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Experiencing a fresh challenge, Asher Wren - the VP of growth at Basic/Dept - found himself delving into the uncharted territory of promoting a self-storage company.
Once a new client is onboarded, it's usually standard practice for strategists to delve into market research before tackling briefs. For new business leads like Wren, this digging is a necessity when preparing to pitch prospects, but under the pressures of tight deadlines and limited information.
Wren's puzzle was to seamlessly integrate market research into a pitch that would captivate the storage company, but locating pertinent information about self-storage trends proved tricky. Obtaining reliable data is often costly, considering a single report from prestigious sources like Forrester Research and its competitors sets you back several hundreds of dollars.
However, armed with strategic ingenuity, Wren discovered several cost-effective strategies and resources for gathering insightful data:
Online Resources:
- Research Reports from Academic Institutions: Many universities and colleges conduct research projects resulting in publicly available reports. You can access these gems through academic databases like JSTOR, Google Scholar, or by visiting the websites of business schools.
- Government Publications: Government agencies, particularly those prioritizing small businesses and entrepreneurship, often publish reports on market trends. Example: The U.S. Small Business Administration (SBA) and the Bureau of Labor Statistics (BLS) might harbor useful data.
- Industry Associations: Several industry associations offer free or low-cost reports, surveys, or data specific to their sectors. For instance, the Self Storage Association (SSA) may be a goldmine for the self-storage industry.
- Open Data Platforms: Sites like Data.gov, World Bank Open Data, and similar platforms in other countries might house relevant datasets.
- Company Blogs and Newsletters: Self-storage industry players often publish market insights or trends on their blogs or newsletters. Don't miss out on offerings from Yardi Matrix and Placer.ai for regular self-storage market insights.
Affordable Market Reports:
- Discounted Reports from Research Firms: Negotiating directly with research firms may lead to price cuts on their reports or free summaries.
- Trials or Free Samples: Some market intelligence platforms offer free trials or samples of their reports.
- University Libraries: Access to paid reports can often be obtained through university libraries, which provide students and faculty with access to paid databases and reports.
- Public Libraries: Public libraries may offer access to business databases that include market reports.
Key self-storage trends to focus on:
- Smart Technologies Adoption: The integration of IoT sensors and RFID tracking to bolster security and operational efficiency should not be overlooked.
- Demand for Smaller Units and Climate-Controlled Storage: The growth of small businesses and climate-related concerns has fueled an increase in smaller units and climate-controlled storage spaces.
- Flexible Leasing and Value-Added Services: Offering these can help enhance customer experience and loyalty.
By tapping into these resources, you can gather vital insights into the self-storage industry without breaking the bank. Keep your eyes peeled for opportunities, and you'll find the data you need!
- Asher Wren, the VP of growth at Basic/Dept, challenged himself to incorporate market research into a captivating pitch for a self-storage company.
- To gather insightful data without incurring high costs, Wren researched various cost-effective strategies and resources, such as academic institution research reports, government publications, industry associations, open data platforms, and company blogs/newsletters.
- One of Wren's strategies involved negotiating with research firms for discounted reports or free summaries, as well as taking advantage of free trials or samples provided by market intelligence platforms.
- Wren also uncovered opportunities to access paid reports through university and public libraries.
- In his research, Wren found that focusing on trends like the adoption of smart technologies, the demand for smaller units and climate-controlled storage, and flexible leasing along with value-added services can bring valuable insights into the self-storage industry.
