Maximising ROI on Your Self Storage Fit-Out: What to Prioritise

The Australian self storage market is growing. Although demand for storage space is increasing and the average occupancy rate sits at around 90%, competition for customers is fierce. There are multiple elements that influence success rates, including your self storage fit-out. In this guide, we’ll explore the value and importance of innovative design, self storage construction and new technologies and features, sharing tips to help your business maximise ROI. 

Optimising ROI is a shared goal for self storage facility owners. To achieve this objective, it’s beneficial to focus on critical aspects that boost long-term value, improve operational efficiency and enhance customer experience. If you run a self storage business, here are some key elements to consider:

Embracing modern technology

Technology is constantly advancing, bringing new opportunities for self storage business owners, facility managers and clients. Embracing new tech is a brilliant way to increase your ROI, supercharge efficiency and elevate the experience your customers enjoy. Modernising the technology you use can help you lower costs, save customers time and effort, increase convenience and gain a competitive advantage.

Examples of ROI-boosting tools, systems and features you could consider for your storage unit include:

• Access control systems
• Electronic locks
• Mobile apps
• Automated payment platforms
• 24-hour contactless access

Maximising usable space

Maximising usable space within your self storage facility can help you increase revenues, reduce waste and provide more efficient storage solutions for your customers. Storage facility design plays an integral role in optimising the use of space and getting more out of your base. The more space you have available for customers to access storage units, the higher your maximum income. 

Improving layout and flow to ensure customer satisfaction

If you’re offering storage solutions and services to local customers, you want them to be able to use your storage units with minimal hassle. Adjusting or modifying the layout can affect flow and usability significantly, particularly in more compact spaces. 

Branding and presentation

For many people, location, accessibility, security and functionality are top priorities when choosing a self storage business, but that doesn’t mean aesthetics don’t influence decision-making. The way you present and brand your business can have a significant impact, especially if you’re competing against other companies. It takes the average person just 7 seconds to form a first impression. Smart, secure, professional, modern-looking operations are more likely to convince customers than run-down, cramped, disorganised or messy facilities. 

Branding also plays a key role in giving your business an identity. It can set you apart, make your services more appealing and memorable and create positive impressions. One of the main reasons to invest time and energy in branding for a self storage company is to build trust. When customers choose a self storage facility, they want peace of mind that their belongings will be safe and secure. You can foster trust and build relationships through engaging with customers, telling your brand story and sharing information on social media, email and your website. 

Catering to customer requirements and preferences

One of the most important things to consider before revamping, refurbishing or fitting out new facilities is your target customer. If you have a clear picture of your target audience and you understand what that client wants and how they make decisions, this should have a positive impact on both new customer acquisitions and retention rates. 

If you’re looking to boost ROI in self-storage, here are some best practice guidelines:

Work With Design Experts

Working with design experts can make the difference between a regular self storage facility and a thriving business. Partnering with firms like Janus International can help you discover and implement new ideas, be more creative with your use of space and identify tailored solutions that cater to your target client base. Expert insights can also help facility managers enhance functionality and introduce new features, technologies and perks to make their facilities stand out. 

The experienced team at Janus International also helps businesses grow and prepare for future expansion and changes in consumer trends. Using forward-thinking, flexible, agile designs can help you scale and adapt your business effectively. 

Focus on Durable, High-Quality Materials

Choosing the right materials should be one of your top storage construction priorities if you’re on a drive to boost ROI on self-storage investment. Durable materials will not only stand the test of time to add value to your facility, but they’ll also help you deliver a high-quality storage service. It’s worth investing in the best materials you can afford to benefit from longer lifespans, higher performance levels and a reduced risk of damage and repairs. Examples include high-grade insulation materials, concrete flooring and robust, corrosion-resistant steel. 

Enhance Energy Efficiency

Enhancing energy efficiency is beneficial for several reasons, including reducing running costs, lowering your carbon footprint and aligning your actions with your brand values. Statista data suggests that almost 90% of Australians think it’s important to live sustainably. You can make a difference to your bottom line and customer perceptions of your brand by taking steps, such as switching to energy-efficient lighting, using renewable energy sources and upgrading appliances and heating and cooling systems. 

Get Your Unit Mix Right

Storage facilities are used by a wide range of customers whose needs and preferences vary. As a facility owner or operator, it’s beneficial to offer a mix of units to cater to clients with different requirements. Getting the mix right will help you maintain high occupancy levels and increase profitability. It’s a good idea to make decisions about storage unit size and fit-out options based on your target client. 

Offer Climate-Controlled Spaces

The demand for climate-controlled storage space is growing across Australia and New Zealand, but there’s a shortage of suitable facilities. Data indicates that Australia needs more than 400,000 extra square metres of refrigerated warehouse and storage space by 2028. As a business owner, offering climate-controlled spaces can help you capitalise on emerging trends, outshine your competitors and attract more customers. Crucially, it could also help you retain existing clients. 

Recognise the importance of customer retention

It’s understandable to launch a campaign to get new customers when you’re working towards a higher ROI, but this shouldn’t come at the price of losing existing clients. High customer retention rates are a positive sign that your business is performing well, but they can also be a significant driver of profitability. Studies show that repeat customers spend an average of 67% more than new clients. In addition, they play an influential role in bringing new customers in through referrals, reviews and recommendations. Over 90% of consumers use reviews to help them choose brands or products. 

If you’re ready to transform your existing self storage facility, or optimise a new build, to boost ROI, contact Janus International Australia today.