underlying problems. Left alone, automation will only magnify existing problems that could be created by using inaccurate or inconsistent data points.
To successfully implement automation to solve your self storage organization’s business problems, rally your teams together and use human oversight to avoid the unintended consequences automation can create if left unchecked.
Insight #2: Clearly Define Which KPIs Your Storage Organization Wants to Impact Before Using a Data Science Model
When your organization has its people, process, and technology working in tandem, it will be able to impact the key performance indicators (KPIs) needed to influence a desired outcome. Often, the desired outcome is to remain competitive in highly saturated markets, produce a favorable ROI and maximize profitability potential. Some KPIs your organization may want to consider on a granular level for individual locations include:
- Occupancy – Is calculated at the unit-level and refers to the proportion of occupied units versus total units. Physical occupancy is often cited as one of the most important industry metrics and ideally hovers around 90%.
- Length of stay – The estimate of how long a new customer will maintain a lease at a storage facility by analyzing historical records detailing customer move-ins and move-outs.
- Cost Per Acquisition (CPA) – The dollar values that reflect the costs associated with generating a single move-in.
Self storage marketing teams will need to closely collaborate with owners and operators to identify the KPIs that it wants to apply a data science initiative to. After that legwork is implemented, your organization will be able to create a scorecard to impact individual locations on a hyperlocal level.
Get a MOVE on and Contact Our Team to Leverage Data Science in Your Organization
For specific notes from our presentation at SSA Spring Conference 2019 or our MOVE method, contact our team. We’ll listen to your team and will carefully construct a customized strategy to help you surpass your goals.