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PRICE IS NOT THE MOST IMPORTANT THING. VALUE IS!

kromoleonkromoleon NAAutomatit Moderator
Customers will pay a premium for a unit that solves their problem. Being the highest value is far better than being the lowest price.

Does price matter to a customer shopping for self-storage? Absolutely! But to win the customer’s business you don’t have to be the absolute lowest price.

The key to any pricing strategy is to offer the best value for the price you’re asking. Highest value is only held in the mind of each consumer, so to align our thinking we ask the master question: “If I was the ideal customer, why should I buy from THIS facility instead of THAT one?”

Some customers value security. Others care deeply about a facility’s visual appeal. Regardless, you need to know what customers in your market value and how much they think it is worth.

Kevin Romo-Leon
Marketing Communications Director
"How Storage Customers Think About Things"

Comments

  • ThriftyStorageThriftyStorage NARegistered User ✭✭✭
    I use to manage a store that has alarms on every door. The owner did not offer discounts or nothing. I guess the value was in the Alarms On Every Door! How do you build value on a 30 year old facility????
  • OrkoceanOrkocean CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    Thrifty, I may be wrong but didn't you mention you're in Florida? I'd use the 30 years as a bonus.. Assuming you're already taking care of the basics and it's a nice and clean facility I would use the age as a way of pointing out how construction was done with better quality back then and it's stood the test of time. Always find a way to turn what you have into a positive. Don't offer climate control? Point out how much more convenient drive ups are and how most climate controls aren't cooled to the degree most people would think they are as it's not "Comfort controlled". Just find what your main selling points are and come up with creative ways to point them out.
  • Clyde_Lord_JrClyde_Lord_Jr GARegistered User, Daily Operations Certified, Advanced Operations Certified ✭✭
    Listen to your customers. Anything from safety to location to customer service can be a value. Use whatever sets you apart from other facilities also. That's another reason to mystery shop your competition. 
  • teamcapitolateamcapitola CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭

    I would say that customer perception has a lot to do with this as well. 

    Potential customers would see a 30 year old facility that "has never had a break in" as having more value than the fancy new place down the street with drug dealers living in the units. Find what is driving the customers, and focus on what they perceive as valuable.

    Visit all of your competition not just for pricing, but look at the facility itself. I have even shopped other facilities and asked their customers why (they) rent there.

    Ask qualifying questions during the tour; find out what's important to that customer, and show them why your place takes care of it.

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