Marketing is crucial for any self-storage business, especially during times of economic uncertainty such as this one. Learn how to articulate your marketing goals and create a data-driven budget that enables smart decisions and maximizes ROI.
July 7, 2020
The self-storage drumbeat over the last five years has been all about new supply. For existing operations and new facilities in lease-up, the fight to gain occupancy has meant spending marketing dollars to reach prospects and get ahead of the competition. Many new sites have been working hard just to get to a breakeven point.
Now, the world has suddenly changed due to the coronavirus pandemic. Nationwide, unemployment has soared and continues to grow. Our industry will likely see an increase in tenant delinquency as a result. Though we may not get hit as hard as the retail and housing markets, we’ll no doubt feel the ripple effects of this global crisis.
Monitoring return on investment (ROI) for every dollar spent will make the difference between storage facilities that survive and those that don’t. Marketing efforts are more crucial during times like these because what you promote today will translate into revenue tomorrow. Self-storage operators need to be aware of all budgets and expenses, particularly those related to advertising.