Marketing: The Secret to Increasing Self-Storage NOI and Asset Value

Written by Chuck Vion on January 31, 2018 under Industry Webinars & Online Marketing & Marketing & SEO

Marketing: The Secret to Increasing Self-Storage NOI and Asset Value

Article Contributions by: Peggy Lovejoy - Solutions Engineer at G5

Across the board, marketing continues to be an underutilized driver of revenue and asset value. This particularly rings true in the self-storage industry where owners and investors have always been successful by just being present. But with today’s digitally-minded consumers, if you don’t focus on your digital marketing presence, your self-storage property may not get found—leaving units vacant.

Sales and unit prices are clear operational levers that you currently use to increase your Net Operating Income (NOI) and ultimately, your assets’ overall value. But marketing, when implemented strategically, is a vital operational advantage. Creating real change and revenue growth with these three levers is not easy. Many times teams don’t have time to sort through data and end up simply making educated guesses on unit price points and ad spend. It is possible to align the impact of these three levers resulting in smarter sales teams, optimized spending and deep market understanding.

Why Marketing Matters

Technology has disrupted how we make purchases causing businesses to adapt to stay alive. Now, consumers expect every online experience they have to be quick and painless, which means that your website has to do the same. Today’s renter wants to arrive on your website, find accurate pricing and unit availability, and be able to complete their rental agreement, all in just a few minutes. Our attention spans are now shorter than a goldfish’s, giving you only 8 seconds to catch their attention before they leave your website and go to a competitor.

How to Spend Better

Marketing expense can easily feel like wasted dollars. It is often difficult to understand where to put your money to get the best results. It is because of this unpredictability that marketing is rarely considered as an operational lever when revenue growth is most needed. Decisions can be made with a concerted approach to measurement and analysis across data points. But, with the development of marketing technology that can harness the massive quantities of data being produced from online leasing, you can turn your marketing spend into a predictable revenue machine.

This data, when powered by machine learning, can amplify your impact and reduce unnecessary spending. One example is to use the data to choose which digital advertising tactics will be most successful and, in real-time, adapt your campaigns to drive the demand where you need it most. By understanding what channels create the best traffic and leads, you can easily cut the channels that aren’t working and invest most heavily in the ones that are.

So what can you do today? AI and machine learning may feel like science fiction, but it is actually much closer than you think. This webinar will teach you a way to reduce unnecessary marketing spend and gain the predictability you need to increase NOI and ultimately, your assets’ value.

Article Contributions by: Peggy Lovejoy - Solutions Engineer at G5

Want To Learn More?

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Watch the on-demand webinar Marketing: The Secret to Increasing Self-Storage Income and Asset Value now. Increase your self storage asset value and net operating income (NOI) by increasing your digital marketing conversions, leads and revenue.

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