THE ROI OF CUSTOMER SERVICE EXCELLENCE IN SELF STORAGE By Jeremiah Boucher

In today's competitive business landscape, customer service is not just a department; it's an ethos. For industries like self-storage, where the product is often perceived as a commodity, service can be the differentiating factor that drives customer loyalty and, by extension, profitability. In this article, we'll explore the direct correlation between top-notch customer service, customer loyalty, and increased profitability in the self-storage sector.

The Direct Impact of Customer Service on Revenue

Higher Occupancy Rates:
A dedicated customer service team ensures that inquiries are addressed promptly and efficiently. When potential customers call a storage facility, they are often looking for immediate solutions. A quick response can be the difference between securing a new customer and losing them to a competitor. In fact, studies have shown that businesses that respond to customer queries within an hour are seven times more likely to convert the lead.

Increased Customer Retention:
It's no secret that retaining an existing customer is more cost-effective than acquiring a new one. Excellent customer service fosters trust, leading to longer rental durations and reduced customer churn. Satisfied customers are less price-sensitive and more likely to overlook minor rate increases, especially if they feel they're receiving value.

Positive Word of Mouth:
Happy customers become brand ambassadors. They're more likely to recommend the facility to friends and family, leading to organic growth. According to a survey by American Express, satisfied customers share their positive experiences with an average of nine people.

Create An Edge: A Dedicated Customer Service and Sales Call Center

Exceptional customer service can have a huge impact on your bottom line so it’s worth investing in a good call center. This ensures that every call is answered, every query is addressed, and every potential customer is given the attention they deserve. Here's how this strategic decision can give you an edge:

Rapid Response Times:
A dedicated team ensures that no call goes unanswered. In an industry where many competitors fail to pick up the phone or respond promptly, this gives you a significant advantage.

Professionalism and Expertise:
Call center staff should be trained not just to answer queries but to provide solutions. Their knowledge of the industry and your facilities means they can guide customers to the best storage solutions for their needs.

Increased Revenues and Net Operating Income:
Every incremental rental makes a big impact on your bottom line, and ultimately what your facility is worth. Providing great customer service will result in more units being leased and also an increase in revenues. This not only boosts the current profitability but also enhances the long-term value of the asset.

Conclusion

In the self-storage sector, where the offerings can often seem indistinguishable, customer service excellence can set a company apart.

By Jeremiah Boucher

Jeremiah Boucher, a self-storage industry expert, has rapidly built an impressive 1.5 million square foot portfolio consisting of 61 properties in just 7 years. Specializing in suburban and exurban properties, he has successfully navigated the market by purchasing directly from original mom-and-pop owners. Jeremiah provides valuable insights, lessons learned, and strategies for finding and financing deals, providing invaluable guidance for those interested in exploring the lucrative self-storage sector.