Thread: Put a Stanford MBA to work

My family has owned a self-storage unit in Sacramento for the last 20 years. I'm currently taking some time off from the business to pursue my MBA at Stanford University.

Combining what I've seen in our family business with what I'm learning now, I strongly believe there are real opportunities to bring new technology/software and business innovation to the public storage industry. My experience is limited to only one self-storage complex, so I'm hoping to learn more about the problems you face with your business.

I've recruited an awesome team of Stanford students with expertise in marketing, strategy, finance and technology/software. We all have had experience in public storage and are frustrated by the lack of innovation.

We're reaching out because we are dedicated to creating something to solve your company's most pressing problems -- we will work as a team to build a new product or service for your business and give it to you before the market sees it. We're motivated by solving real problems for real people, not money.

To start the thread, what is the single worst / hardest part of your business? Can you imagine a solution that you would love to see exist?

the worst part of my business changes daily. this week it's tenants moving out and leaving their lock on an empty unit, or worse yet, a unit in which they have taken all the good stuff with them and leave behind the broken, ripped, and stained junk that they no longer want.

Next week my biggest problem will be those last 20 people who haven't yet paid their rent for July.

Originally Posted by StanfordMBA

My family has owned a self-storage unit in Sacramento for the last 20 years. I'm currently taking some time off from the business to pursue my MBA at Stanford University.

Combining what I've seen in our family business with what I'm learning now, I strongly believe there are real opportunities to bring new technology/software and business innovation to the public storage industry. My experience is limited to only one self-storage complex, so I'm hoping to learn more about the problems you face with your business.

I've recruited an awesome team of Stanford students with expertise in marketing, strategy, finance and technology/software. We all have had experience in public storage and are frustrated by the lack of innovation.

We're reaching out because we are dedicated to creating something to solve your company's most pressing problems -- we will work as a team to build a new product or service for your business and give it to you before the market sees it. We're motivated by solving real problems for real people, not money.

To start the thread, what is the single worst / hardest part of your business? Can you imagine a solution that you would love to see exist?

Cool thread, glad you found our forum! I hope you find some interesting discussions and problems here that you and your colleagues would like to take on as part of your MBA project. If Inside Self-Storage (the parent brand and publisher of ISS magazine) or SST can help you in some way, let us know.

Welcome Stanford, nice to meet you. My first suggestion to you is to not refer to self storage in general as "public storage." That moniker conjures up all sorts of feelings amongst us "other" storage folks. I haven't had time to give your query serious consideration but the first thought that springs to mind would be a technological innovation. The person that devises a way to sort out the crazies and loons that appear normal at first and zap them from our offices before they execute a contract would truly be a modern miracle. Think of all the cost savings in terms of dealing with their destruction of property, improper use of our facilities and the legal costs that can be associated with trying to rid ourselves of them.

Seriously if anything of note pops into mind I will be back. Good luck!

Hey I've got a ton of ideas but my best ones are a bit propietary ... and of the grandiose business model variety. However, I've wondered about these -

Otherwise, low cost cart trackers. I hate losing a $250 cart when someone takes it or more often rolls it into their unit.

Door alarms are great but what about over the top intrusion beams for mesh and open top locker systems

Fullying self guided and automated rentals apps are basically here now but that was one I liked and had on the wish list

Better remote gate operating systems ... probably something available but i hate it when you've got a gate issue and your out of the office or far from the gate controls it'd be great to be able to verify your tenant whose contacted you from the keypad via monitor and then be able to open the gate seamlessly via your smartphone.

BTW, this is a cool offer - thanks!

The troubles do change from day to day, but I'm with Madman. I think something like Sitelink that's web based, but can be used on your ipad, tablet or smartphone. Something that controls many different aspects of the facility in only place. Something I can carry through out my facility and take care of things whether I'm in the office or not. Trigger gates, check accounts, answer phone, check availability, reset my security software.....etc. Kind of like Bill Gates' smart house. Good luck. Let us know how the research goes.

Thank you for the warm welcome to your community! I really appreciate the thoughtful responses. These are some great insights that I definitely wouldn't have thought of myself.

Out of curiosity, how do you think about pricing for an individual customer? Is there any consideration for utilization rates, competitor pricing, expected customer lifetime value, customer type (eg, commercial vs. residential), etc.? I ask because my family business doesn't think about pricing this way, but could potentially benefit from a software tool that, based on a few input assumptions, would automatically tell you what price you should offer to maximize your overall profits.

Also, how do you think about bringing in new customers? We battle it out for customers on Google, but there has to be a better way. We are trying to rank in the top 3 for "Sacramento self storage" and similar key words, but in reality, we find 90% of our customers are within a 5 mile radius (meaning we are fighting for customers who are too far away).

To this point, we've heard that online video can help our search rank -- would you use an online tool that allowed you to to create a professional video by uploading (a) images of your facility, (b) a short clip from your iPhone (optional), and (c) basic information about your facility? What else would you want to include in your video?

Finally, would you pay for referrals from apartment complexes and moving companies? If there was a network of apartment complexes in your area that would hand out your company's flyer to every customer who walked in the door, would you use it? Would you also recommend other businesses in exchange for a referral fee?

Thanks again!

Originally Posted by StanfordMBA

To this point, we've heard that online video can help our search rank -- would you use an online tool that allowed you to to create a professional video by uploading (a) images of your facility, (b) a short clip from your iPhone (optional), and (c) basic information about your facility? What else would you want to include in your video?

Finally, would you pay for referrals from apartment complexes and moving companies? If there was a network of apartment complexes in your area that would hand out your company's flyer to every customer who walked in the door, would you use it? Would you also recommend other businesses in exchange for a referral fee? Thanks again!

I have heard that online videos do quite well. We don't have any for the company I work for, at the moment. I do know of a storage facility that was inspired by T-Pain with a music video they posted. They have had a lot of responses from their video that highlights their Free Move Truck. You can watch it here.

As for what you said about apartments... I have an awesome relationship with my apartment complexes. I had one lady ask for a stack of my flyers and posted them all over her property, and asked for a digital copy to email new/potential move-ins. We do give referral checks to apartments that referr people to us if they are allowed to accept them. The ones that cannot accept referrals, we give them gift cards to local businesses. (For example, the flyer lady mentioned above loves the local Seattle-Style coffee shop (not Starbucks), so we give her a coffee card to Hill of Beans). To help the apartment complexes, I have a little table in the corner with their brochures. I point people that are planning to move the area to the corner and advise them to ask to take a tour of each complex in the area so they can find their best fit.