There has been a shift in the location growth for self-storage in recent years, with many companies expanding into new markets and seeking out locations in urban and suburban areas. Many self-storage communities are operating in ways that kept them successful in the past, relying on the increased demand to fuel sales. However, as the demand for self-storage grows, so does the competition.
Buxton’s Todd Walls explains how the key to standing out amongst the competition is understanding your ideal customer. Buxton’s analytics program advances self-storage communities through customer insight and industry knowledge.
Increased Demand
The self-storage industry has experienced significant growth, as more people have turned to self-storage facilities to meet their storage needs. Self-storage communities are greatly affected by the residential real estate market, as people need storage facilities when they downsize or move. This increased demand has led to the expansion of self-storage facilities into new markets. Identify key target markets before your competition with Buxton data analytics.
Changing Customer Preferences
Many self-storage customers are looking for convenient, easily accessible facilities, which has led developers to build in urban and suburban areas. Some groups of potential customers are looking for additional services like around-the-clock security and access. However, there is still a major group of consumers who want to store their residential or commercial goods in a space without all the bells and whistles. Buxton identifies each portfolio’s ideal customer and analyzes their psychographics rather than just their demographics to determine their unique preferences. It is crucial to understand your customer base in order to accommodate their unique needs.
Increased Competition
While the increased demand is great, it can also be a big problem for existing storefronts. Self-storage facilities that have been established in a particular area can realize they’ve fallen behind in their outreach programs and advertising efforts, something that isn’t a major setback until there’s an increase in competition.
