So you’ve decided to expand your self-storage business and profit by getting into records management? Good decision, especially since some operators may be experiencing a little less business activity, resulting from the housing slowdown and markets oversaturated with self-storage facilities.
Now that you’ve expanded into the records business, maybe this is a good time to focus on growing it. Perhaps the most attractive aspect of records management is it generates recurring revenue that is largely immune to economic downturns and can bring a significant level of stability and diversity to an operation. In fact, as long as your records-management contract is structured correctly and each account is provided with great service, it’s unlikely your customers will ever decide to move to another vendor.
So how do you plant the seeds that will grow your records business? There are several ways, all of which require healthy customer relationships. You need to:
- Maximize the profitability of existing customers.
- Acquire new customers.
- Quantify your value.
- Ask your customers/prospects what they value.
- Educate your customers/prospects on the benefits of using your services.
- Talk about your use of technology.
Achieving the lifetime revenue potential of each customer relationship should be the fundamental goal of the records-management side of your business. Working toward the combination of the six steps outlined above is your best bet.
Maximize Existing Customers
Talk to your self-storage tenant base about your records-management services. You may be surprised at their responses, especially if you already maintain a healthy relationship with them and they are happy with your existing offering. The goal is to move them from basic storage-space fees to lifetime service costs associated with commercial records management.
Stress the importance and advantages of records management as a specialized service that allows tenants to locate and retrieve records faster. Because society now demands higher standards for the accuracy and availability of content, effective management of records provides greater peace of mind during these highly litigious times. It also allows customers to seize new business opportunities and prevent disasters before they happen.