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With approximately 600 stores (owned or operated) and growing, Life Storage (previously Uncle Bob’s Self Storage) is one of the largest self-storage firms in the United States. In 2009, as a reaction to a severe economic downturn, Life Storage initiated a variety of programs as they sought new ways to use pricing to drive revenue growth. One of these programs, Name Your Own Price, had helped the company distinguish itself from its competitors by letting customers decide how much they wanted to pay for their first month’s rental. Reviewing the success of this marketing/pricing program, Life Storage’s Management Team recognized that a systematic, dynamic, and data-driven approach to managing its rates could enable it to achieve even greater revenue growth and higher, sustainable profitability targets. Well regarded in the industry as both an innovative and leading company, Life Storage decided to work with experts in Pricing and Revenue Management to explore how it could best benefit from incorporating Revenue Management and Price Optimization analytics into its pricing process.
Veritec began with an intensive 12 week Opportunity Assessment with the objectives of-Reviewing and understanding the pricing programs, analytics and processes currently in place