Everyone may need a storage unit at one point in their lives, right? Even if that is correct, you need to be specific when you want to identify your self-storage facility's target market. It would be best if you did not treat everyone as your potential client. If you pick a broad target, you will never be able to focus on providing quality to the majority of your customers. To help you organize your business and shift the resources and energy in the right direction, here is how to know who your targeted audience is.
What is the need of your clients?
People may need a storage unit for multiple reasons:
- They could be in the middle of a relocation, and they need to store some home belongings for some time;
- If your clients are reorganizing their living space, they can use a storage unit to store their furniture;
- In case of a new baby, or perhaps a death in the family, your customers may need a storage unit to move some stuff and make more space at home;
- People can also rent a storage unit and use it as an office;
- Also, your clients may need a storage unit for extra rooms, like a garage, a wine cellar, etc.;
All of these reasons are valid. However, you need to know what group most of your clients belong to. That will tell you how to equip your storage units and what advertising strategy to use. Depending on the targeted audience, not all storage units will pay off the same for self-storage owners.
What is your offer?
Now that you know what kind of clients you have, it is crucial to see what your offer is. There are many types and sizes of storage units. Storage can be:
- climate controlled;
- non-climate controlled;
- portable container storage;
- information management service storage.
You need to compare the requirements of your targeted audience and see if you have enough storage units that fit their needs. If not, this is where you need to make a huge decision.
TIP: If you focus on making one storage offer perfect, it can make you more money than providing multiple lower-quality offers.
Do you switch to a different group of customers that align with the types of storage units you have, or do you change your offer to what your customers require? This is a judgment call, but it is also affected by your financial capabilities. If you are planning to start a second storage facility, this might be the time. If your budget allows, you can keep the existing storage units and find new customers for them. Use your second facility to introduce new storage units for the existing customers.
What are your customers storing?
Another factor that will define your market is the nature of items your clients are storing. Are they using storage for home or office belongings? Do they mostly need it for cheaper items, or are they storing more valuable things? Are their items affected by the temperature and humidity?
All of these questions will help you better understand the needs of your clients.
TIP: Pull a list of all the items stored in your storage units every month. Track the changes in the nature of items, and see if they require different storage types.
How can personal information help identify your self-storage facility’s target market?
After you have understood why your customers rent storage and what they store, you can look at some other things that can help you out. It is a good idea to collect personal data about your clients, like their age, gender, place of living, or budget.
All of this information will help you to create a precise marketing campaign for the right market. Also, you will be able to adjust the prices, so you don't come off as too expensive for your clients' needs.
Analyze your closest competitors
If there are competitor companies in your area, it is crucial to analyze their offers as well. You are all trying to climb to the top of the market in your region, so you are basically servicing the same customers. Whatever your competitors offer, you need to know about it.
There might be a service you don't provide. Tour competitors could have a better approach to how they do business. Or, maybe you have a better strategy, but you are not aware of that, so you cannot use it to your advantage.
Market research is a complex process, but you do need to know every corner of it.
What should you do with all the data you collect?
Managing customer information is never easy. You cannot hold everything in your head, so the best option is to use a database. A lot of companies purchase CRM software. It will help in the conversion process optimization. There are also other tools to help you with this. Just know what your budget is, and get the best software you can. It will make your life easier.
The goal of customer research - define your buyer persona!
We spoke about many different research tactics you can use to identify who your clients are. The final goal is to define your buyer persona. By understanding the clients, you will understand the market as well. Do not waste precious resources, time, and energy into creating offers that no one will buy.
Caption: If you identify your buyer’s persona, you will know what offers to create.
Alt: An illustration of a happy businessman next to a target with the arrow stuck in the center, representing how to identify your self-storage facility’s target market.
By defining who your clients are, you will also define your business. If you try to build a brand by offering what you think your clients need, you will not make it that far. However, if you shift your focus on their feedback and analyze purchase history, you will be on the right path to creating a successful brand.
Identify your self-storage facility's target market and start growing your business
We hope that this short guide explains how to correctly identify your self-storage facility's target market. Remember that this process takes time, so do not try to rush it. Furthermore, this is not something you do, and it's done. It's a repetitive process that always requires tweaking. People change, so the market also changes. Unless you are ready to keep up and adjust to the new requirements, you will not be able to provide the same quality of service.