Embracing Your Self Storage Competition

Yeah. Hi, everyone. Thanks for joining me for another episode. Here, uh, today's episode I wanna talk about embracing competition a few months back.

Friend poppy barons. Sure. Maybe if you're in the software industry. You know, poppy, uh, she messaged me a few months back, asking if I would like to contribute to an upcoming publication they're putting together.

And quite frankly, I don't do much articles at all. Really? I do a lot of videos, like myself online, things I haven't quite frankly done very much when it comes to print publications besides the book that I wrote and anyway, as to what it was for, what's gonna be about and here, i'll show you this publication competing and winning is a small operator and, like, oh, that z interesting.

You know, if earlier this year I did beat the reits summit, all right, y'all interview a bunch of people in the industry and asked, okay, if you're surrounded by competition, big boys in the industry, what's one accident? And you would do to help you stand out and beat the reeds?

So it was a kind of a good segue. Good. It led nicely into this publication she wanted me toe write an article for. And what about me writing? I have a hard time just sitting down looking a blank page and like, okay, I got I gotta write something.

Brain doesn't work that way. So what I do is like when i, dr ah, lot, i'll record myself just but my phone doing voice message.

And I write it that way. I just talk, then transcribe it, and they kind of make it look prettier than cool. There's a there's a print publication.

That's kinda how this one came about. And this article here, I don't think 123 not huge article. But I want to focus on five reasons why competition is great.

It's kind of a quick little summary of this article because yeah, I enjoyed competition. Okay. Uh, not physically.

I'm not. That was never into sports. Never, never did anything like that. As far as you know, joining any supporting activities. I could care less watching sports.

Sorry. Go sleep. Can't do that either. But business competition cool. That gets my blood going. You know, I like that kind of stuff. So that's my angle when it comes to this right in this and that kind of competition. So i'm kind of just tell you about this one here.

Number one reason my competition is great is I think it brings out the best of you. Quite frankly. I mean, just put yourself in a storage position, like if you were, and I see it quite frankly.

Kind of. Mama pop, you're kind of by yourself. Uh, captive market. You can kind of get a little lazy rest on your laurels. Okay, that's it's all good.

Everyone is paying the rent every single month, cashing my checks on any worry about revenue management or focusing on my marketing or anything like that. It's it's all good.

You kind of get lazy. Okay. When you have competition, gonna keep you on your toes, okay? Or at least it should. If you want to stay ahead of the market because you know you're with your competition, you gotta look at him, okay? I mean, there, especially big boys, is let's call it what it is. You know, this is again. This is the competing against the big boys in your area.

They are. Okay. Just look at all the facets of the market when it comes to marketing. Okay. What are they doing to get the phone to ring? To get the reynolds in the first place?

They're fantastic marketers. They have whole departments dedicated to just just that of getting that phone ring conversions. Okay, once that phone rings and their colors are see you online.

What's that? Customer journey like to actually convert them into a customer once they're there. Okay. Now, what's the revenue? Management systems are kicking in place to make sure you're maximizing the value about customer. You worked hard to get in through your doors, and so it kind of that mentality off.

What are they doing? How can I implement that? My own business and make myself better. Okay, so brings out the best of you. Number two I got there is a pain and losing leads, rentals and revenue.

It takes another step further. Not just looking and kind of putting see an example of what they're doing observing what they're doing. Make it hurt.

Okay? Especially owners there. Listening to this kind of put yourself in that position of yeah, man, you know what? We're mad right now in my my competition in my area. My free market.

Three mile. Uh, yeah, I know. I'm not getting every single lead, obviously. Okay, otherwise wouldn't be competition that area, but my competition man, if I have, you know, september 20 I need to rent computer.

They got how many rentals today? Another computer 100 miles they get today. Another competitor. They've got some miles today. Maybe I don't get any. Okay. Make that hurt.

I like thio. A little statistic, but internal, that pain will that be like that's the mind. Okay, that's some sort of my rental.

And it's not just the lead. And now, if they're all the revenue that you're missing out on that lead of that lifetime potential, that customer, the revenue coming into your business, that's a say.

100 bucks average rental rate for a month. Stay for 12 months. 1200 bucks. Cool. We'll go out on the street. Just took 12 bucks out of your pocket.

Okay, put a figure to that. Make this stuff hurt. Kind of like a little fire on your but actually look more at your operations and be real with yourself on what you condone.

Do thio stand up and get that. Get that run on the first place, number three. Nonetheless, having a list requires constant and never ending improvement.

That's always a biggy of mine. Um, I should be a style big tony robbins fan. You know, I remember being like, nine years old and reading the ultimate power by anthony robbins. And I was taking notes and stuff.

I'm a nerd. But anyway, he was always talking about can I constant and never ending improvement how he, uh, minimize. That may be easy to remember.

And you can implement that in your business breaker systems. Seriously, I mean, whatever is working now cool, kind of break it.

And what can you do? Make it even better, andi, that's all aspects when it comes thio marketing. Okay, what's how can you make it better than what you're doing right now?

It's just having that mindset. Uh, those of you have gone through my challenges in the past, i've read the book. I'll be doing that again, by the way. So I think a lot of requests for that.

But I ended the whole thing with things. Cost of never ending improvement mentality of 1%. It's kind of every day sitting down. Take him one aspect of your business. I don't care what it is.

Marketing your group, my business, your google, my business. I'll get that out.

Your website, the way you're answering the phone, the customer service journey of getting in through the rental process, your revenue management process, all sorts of things. Okay, just pick one little item.

Don't care what it is. Pick one item. How can you improve by 1%? Okay, it's it's just simple question. But just asking yourself that question the first place and how can you improve your business by 1% on this is one aspect you're looking at.

You're gonna he's gonna get that mentality and getting that flow of doing that every day, just picking one thing. And then I guarantee you, by this time next year, you won't recognize your your operations. Your revenue is gonna be going up.

Everything starts working together and working much better than the current is now, um, with the whole covert thing and all that. I think everyone jumped up pretty quick because it was a necessity that they had to change their operations. Make sure, you know, moving online, were maximized and working out well in line with people level reserved and not have to come into the office and if need be.

And yeah, we've been talking about that for years, quite frankly, of yeah, it's it's it's good value for the customers, helps them out.

And people were dragging their feet. And then when kobe hit, you had no choice. You had to change no more of this. What? How I can improve about 1%.

No, we had improved by some of the cases 100% the way it worked, you know, online or getting people to read. So sometimes, out of necessity, you really have to look at your operations and see what you do to improve.

But even on the good days, just really sitting down for 15 minutes a day and just being like, okay, that's one aspect I could look at right now, improve it by 1%.

It's a great habit. Okay, number four. It encourages you to surround yourself. A like minded staff. That's a big one, too. Especially if you know if you have, ah, magic company. It has, you know, staff or have a portfolio of sites.

You want to kind of get that company culture because you wanna put it that way of with other managers, region managers talking, though those managers, owners being a part of the whole thing, just having that mindset of just okay, this is our goals where we want to get to see where we are now, what we have to do to get there.

Okay? And a lot of comes down to again, going back to embrace your competition of hey, my my market in my three month market. Who might? Who are the players? Okay, who am I going after?

You can model. You know, there's another quote that success leaves clues totally does. Okay, big boy in the market.

They're doing stuff, right? What are they doing? Model. Okay. And then you start communicating. That's a big one.

Communicating this with your staff that everyone else on your team and it's creating that mentality of again. Not so much like i'm taking you down. Kind of they know except embracing competition.

It's a good thing you're using. Other people make yourself better, and I it's kind of funny. I just I forget i've done this before. I haven't done in a while.

See? Helped me out, too. There was, ah, had a site in denver that I was had done, like three or four candidates that were really good at the time.

How about you? I find finding staff like he's been weird. That's a whole nother topic. Um, but I had it down, like three or four canvas I thought was really good.

It was like flipping a coin, like, okay, you get a job? I didn't know. Anyway, I sent them out.

I said, going to get a second interview, sentiment email and just okay, put your thinking cap on. And I want you to come in tomorrow and let me know if you ran this site and I gave you the keys to the kingdom. Here you go.

Run it. You have to talk to anybody else. What would you do? You have to get an approval. Anything like that. What would you do to a, you know, market yourself better amongst your competition?

What would you dio get to get that phone to ring and just kind of getting that those wheels turning of embracing the competition and then making them look at they're at that site?

Well, other locations were doing on just kind of getting their feedback. And again, the these guys work in storage at all s o. You know, some comments were just totally left field, but still put them in that in that flow of thinking that way of not just being told. Okay, this is what you're gonna do toe today for your market. That's what you're gonna do it for revenue management?

No. Kind of put them in the driver's seat and making a really think through what they would do for that location if they didn't have to go to the chain of command like that can implement.

And I kind of forgot about that exercise. Anyway, I had one person, two of them around. You are not the best. And one person came in and said, hey, I checked all the competition.

Little here they are. Here's the rates I haven't called them. I secret shot them. I this is what I would do to stand on the phone and just do my socks off.

Hired her. She's still around three years later or something like that and just just kicking butt. But it was that little question off having that.

What can I do to get some like minded staff? Assumes I brought them in, they'd have that mentality of contribution and looking at the competition. And what can we do to stand out?

It was a work out. Really? Well, so anyway, fuzzy that are watching. They wanna take that tactic for interviewing work for me.

So I kind of forgot I did. That's gonna bring that back. Uh, last not least number five. I end up competing with yourself. Totally true.

Like I said, I look what others are doing. They're obviously successful in industry. Kind of take what they're doing. They could my own all of their operations. I mean, they're not doing this just for kicks and giggles. Er's they have a system in place, and they're doing a certain kind of marketing doing kind of special, that kind of thing.

Trust me, they're doing it for a reason. Okay, s so i'm kind of looking at that. Getting those kind of queues limited my business.

Put my own spin on it, that's for sure. When you get to that point of you want to start looking out at the outside, you just are competing with yourself at yourself. Store, location.

Um, actually, kind of personal, too, but we're talking storage here. Um, but after a while, like I said, you just kind of doing that kind of goes back to that 1%. Just everyday.

Kind of what I do to improve. What can I do to improve just a little bit every day and as it being a competition with yourself? And I guarantee you when you kind of have that that focus of just looking at your own off marketing your operations and just everything.

Um, man, look at us a snapshot. A year later, you're gonna be leapfrogging your competition because they're not doing that. Okay, that there really are, especially for small, independent operators.

You guys have a flexibility. You could start changing things have a lot quicker than the bigger boys. And that's to your advantage. Okay, embrace it.

And use it and try new things. Okay, that's the fun part. And as you're following me here, i'll be. My whole point is i'll be giving the ideas things to try and stuff like that kind of question yourself and just just try it, okay?

That's the whole point where a lot of the stuff is just just give things a shot, but yeah, except after a while, you'll be competing with yourself, and you will leapfrog everybody else because you're just focus on what you're doing and improving each and every single day. So anyway, that is my five reasons why competition is great. Kay again, thanks so much for being a part of this. Before I go, I want to invite everyone. Thio building a facebook community, had it for a little while but really been focusing on building and up lately. So if I have been seeing the members that grow for those of you did art in it yet, come on, come joining.

Join the group of self storage community dot com again. It's a facebook platform, but it's a lot of fun. Okay, we're building that up.

Can I have some good things going in that group right now. I think we have almost 2200 people in there right now, so it's a good, good like mining community for for everybody again, that's what we're doing or making ourselves better by having this community. So that is the idea.

So again, thanks so much for tuning in for this episode, and i'll say again next time. Take care.

Yes! Self storage competition is a great!

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