3 Insights from ISS Las Vegas 2019 to MOVE the Storage Industry Forward
In the beginning of April, more than 4,000 leaders in self storage gathered in Las Vegas to do more than roll the dice and test their luck on slot machines. Attendees packed the Expo Hall at the Mirage to learn, share, invest and acquire insights to move their company and/or REIT forward.
Does your self storage marketing team feel it’s perfected its digital marketing strategy to increase occupancy and profits?
If not, continue reading to learn valuable insights. You’ll learn:
- Three insights with tips to help self storage marketing teams and operators maximize 2019’s opportunities
Insight #1: Data Insights can be Used as a Tool to Better Your Business
The burgeoning field of data science is being leveraged by owner/operators to improve occupancy levels and profitability. This is happening with single site self storage locations up to the REITs. Though that’s true, data science can’t be implemented if teams are unaware of what it is.
Data science involves the extraction of large sets of data to predict outcomes and produce insights which provide solutions and business intelligence.
So, how exactly is data science being used in 2019? Listen to Kurt Krejny, Chief Operating Officer, explain in the clip below.
The scorecard model Kurt described was made possible through a methodical process backed by data science. The scorecard model not only provides self storage organizations insights at scale; it’s also repeatable.
The scorecard identifies locations that have lower occupancy levels right when they start to dip. This enables self storage marketing teams the ability to work smarter, harder, and respond proactively.
Data science is also being utilized to integrate inventory management systems to provide actionable insights with large datasets. Before integrating a data science model, these datasets likely wouldn’t be leveraged to boost profits or occupancy.
Insight #2: Marketing in Your off Season is Still Important – but First – Act on Today’s Opportunities
Traditionally, the busy season in storage is during spring and summer. Self storage marketing teams must prioritize accordingly to not miss out on the rush. Though marketing during the off season is vital and that insight carried over from Inside Self Storage World Expo 2018, to maximize sales and renters, self storage marketing teams can implement these tactics:
1.) Claim, Verify and Build out Your Google My Business (GMB) Listing: Over 75% of renters live or work within two miles of the facility they decide to rent from. When these searches are conducted, the information on a facility’s GMB profile is crucial. The following fields need to be complete and accurate:
- Your Business Address
- Phone Number
- Correct Business Name
- Hours of Operation
- Photo Galleries
2.) Local Listings Management (LLM): There are over 300 directories online that impact a facility’s local visibility. If a business name, phone number and address aren’t accurate and consistent across these directories, search engines like Google aren’t likely to show business information to users.
If prospective customers happen to see an inaccurate business listing, they will be unlikely to become a renter. In this case, syndication is required. A facility can check its local listing accuracy score at Moz Local. If your listing is below 80%, there’s opportunity to earn local customers crucial to your occupancy goals.
Insight #3: Digital Marketing is a Year-Round Strategy
Facilities that scramble for leads are often only investing in digital marketing when occupancy levels plummet.
Digital Marketing is a year-round strategy, not just during the off season when customers aren’t calling, walking in, or inquiring online. Advertising should be continued during the entire fiscal year to reduce wild shifts and swings in occupancy. Digital marketing stabilizes occupancy levels and is an investment that consistently provides a return on investment (ROI).
Need More Self Storage Marketing Insights? Contact Our Team
Unfortunately, the insights shared only scratch the surface of what was learned at Inside Self Storage World Expo 2019. To learn every insight, contact us. We’ll walk your facility or REIT through the ways our team has helped facilities and REITs surpass occupancy levels.