Use the 80-20 principle to look for the inequality ratios in your self-storage business. A reverse database analysis for your customers will find the desirable 20 percent characteristics about their business.
Export your tenant database file into a common format like Excel. Use Google Earth or similar mapping software to map where each tenant is located. Although self-storage customers can come from all over, a small portion of your total tenant draw produces 80 percent or more of your current tenants. For example, you might find you’re attracting tenants from 15 miles away. But the analysis shows 80 percent are coming from within a three-mile radius of your facility.
Have a demographic analysis performed on your database file. This will reveal income, age, home ownership status and other criteria to further define your target market. This information allows you to eliminate marketing to those who don’t fall into your 20 percent group.
20 Percent Marketing Strategies
Many facilities could cut their budget by a whopping 75 percent and only notice a small decrease in response. While the really detailed, guerilla marketing-style programs vary from market to market, three evergreen marketing strategies—Internet, database and integration marketing—always seem to fit into the good 20 percent category.
Through e-mail, online forums, chat, etc., we have quickly become reliant on the Internet as an everyday communication device. With increased online security, people trust the medium to make financial transactions. Now, local search has proven that storage operators can really benefit from Internet marketing.
These three principles lead to successful Internet marketing: