the sales cycle

How long is the decision cycle for self storage renters? I believe we sometimes think the decision cycle is immediate and end up missing out on rentals. We sometimes assume if a caller or visitor doesn’t decide to store right away, that they are not going to store. Our experience with callers is that 20% of inquiry callers are prepared to make a reservation on their first contact. That is one out of 5. That is quite a few people who are immediate buyers. Of the people who won’t make a reservation, some need a unit right away and others don’t. We have been watching conversion rates and follow-up systems for these Hot Leads. We are seeing a 30% close rate over about a four week period. During our follow-up calls, we see many people’s schedules slow. By this I mean if they were hoping to move the end of April, sometimes they won’t get it all together and move until the end of May. Many times people put the storage unit to the back of their minds. Then when it is time to get the storage unit, they may have out you to the back of their minds, too, and they start the whole process all over again. If you are out of their minds, they may not call you or visit you this time. This leads us to believe that the sales cycle on self storage is often two months. So don’t be too quick to write off a prospect, because they did not rent immediately. Keep following up with new information, sweeter offers and helpful suggestions. A significant number of your leads will rent from you.

Tune in Wednesday of this week to read an entry form Mike Scanlon of the Self Storage Association.

Bye for now, Tron

Tweet This Post 

Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

View admin's Profile      Subscribe via RSS