2021 ANNUAL REPORT
Our platform for selling storage to customers continues to outpace competition due to thoughtful, data-driven innovation. The marketplace for storage can be competitive, but we are constantly refining our approach to drive high-quality traffic to our stores, allowing our proprietary pricing and revenue management systems to optimize conversions and maximize revenue.
We have over 1.2 million customers who find Extra Space from just about every channel imaginable. Whether a customer’s journey with Extra Space begins through Google Ads, social media, influencers, or just by driving by their local facility, we create a consistent brand offering. Our team of customer acquisition experts has been focused on building an omni-channel experience, where no matter how you interact with Extra Space –online, over the phone, or in-person – you’ll find a consistent and efficient experience. We use our state-of-the-art technology to leverage data gained from every customer interaction to give us a comprehensive understanding of customer behavior.
Over 1 Billion
CUSTOMER DATA POINTS ANALYZED
1.3 MILLION
CALLS FIELDED BY AGENTS
Marketing changes rapidly in the digital era and we are equipped to stay ahead of it. We have prioritized having the best technology and marketing team to adapt and even benefit from the constant change. We pride ourselves on our agility to innovate, quickly implement, and see the results. Through sophisticated digital marketing strategies, we identify high-quality prospects and guide them to lease with us. Our expertise in search engine optimalization, pay-per-click advertising, social media marketing, and brand management all help drive customers to our online rental, our call-center, and ultimately to our properties, at a low cost per acquisition.
Our pricing is driven by our proprietary revenue management system, which is continually refined through constant testing and optimization. Occupancy, market data, and customer data all help drive our rates, discounts, and advertising strategies in each specific market. We use these tools to maximize revenue at each of our 2,000+ properties, and due to the strong fundamentals in 2021, we experienced very strong rate growth across our portfolio. We are currently in our third generation of revenue management systems that were created and are constantly improved by our in-house data science and pricing teams, employing dozens of the brightest minds in the field. Our pricing continues to be nimble and adaptive, performing well even in changing landscapes like those caused by COVID-19.
Once a customer starts investigating Extra Space as a storage solution, they’re presented with a consistent, frictionless customer experience that allows them to quickly resolve their storage needs in the channel that is most convenient for them. This includes leasing online, over the phone or in-person, and we’ve begun testing additional channels such as kiosks, mobile phone applications and more. Through these processes, customers can get a gate code, be guided by a digital map to their unit, and begin storing in rapid time, 24/7. Our goal is to create an omnichannel experience that meets customers where they want to meet us, giving them more options to have a customer experience that best suits their needs.
