Many self storage owners and managers have no idea what the return on investment is for each ad source. There are many reasons why tracking your marketing is important. By tracking your marketing, you will help cut ineffective marketing. You could be spending a lot of money for an ad that does not give you any ROI. Tracking your marketing will help spot seasonality with certain advertising efforts, and you will know what your average cost per customer is.
There are many different methods of tracking. The first method would be tracking numbers. Tracking numbers allow you to verify where each call comes from, listen to the calls, be notified of missed calls, and identify the geography of the caller. The second method is web analytics. Web analytics show you how people are finding your website and if they are converting into rentals. Web analytics also allows you to track pay per click spend and other online sources you are paying for to get website traffic. The third method is coupon codes. Tie in a special promo code to different pieces of advertising to help track where the person found you. Usually this is found on special offers you have such as “1st month free- mention promo code…..”
Building a database will help your marketing. Keep a record of each renter you were able to track back to a source. The revenue generated from each renter should be figured into the total cost for the ad source that generated the renter. You will know your cost per customer and ROI for each ad source. This helps plan your budgets and know what your average cost per tenant is.
The goal is to trust each ad source, but verify what they are doing. You should never cut something without properly tracking it. Cutting marketing that is not generating an acceptable return should be a common practice to help save hundreds, maybe thousands of dollars in the long run.