Would you like to improve the profitability of your storage unit business? Measure the performance of your business using the following metrics that will indicate either a need for improvement or demonstrate a growth pattern. Either way, use this storage unit business plan to conform your metrics to your objectives and marketing strategies.
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1. Lead-to-Conversion
Do potential customers become active customers of your storage unit business? This metric will answer this question. To measure it, divide the number of monthly new leads with the number of monthly new customers. If improvements are needed, increase sales team training and examine the quality of your storage unit business in light of competitor offers.
2. Sales Revenue
This general metric is a broad overview of the sales revenue produced by your storage unit business. To measure, the cost of out-of-service units are subtracted from the total of all income. Use the metric to increase the number of sales by improving sales efforts or reducing costs.
3. Net Profit Margin
Looking further into metrics, you’ll want to subtract your sales expenses from the monthly revenue to determine a net profit margin. The higher the profitability, the better-positioned the storage unit business will be for long-term growth.
4. Website Traffic
This is an especially useful metric if visitors can locate and/or rent units via the website. Calculate the number of visitors per month, as well as follow through to link to services or additional information. If web performance is lower, consider adding further information and links to fully enhance the website.
5. Employee Satisfaction
The managers of a storage unit business, some of whom live on-property, are critical to the sales performance of the storage unit business. Use anonymous polls or surveys to determine satisfaction and make improvements to increase satisfaction as needed.
6. Customer Lifetime Value
It is important to assess the current status of the storage unit business and equally important to consider the long term value of customers who return to rent storage units. This metric forecasts the average number of customers who will return based on the prior numbers of customers who returned for further services.
Examining metrics for your storage unit business offers more than a cursory look at performance; they assist in highlighting areas to improve, enlarging marketing campaigns, ensuring employee satisfaction and creating long-term growth and profitability.
