NEW Digital State of the Industry Report – Self Storage 2H 2019
G5’s Digital State of the Industry Report – Self Storage 2H 2019 is ready for download. In this report, we take a look at the factors impacting the market today and provide actionable insights into how digital marketing can help you become more efficient to generate more revenue. We also review storage rental search data from Google and outline the emerging trends we at G5 think will amplify the impact of all self storage marketers.
Chapter 1: Market Trends
In this chapter, we outline self storage market conditions and how digital marketing can be used as a complement to support or to overcome obstacles.
- Although demand remains strong mirroring state-to-state and county-to-county migration patterns, oversaturation of primary and large secondary markets remains a concern.
- Average metro rent for a 10X10 storage unit is $117 and year-over-year rent growth has decreased 1%.
- Self storage developers are increasingly looking to small secondary and tertiary markets to counteract oversaturation of primary and large secondary markets.
- According to the 2018 10K filings of four self storage REITs, there was an average increase of 16% in marketing and advertising costs year-over-year. Google reported a similar increase in cost-per-click over the same time period, increasing 14%.
- Revenue management is a strategy employed by many in the self storage industry to boost their bottom line. More than rate increases, revenue management takes into account discounting, advanced pricing models, and customer duration segmenting.
Chapter 2: Self Storage Digital Marketing Insights
We review self storage rental data trends, including changes in queries, impressions, clicks, and ad click-through rate year-over-year. Research is also provided on the seasonality of digital advertising, as well as device trends which continue to highlight the rise of mobile.
Chapter 3: Emerging Trends in Digital Marketing
Digital marketing is evolving to focus on four key areas: strategy, technology, experience, and compliance.
- Agile marketing as a framework for accomplishing more with less
- Finding and attracting local influencers to promote your brand online
- How to optimize your website for page speed and voice search – two components critical to the future of search marketing
- Why you need attribution modeling to identify lead sources and spend more efficiently
- The necessity of automation to combat waste
- The rise of chatbots and how to leverage them to qualify leads
- Personalization and the challenge of accomplishing it at scale
- How sentiment analysis can be used to track brand perception
- Tips for optimizing your presence on social media and brands to follow for inspiration
- The basics of data privacy and intro to the California Consumer Privacy Act
- What you need to know about WCAG 2.0 – a.k.a website accessibility
Download Your Copy
Ready to download a copy of G5’s Digital State of the Industry Report – Self Storage 2H 2019? Get it here.