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In this session, Bob Vamvas and Tommy Pug break down how to stay ahead of competition and the keys to differentiate yourself from the facility down the road. Panelists also discuss value-based pricing, important metrics to track sales, and how to keep your managers motivated.
Moderators: Melissa Huff
Featured Speakers: Bob Vamvas and Tommy Pug
Category: Self Storage
Focus: Owners and Managers
Aired: July 24, 2020
Gabfocus Sessions are virtual workshops for self storage owners, managers, and operators. Brought to you by the team behind Gabfest: StoragePug and MR Management.
Each session features hand-picked industry pros who will dive deep into relevant topics surrounding our industry, share best practices, and explore trends in the market. It's our hope that these sessions help you navigate your self storage business better during these uncertain times.
Want more tools for your managers? Join us on Gabfocus weekly on Thursdays.
These are just a few of the questions answered during this session! Get your pen and paper ready!
Our panelists will be happy to answer any questions you have. We hope you enjoyed this Gabfest Session. Talk soon!
“The biggest challenge we have in this industry is trying to keep up with the other person. The challenge with that is you are basing your value proposition on what you see down the road, instead of your own values.” - Bob Vamvas
“Jump on digital marketing and hit it hard. Really consider a direct mail campaign, targeted and focused.” -Bob Vamvas
“Just be the best. Can you just be the best at what you can do? No one is asking you to take on a REIT, but you can be the best version of yourself.” - Bob Vamvas
“You’ve gotta follow what your customers want and are doing, not what the REITs are doing.” - Tommy Pug
"We didn’t stop and think: ‘Well what are the REITs doing’. The way to think is: ‘How do we enhance the customer experience.'" - Bob Vamvas
“The more reviews you get and the more positive reviews you get, the greater the likelihood people will rent with you.” - Bob Vamvas
"People will go to Chick-fil-A for the service, they’ll go to McDonald's for the product." - Bob Vamvas
“Public Storage spent 58% more on their marketing budget in Q1 of 2020 than they did in Q1 2019.” - Tommy Pug
We asked our panelists: What area of my business should I adjust the most in relation to my competition?
“Appearance. So many of our rentals still come from drive by.” - Bob Vamvas
“How you appear online is critical.” - Tommy Pug
Beating your competition starts internally. Before you start worrying about the REITs and what they are doing, make sure you are doing everything you can to make your facility the best it can be. Even small things like regularly cleaning windows or having freshly cut grass, goes a long way. Many of your competitors miss out on the "Basics" and lose sight of the customer experience. Make sure you have bonuses and processes in place that reward your staff for going above and beyond. Value-based pricing is also critical. Make sure you have tiers in place for optimizing your rentals based on location, convenience, and demand.
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