Running a successful business is hardly ever one-dimensional.
It goes beyond your typical offerings and requires a strategic approach to meet customer needs and maximize revenue.
Sounds difficult, right? Not with the right partners on your side.
In today’s competitive market, self-storage operators can tap into several additional revenue streams, each enhancing the customer experience and improving your bottom line—all without making you work overtime.
Let’s explore some effective (and easy-to-implement) strategies that can help you grow your revenue, strengthen your business, and turn your facility into a one-stop shop for your customers.
- Offer a Tenant Insurance Program
Tenant insurance is one of the most reliable and profitable revenue streams for storage facilities. By offering a tenant insurance program, you can earn consistent, passive income while providing peace of mind to your customers. Some companies will pay your per policy sold while others, like the Savvy Storage Insurance Program, will pay you per occupied unit, offering a simple way to bring in additional monthly revenue. Moreover, a tenant insurance program improves the customer experience by ensuring their belongings are covered from unexpected damages, contributing to customer retention and satisfaction in the long run.Check out this article written by Savvy’s own Marshann Varley to learn more about which tenant insurance partner is right for you based on your financial goals, coverage needs, and more.
Pro Tip: Educate your team and customers on the importance of tenant insurance. By promoting this opportunity with proper marketing materials and employee training, you ensure a seamless introduction and higher participation rates.
- Sell Moving & Packing Supplies
Storage customers often need moving and packing supplies such as boxes, tape, locks, and bubble wrap. Offering these items for sale at your facility not only adds a valuable convenience for your customers but also creates another revenue stream. Customers are more likely to purchase supplies on-site rather than make a separate trip, especially during the stressful moving process. And they’ll be happy they can depend on you during this time too!Bonus Tip: Bundle supplies with special offers to increase sales, such as “Buy two boxes, get a lock free,” which can increase overall transaction size.
- Partner with Truck Rentals and/or Moving Companies
Partnering with local truck rental companies or offering moving services in-house is another way to enhance your revenue. Moving is a significant aspect of storage, and offering related services makes your facility more convenient and an easy choice to potential customers. Whether you receive a percentage of the rental fee or offer trucks as part of a premium service, it’s a win-win scenario for both you and your customers.Collaboration Idea: Partner with a moving company and offer exclusive discounts to customers, ensuring mutual benefits and repeat business for both parties.
- Upsell Your Larger Units
Not every customer starts with the perfect-sized unit. Train your staff to identify when customers might need more space and encourage them to upgrade to a larger unit. Additionally, you can introduce premium services, such as climate-controlled units, extended access hours, or valet-style service. These premium services can attract a higher price point, creating an additional revenue stream while adding value to your facility. - Charge for Premium Access & Unit Locations
Speaking of upselling, not all storage units are created equal, and some locations and access features within your facility are more desirable than others. You can offer units near exits, elevators, or other prime spots at a premium price, as some customers are looking for the added convenience. Plus, for those who need more flexibility, you can offer 24-hour or after-hours access as a premium service, charging higher monthly rent for round-the-clock entry. Both options allow you to cater to customers’ specific needs while boosting your revenue through what you can market as exclusive features.
- Foster Community Connections with Special Offers
Supporting your community not only builds goodwill but also attracts new customers. Offering discounts to veterans, teachers, and 501c3 non-profits shows that you’re invested in the community, which can be a major draw for individuals and organizations looking for storage solutions. Promoting these efforts on your website can further enhance your brand’s reputation and commitment to social responsibility. - Create Referral Programs
Referral programs are an easy and effective way to boost customer loyalty and attract new business. For instance, offering customers 10% off their monthly rent for each successful referral encourages ongoing engagement.Bonus Tip: Give away a welcome gift basket upon move-in, which includes referral information or discounts to other community businesses. This small gesture fosters a sense of connection and support for local partners while creating a memorable customer experience right from day one.
- Install Electric Vehicle Charging Stations
If your facility offers vehicle storage, installing electric vehicle (EV) charging stations is a great way to attract more customers and generate additional income. As EV ownership continues to rise, offering convenient charging options becomes a highly desirable amenity. You can charge customers a fee for using the charging stations, turning this eco-friendly service into a revenue-generating feature that makes your facility more appealing to EV drivers looking for vehicle storage solutions.
- Maximize the Benefits of a Savvy Partnership
With Savvy by your side, you can offer the most affordable and comprehensive tenant insurance program available, making your facility a go-to for both convenience and storage coverage. Unlike other tenant insurance providers, we take the work off your plate by offering tools, training, marketing materials, and customer support. All you need to do is watch the revenue roll in while we handle the rest.
Your Business, Your Strategies
Implementing strategies that work for your business can not only increase revenue but also can position your facility as a holistic service provider that customers can trust. Whether through offering tenant insurance, selling essential supplies, or upselling premium services, there are numerous opportunities to expand your business’s profitability. And you don’t have to do it alone. Oftentimes, partnering with other business owners is mutually beneficial and easier than you think, too.
Make the Savvy Choice
Partner with Savvy today to unlock new revenue streams and elevate your facility’s customer experience. Contact a representative to learn more!