EXTRA VALUE: 2019 ANNUAL REPORT
With over one million units across the country, we are always acquiring new customers. In fact, every month we attract and execute leases with approximately 70,000 new customers, giving us a deep set of data and a comprehensive understanding of customer behavior. The landscape of marketing changes rapidly in the digital era, and we’re equipped to stay ahead of it. To do so, we employ the sector’s deepest team and we partner with industry leading external resources to set up an agile infrastructure to adapt to the constant change. Through sophisticated digital marketing strategies, we identify high-quality prospects, drive them to our stores and convert these leads into rentals at high conversion rates. Our expertise in search engine optimization, pay-per-click advertising, social media marketing and brand management all help drive customers to our website, our call center, and ultimately to our properties.
We have consistently been one of the most innovative players in the digital marketing game, and currently serve as a member of Google’s Advisory Board. Once a customer starts investigating Extra Space as a storage solution, they’re presented with a consistent and frictionless customer experience that allows them to quickly resolve their storage need. Our customer communication makes interactions with Extra Space positive and reaffirming of their choice to store with us.
"Our platform continues to out-pace the competition with thoughtful, data-driven innovation. While the marketplace is competitive in some advertising avenues, we’re diversifying to continue to drive high-quality traffic to our stores; allowing our proprietary revenue management systems to optimize our conversions."
JAMES L. OVERTURF
Executive Vice President and
Chief Marketing Officer
Our pricing is driven by our proprietary revenue management system, which has been refined through years of testing and optimization. Occupancy, rates, discounts and advertising are all tools we use to maximize revenue for each of our 1.3 million units. The use of these tools is driven by our revenue management algorithms. We are currently in our third generation of our revenue management system that was created and is constantly being improved by our in-house data science and pricing teams, employing a dozen of the brightest minds in the field.
Our scale, with millions of customer data points, adds strength to our approach. We use data to drive our decision making, allowing us to improve. Our scale also provides us with unique opportunities to control our expenses, and to build a concrete digital and physical presence in each of our markets. As we grow our portfolio, refine our approach, and continue to execute our strategy, our platform continuously improves giving our shareholders extra value over the long term.
MARKETING
CALL CENTER
RESULTS
REVENUE MANAGEMENT
Our marketing team is data-driven and focused on digital innovation and customer experience as it uses a variety of avenues to drive customers towards the Extra Space Storage Brand.
In an increasingly mobile world, our call center is focused on customer acquisition. Letting people do business with people, our agents use proprietary software to make interacting with Extra Space efficient and positive.
Our data scientists and revenue managers are focused on innovation and testing as they work to drive more rentals and maximize revenue.