Your Self Storage Marketing Budget is Not An Expense, It’s An Investment

It goes without saying that today’s consumers no longer scan the Yellow Pages and check local newspaper ads to find you. Marketing is constantly evolving; and, as a busy self-storage entrepreneur, it’s hard to stay on top of the current best practices. Understanding the latest platforms and mastering the newest digital marketing challenges are tasks that should be left up to the professionals. That, of course, will require you to invest in the future of your business.

Notice the use of the term “invest.” The funds that you spend on your marketing budget are an investment, not an expense. Marketing is not the same as opening a box of pens or buying a new printer. It’s a direct, long-term investment in your business, from which you will see growth in your brand and your profit. Here at FineView Marketing, we can optimize your marketing plan to maximize your return on investment (ROI).

How to Treat Your Marketing Budget Like an Investment

Cutting Back on Your Self Storage Marketing Budget Could Ultimately Cut Your Profit

According to Investopedia, 14% of small businesses fail because of poor marketing.

Great marketing doesn’t cost money, it makes money. When you spend money on a marketing initiative, you’re looking for a return on your investment. That being said, marketing investments don’t always pay off in a way that will make immediate sense to you.

For example, a well-designed, user-friendly website that engages customers and converts leads is almost always a good investment in your company’s future. The ROI of that website, however, can be negative if other components are incorrectly factored into the marketing program. The website is one part of a more complex whole. There won’t be growth in your business if your social media strategy and other components of the plan aren’t in place.
Measuring ROI is great for measuring individual campaigns within the greater whole. In any case, you have to keep your focus on the big picture, not the expense.

Look at Your Self Storage Marketing As An Asset

Marketing is an asset because it drives revenue. Even when money is tight, focus your dollars on getting your brand’s message to your prospects. If your property is new or in a highly competitive market, your marketing efforts will require a large segment of your budget. If you’re already established, or the only facility in town, you can decrease your budget. No matter what the circumstances, marketing should never be eliminated. Without a marketing plan, potential customers may not be aware that your business exists.

Start to Plan Your Budget

Plan Your Budget Based on Marketing Goals

Once you start to see your marketing strategies as an investment, it’s easier to plan your budget based on your goals.

Your budget is going to be based on your revenue and goals and will depend on the type of marketing campaign that you need. Do you want to convert leads, improve brand awareness, increase customer loyalty and retention, or manage your online reputation with reviews and referrals? Budget items should include elements like website development, search engine optimization (SEO), content marketing, community marketing, and social media. An effective strategy should combine both online and offline marketing in one complete package.

Measure Your Results

In today’s world, most marketing efforts are trackable. Your self storage marketing company will be able to track all of your campaigns. Measure your results against your goals. This comparison should help you determine what to change, add or eliminate. Keep in mind that you shouldn’t always abandon a program based on metrics alone. If a campaign didn’t perform as expected, do some digging to determine whether it was truly the wrong tactic or simply needs a minor adjustment. For more information check out, Which Metrics Should You Be Tracking on Your Self Storage Website.

Takeaway

Your brand won’t depreciate like a car. If you treat your marketing budget like the valuable investment that it is, it will reward you with a thriving business and substantial profitability.