How We Increased StorPlace's Occupancy to 95.6%
The Operator’s Background
StorPlace Self Storage manages over 10,000 self storage spaces across 18 properties. You'll find most of its properties in Nashville and within a 20-mile radius of the heart of the city.
The Operator’s Goal
After about a year of working together, StorPlace came to us with a request. StorPlace was happy with our PPC partnership, but it wanted to change things up. The summer months were coming up and they felt this was an ideal time to make a change to increase its occupancy.
The goal we landed on: break a 90% average occupancy rate across all 18 of its properties.
Tenant Inc.’s Approach
We analyzed the market that StorPlace operates in to determine our ideal approach. After our analysis, we determined that our "Combined Experience" approach would be ideal.
We'd used this approach with a similar partner and saw success. All we needed to do was adapt the approach to StorePlace's market.
The approach looked a little like this:
- Figure out the proximity of each StorPlace location to each other. This would let us know how we could be more efficient with our campaigns.
- Combine campaigns for locations closest to each other. This ended up shrinking 18 campaigns down to 6.
- Create a combined budget based on each new campaign.
- Launch and watch the new combined campaigns.
We worked with StorPlace hand-in-hand to ensure this plan delivered the best ROI.
We made sure to maintain clear communications with their team. We also sat down with their team every month to discuss how the new approach was doing. If there were things we could change to maximize their growth potential, we made sure to do so.
The Operator’s Results
In the 3 months following the new strategy we saw these results:
- Lowered Campaign Costs
Using the new plan, we reached a larger area with a budget that you’d expect for a one-property campaign. We lowered the cost of StorPlace’s campaign by $9,524.21 (32.7%) and the operator’s cost per click by $3.57 (38.4%) quarter over quarter.
- Improved Traffic
We improved the number of clicks that StorPlace’s website saw by 9.2%. We also improved click-through rates by 0.3% and grew impressions by 15.08%.
- Increased Leads and Occupancy
By improving traffic we increased the number of leads StorPlace saw by 6.9%. This growth in leads led to an almost 5% gain in average occupancy across the operator’s portfolio in 3 months. Of the 10,000 self storage spaces that StorPlace manages, a little over 350 spaces are available to rent. This averages to about 19 spaces per store.
Approximately two years ago we made the big decision to join StoreLocal Co-Op and hence adopted the Tenant website platform and hired the Tenant marketing team. This has turned out to be a very fortuitous decision. Although we knew our old website was a little dated and the Tenant website allowed complete online leasing, we did not anticipate the demand of online leasing during the unforeseen pandemic. The Tenant website allowed us to pick up many online customers we would have lost with the old website during the pandemic. In addition, the Tenant marketing team led by Eva Chavez has been very proactive and strategic in placing our online marketing dollars. We are now enjoying a 90+% occupancy. We are very pleased with our relationship with Tenant Inc.”
- Ed Freeman, Managing Partner, StorPlace Self Storage