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Do you ever feel inundated by all the decisions you have to make in a day? It makes sense that the array of choices we have today could cause us to feel that way. In fact, all these choices can even lead to decision fatigue.
Think about the last time you went to dinner with friends or family. You had to decide, among other things: what type of food you wanted, where to eat, the best way to get there, what to drink, what your main course would be, where to park, what to wear — you get the idea. When you consider how many microdecisions go into something as recurrent as dinner, it makes sense that people can get overwhelmed by decision making.
That’s why it isn’t surprising to me that it can take a storage customer a long time to choose a facility. After all, for those of us in the industry, we know that (just like my dinner example) there’s more to it than first meets the eye. I’ll get into more detail about this concept shortly, but to set the stage, let’s take a moment to establish a basic understanding of how consumers make buying decisions.
A Consumer Behavior Primer
Consider this: In the past few years, tools such as apps and social media have made it increasingly easy for consumers to research and buy products online, as these resources provide reviews and loads of other information about potential purchases. This influx of data, combined with the ease by which people can access it, has led to a nonlinear buying process. To put it another way, consumers no longer follow the highly linear AIDA (awareness/attention, interest, desire, action) model. Rather, they are shopping around, researching and comparing different product options before making a decision.
Connecting The Dots
How does all this tie back to self-storage? People may realize they have a need for a storage unit, but they may not initially realize all the little decisions they need to make to pick the best facility for their specific needs.
Let’s pretend you need to store some leather furniture. You know that there are two storage facilities within 3 miles of your home. But what size unit do you need? Do you need climate control to protect the leather? How easy will it be to get to the unit? Is it by the elevator, or do you have to carry it all the way down the hall?
In short, not all storage facilities are created equal. But if your facility provides the most features that will help consumers make decisions easily, you increase your perceived value by the customer. If you can do that, you increase your chances at securing a rental.
Common Value-Added Features
So far, we have established that people have access to loads of information. And we know that the information they find will influence their purchase decisions. But what are value-added products that help operators increase occupancy and separate themselves from the competition?
The following features have worked for my company and might work for yours, too:
• Covered loading bays: These keep customers out of inclement weather.
• Climate-controlled units: Climate control helps to protect and preserve sensitive items.
• Security features, such as gated access: These can provide peace of mind.
• Handcarts and dollies: These reduce the physical strain of moving belongings to a unit.
• Multiple unit sizes: Offering multiple size options allows for more flexibility in terms of items being stored.
• Value-added units, which are near elevators, lifts or doors: These make getting to and from the storage unit efficient and easier.
On a related note, keep in mind that what’s important for some people in some markets will not be the case in other instances. For example, covered loading bays may be more important for people in Minneapolis than for those living in San Diego. That said, you might not want to offer the same product at every location. I’ve found that it’s helpful to put more emphasis on certain features depending on where the facility is.
Notice I did not include price as an item in the list above. The reason is that many self-storage consumers are actually more service-sensitive than price-sensitive. This doesn’t mean you should go overboard with your prices. What this does mean is you should put a significant focus on providing high-quality service and value to the end consumer.
Making Some Decisions Easier
If you’re currently trying to understand how to leverage value-added options to differentiate yourself from the competition, I hope these tips help you draw some conclusions. If you do decide on which value-added products you want to promote, it’s my hope that you got it right. After all, if you make it easy for potential customers to pick their self-storage solution, they can dedicate more time to all the other decisions they need to make today.