My Marketing Budget

Good Morning Store Nation,

Cheltenham is an amazing place … But it cost me a small fortune. Actually looking forward to getting back to work 🤓 

We’ve had a very solid start to the week … 14 reservations in 3 days … not a bad start

Heres yesterdays results

Yesterdays Stats …

• 5 Reservations

• 2 Move Ins

• 3 Move Outs

Lets … Do … This …

Here's what's coming your way today 😎🎯

🤐 A Self Storage Tip - “What % of your turnover is your marketing budget?? 🤔”

🤝 3 Self Storage News Stories

🧐 Yesterday’s figures for each facility

🥸 1 Meme of the day

Self Storage Tip 💡 💰 🤑

What % of your turnover is your marketing budget?? 🤔

I have a different approach to this …

I’ll explain all later but to answer the question, here’s my %

Turnover = £1,800,000

Monthly Turnover = £150,000

Current Marketing Cost Per Month = £7,000

Marketing % of Turnover = 4.6%

Top Tip …. Get a credit card like an Amex and fly business class with the air miles you accumulate 👏

How does that compare to other industries and businesses

I have a friend who has a franchise and he HAS to spend 4% of his turnover on local marketing

On top of that, they have to contribute 3% to their National advertising campaigns

Friends example = 7%

I then did some research and found some interesting data -

B2C (business to customer) spend on average 5 - 10% of their turnover on marketing

B2B (business to business) spend on average 2 - 5% of their turnover on marketing

I found that fascinating as I expected B2B to more than 2 - 5% 🤔

Here’s some more interesting data from Experian around small businesses

New Business allocate between 12 - 20% of their turnover on marketing

Established business allocate between 6 -12% of their turnover on marketing

Interesting information around small businesses and to be fair it’s much the same with our storage sites

When they first open we are more aggressive with marketing

When they become mature we do tend to spend less on marketing

IE Beverley, we don’t spend a penny at the minute on marketing

So here’s where my viewpoint differs from most …

I don’t want to be confined by a % of my turnover on marketing

If my marketing has a positive ROI why would I turn the add spend off?? 😳

For Example -

If my LTV (Customer Life Time Value) for a customer is £1,190

And it costs £125 to get that customer

Why on earth would turn off the marketing because I’ve gone over my % of turnover ?? (proving we can accommodate the customer)

EQUALLY

Beverley’s turnover is £200k

At 5% that means I should be spending £10k a year on marketing

Around £800 a month

But Beverley is always 90% ish full

We get enough quotes through organic searches

It would be a totally waste to spend a % of turnover on marketing

So the takeaway here is understand your numbers, understand your business and DO NOT be confined by industry norms

You and your business are unique ♥️

Industry News 🧐

• Extra Space Storage Inc. Share Price Target ‘$155.86’, now 4.3% Upside Potential

• You’ve Caught the Wave of Self-Storage Technology … Here’s How to Ride It to Success

• A Really Good Squeeze: How to Get the Utmost From Your Inside Self-Storage World Expo Experience

The Fun Bit - My Business .... Bare Butt Naked! 😲 🤫 🤭

Willerby (Hull) … My Big Site

• 3 Reservations

• 2 Move Ins

• 1 Move Outs

Month to Date -

• PLUS 620 Sq Ft

Reservations so far this week = 4

Move Ins so far this week = 4

Clough Rd Figures ... The Automated Site

• 0 Reservations

• 0 Move Ins

• 0 Move outs

Month to Date -

• PLUS 210 Sq Ft

Reservations so far this week = 2

Move Ins so far this week = 3

Beverley … My Baby (First Site)

• 1 Reservation

• 0 Move Ins

• 1 Move Outs

Month to Date -

• PLUS 395 Sq Ft

Reservations so far this week = 2

Move Ins so far this week = 1

Wrexham's Figures (Indoor) ... My First Acquisition

• 0 Reservation

• 0 Move Ins

• 1 Move Outs

Month to Date -

• PLUS 505 Sq Ft

Reservations so far this week = 2

Move Ins so far this week = 0

Mansfield Figures … My New Site

• 1 Reservation

• 0 Move Ins

• 0 Move Outs

Month to Date -

• PLUS 305 Sq Ft for the month

Reservations so far this week = 4

Move Ins so far this week = 1

Meme / GIF of the day - 👀 😂 

Health and Fitness ... Move More = Live Longer - 🏋️‍♀️ 🏃

Weekly goals -

• Gym - 4 times

• Run - 20 -25 miles

• Boxing - 0

Results so far -

• Gym - 0

• Run - 3.5 Miles

• Boxing - 0

Yesterday’s Steps - 17,293

Loads of self storage love,

Dean ❤️ 🙃