Week 4: Self-Storage Business and Technology for millennials

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ENT 655 Week 4: Self-Storage Business and Technology for millennials

We are living in the fast information digital technology world, yet many businesses are trying to keep up with the daily changing and innovation to be noticed or existing in search of potential customers. In this article, I would like the emphasis on the technology trend for self-storage business to be exposed to the millennials and create more purchasing power for now and in the future.

Based on the government census, millennials are people who were born between 1982 and 2000. They are now number 83.1 million and present more than one-quarter of the nation’s population. Millennials are expected to overtake Baby Boomer in population in 2019 as Boomer’s decline to 72 million.

According to a research from Goldman Sachs, “the millennials generations is the largest in US history, and as they reach their prime working and spending years, their impact on the economy is going to be huge. Millennials have come of age during a time of technological change, globalization, and economic disruption. That’s given them a different set of behaviors and experiences than their parents. They are the first generation of digital natives, and their affinity for technology helps shape how they shop. They are used to instant access to price comparisons, product information, and peer reviews” etc.

On the self-storage standpoint, this is not exceptional when it comes to doing business with millennials for years to come. According to self-storage research, “self-storage technology trends are centered around automation and self-service tools.”  Say when they are at “prime working and spending years,” they used to and had a credit card. It is vital to prepare to do business with the tech-savvy customers and the latest available digital tools, mobile user-friendly on mobile devices possible such as iPhone, iPad, tablets, smartphone, etc. It apparently shows people like the instant access and instant communication and the “Instant Messenger” is one of the tools. Business should implement this tool to answer any questions about your products better, reply customer’s reviews and the following feedback. There are many businesses are efficiently using texting reminder, rent reminder, the map with directions. Many mini storage rentals are using booking/reservation online, check in and check out online, e-sign document with online signatures, automatic monthly payment online, gate access by code via phone, etc. Research shows that most people prefer to pay online than carrying a checkbook or mail a check.

Except for some mom-and-pop businesses in the rural, self-storage business nowadays mostly has their own website and conducts daily business online. Self-storage owners/managers want their renters happy at any cost to keep them stay longer. Having those digital tools will help connect, drive more customers to your business, convenient, save time and makes life easier. Keep in mind, the digitally savvy customers increasingly demand and expect nearly everything to be accessible from their smartphone. Make sure your business will not fall behind your competitors, it is important to update regularly your company website, reactive mobile compatible that customers can easily access from anywhere and any available mobile device.

 

References:

https://www.census.gov/newsroom/press-releases/2015/cb15-113.html

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2 thoughts on “Week 4: Self-Storage Business and Technology for millennials

  1. I think it is wise that you’re focusing so much on a target market and trying to address specific needs and strategies of millennials. I too have found that this demographic group needs to be addressed in very specific ways. They’ve grown up with technology which is ubiquitous and enormously powerful. We’ve seen a transformation in pretty much every market because of this technology and they are the masters of those new approaches. More importantly, the non-Millennials are being dragged into those approaches whether they like it or not.

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  2. I have always understood that many millenials try to avoid having too many possessions, and thus, focus their spending more on experiences. I find this to be true for many of the millenials that I know in my personal life. Even with technology involved, if millenials don’t have many possessions, what will attract them to self storage?

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