In today’s economy, price sensitivity is at an all-time high, and the self-storage industry is feeling the squeeze. With consumers scrutinizing every dollar, self-storage providers must walk a fine line between staying competitive and maintaining value. Grace Totty, VP of Marketing and Sales at Absolute Storage Management, offers a roadmap for doing just that in her presentation, “Navigating Price Sensitivity Without Compromising Value.”
The shifting economic landscape has created a new kind of consumer: one who is more informed, more cautious, and more demanding. According to Totty, although the core needs of storage customers haven’t drastically changed, the economic pressures around them have. People are moving less frequently, leading to a softening in storage demand. At the same time, growing concerns around price transparency and legal scrutiny are forcing operators to rethink how they market and sell their services.
To thrive in this environment, Totty outlines a three-pronged strategy: Get Found, Be Attractive, and Convert with Value.
Get Found
In a crowded marketplace, visibility is critical. Consumers primarily discover storage options through drive-bys, online searches, word of mouth, and listings from online websites. To capitalize on this, operators must prioritize both local and digital visibility. This means investing in SEO, running paid ads, optimizing local listings on platforms like Google and Yelp, and maintaining a consistent social media presence. Metrics like average page position, lead volume, and conversion rates are essential to track and optimize performance.
Be Attractive
Once potential customers find a facility, they must be drawn in by what they see. This includes having professional, high-quality photos, easy-to-use reservation and rental systems, and trust-building customer reviews. Totty emphasizes the importance of “value-based pricing”, highlighting the features that justify the cost. Safety, location, and the quality of the product should all be communicated clearly. Customers should be able to see not only what they’re paying but what they’re getting in return. Measuring the Conversion Rate of page viewers into leads is a good way to gauge your online attraction.
Convert with Value
The final step is turning interest into action. This involves having a well-trained team, clear systems for follow-up, and the tools to overcome objections. Totty advises facilities to review and fine-tune their pricing models regularly, focusing not just on rent, but also on insurance, fees, and added-value services. Transparency is key. By packaging pricing in a way that highlights benefits, such as month-to-month flexibility, included insurance, or extended access hours, operators can shift the conversation from price to value.
Totty’s core message is simple: competing on price alone is a race to the bottom. Instead, self-storage operators should focus on educating consumers about the value they offer and positioning themselves as the knowledgeable, trustworthy choice.
As the self-storage industry continues to evolve, those who can successfully blend transparency, strategic marketing, and customer-focused value will be the ones to win more tenants, without sacrificing their bottom line.
Contact:
Grace Totty, VP of Marketing and Sales
Absolute Storage Management
grace.totty@absolutemgmt.com
