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Technology is always changing. And, if we've learned anything, it's that it's better to be ahead of the trends than behind them. So, what's happening now? what's on the horizon? Join us as we discuss the latest and greatest tech and tools self storage facilities are using to keep their units rented, their customers happy, and their operations running smoothly.
Featured Speakers: Phil Murphy
Moderators: Melissa Huff & Tommy Nguyen
Focus: Owners and Managers
Aired: November 5, 2020
If you don't have time to watch the whole Session, here are some of our favorite parts:
We asked Phil: What tool or technology would provide the biggest competitive advantage right now?
“It’s going to be your operations. You need to control my operations and control my opportunities. Put in technology that lets you mange your leads. How am I going to communicate with them? How am I going to stay in touch with them? How am I going to make sure my management teams are doing that Not just calling, but texting or emailing - however your customers want to be communicated with. That posture towards your ops and getting tools that can help with that will drive you forward.” - Phil Murphy
To quote Phil, our big takeaway this week was "make sure you can do business the way your customer wants to do business." The unpredictability of 2020 has made the importance of technology, digital tools, and adaptability crystal clear. The move towards more streamlined, self-service, and virtual tools with in self storage has sped up this year, and operators and owners who refuse to modernize, won't be able to keep up. Modern customers are growing more and more accustomed to technology and expecting it in every industry they turn to.
Additionally, we're reminded that there are an ever-growing list of tools and tech facilities can use internally to improve their communication, make the most of the opportunities they have, and generally, streamline their operations.
The bottom line? Don't be afraid of technology! Use it to reach as many customers as you can, to maximize your team's effectiveness, and to stay competitive in the modern landscape.
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 to learn more about self storage? Join us on select Thursdays for Gabfocus.
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!
“Once your operation is in place, you can become more dynamic with your pricing, but that requires data. You need some method of being able to record the data that you need to know whether your price is in the right place - whether you need to move it up or start giving some concessions.” - Warren Lieberman
“I never want to downplay to what someone else is doing. I'm better than they are, then I'm going to be worth a higher price. That's what value is. If you go out to a restaurant and get really good service, would you go back? Yes! What if it was pricier? You'd still go back because you got better service and a better product.” - Jim Mooney
"It's good to be informed on your competition. I don't want to ignore them, but I don't want to respond too strongly to them either." - Warren Lieberman
"We did a survey of 10,000 facilities on their pricing. We found out that two-thirds of those operators didn't change the price of a single unit of the course of a month." - Warren Lieberman
“Rate increases and value pricing are the number one ways to grow your revenue.” - Jim Mooney
"Tenants in more convenient units tend to be less price sensitive." - Warren Lieberman
"The size of the unit is only one aspect of what people are willing to pay for." - Warren Lieberman
We asked our panelists: What’s the biggest hurdle to introducing value pricing to my facility?
““Manager buy-in is going to be the biggest hurdle to overcome. ” - Jim Mooney
“Embracing the concepts and believing that this can really work. If you don't, you're going to find all sorts of reasons not to do it. After that, the next biggest hurdle is just ranking the units. You don't want to do it alone. Divide it amongst your team, and get help.” - Warren Lieberman
Traditional pricing for storage units has centered around size. A smaller unit costs less than a bigger unit. Right? In this Session, we learn how pricing can be dynamic and really depends on what matters most to a customer. Borrowing insights from other industries, Warren and Jim discuss how significant convenience and availability can be when pricing your units, as well as a whole host of other features and amenities. In short, the value of your units isn't static. Introducing dynamic value pricing to your facility, can not only help you get more out of your units, but it lets your customers prioritize and choose the qualities about your units that matter to them most.
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