Do you know your “bounce rate,” which is the number of users who are immediately bounced back from the link on which they’ve clicked? This means the user isn’t using that page, advertising or product. If people are bouncing back from your CPC advertising, you’ve wasted your money. Google Analytics reporting will allow you to see the bounce rate of your CPC campaigns. Following these metrics closely ensures you’re spending your advertising budget wisely, creating the advertising that yields lower bounce rates and results in a higher number of quality leads.
Many operators are still spending a fortune on YellowPages.com. The easiest way to see if you’re breaking even is to get monthly reports via the tracking numbers provided. We’ve found that the total number of unique phone calls received per month that are over one minute long (conversations shorter than a minute aren’t considered quality leads) are not even close to justifying the costs. Curious to see what your research will show?
8. Ancillary Services
Additional services and products offered at storage facilities provide convenience for customers and can bring in additional revenue. Yet some larger operators do not offer onsite truck rentals, for example. Their argument is the time and effort spent on renting trucks take away from a facility’s storage rentals and profitability.
If your manager is attending to a truck-rental-only customer instead of answering a storage customer’s call, you could be leaving cash on the table. The money made from that truck rental will not make up for failing to rent a10-by-10 unit for three months. What other ancillary services are you providing at your site that might take away from your storage rentals?
9. Credit Card Processing
There are many new credit card processing companies available to the self-storage industry. Some have much lower transaction costs than others. Attending an industry tradeshow is a good way to compare each to select the most cost-effective solution for your property.
As small as they may look, other miscellaneous expenses such as merchant-association memberships or local advertising channels may add up to a big sum. Consider evaluating their benefits prior to committing.
These are some of the key areas on which my company focused in the past year to trim our facilities' fat. The accumulated should have a considerable impact on the bottom line of your self-storage facility, too, while increasing your cash flow and profitability.
Aycha Williams is a marketing and training strategist for AC Commercial Property Management, and has more than 15 years of commercial real estate, high-tech and consumer-products marketing experience. Founded in Orlando, Fla., AC Commercial manages more than 1.2 square feet of self-storage and other commercial holdings in Florida and Texas. For more information, calll 407.647.9800, ext. 111; e-mail firstname.lastname@example.org; visit www.accommercial.net.