Self Storage Lab swivl

Welcome to the Self Storage Lab — where we deconstruct how operators are adapting to today’s technology-driven landscape and how it might impact your business.



This episode explores the critical transition from manual to automated access and security systems in the self-storage industry. It highlights the drive for automation prompted by competitive market dynamics and evolving consumer expectations, particularly from younger, tech-savvy customers.



Guests Eric Gardner, Director of Marketing at Five Star Storage, and Lynn Sykes, Sr. Vice President of Operations at Storage Asset Management, discuss the benefits of sophisticated access and lock systems, including enhanced customer convenience and security, and the operational efficiencies these technologies offer. They delve into the importance of selecting compatible service partners, the impact of these systems on customer service and the staff experience, and the financial considerations of adopting new access control technologies.



The conversation also touches on the need for thorough training and the integration of new technologies with existing systems to ensure seamless operations and enhanced customer satisfaction.



Episode Guide

01:14 Introduction and Personal Journeys

04:17 Exploring Access Control: Definitions, Changes, and Customer Expectations

05:36 Exploring Access Control Systems: From Manual Gates to State-of-the-Art Technology

08:17 The Impact on the Customer and Staff Experience

14:13 The Data-Driven Approach: Leveraging Insights for Strategic Decisions

17:49 The Impact of COVID-19 on Access Patterns and Technology Adoption

20:28 Remote Management and the Role of Technology in Customer Satisfaction

22:49 Technology Adoption and Measuring ROI

26:28 Budgeting for Technology Upgrades in Self Storage Facilities

32:33 Exploring Customer Reviews and Shopping Habits

33:20 The Importance of Customer Service and Service Partners

35:50 Managing Remote and Hub-and-Spoke Locations

38:39 Adopting AI and Security Technologies

44:06 Innovative Access Control and Security Measures

47:22 Marketing Strategies and Customer Communication

53:36 Preparing for Technology Transitions and Upgrades

57:58 Enhancing the Customer Experience


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Today’s episode will be the final episode on our special series covering our report on the State of Technology in Self Storage. We discuss our main takeaways from analyzing over 2 million customer conversations used to optimize day to day operations, and cover topics including patterns in customer inquiries, most frequently asked about unit size and amenities, and much more.

If you haven’t already, go download the second edition of our industry report directly on our website We cover a ton of data points focused on how operators should think about putting The Modern Customer at the center of their universe.



Mentioned in this episode



Understanding Customer Inquiries: Service vs. Sales

Our analysis revealed distinct patterns in customer interactions, primarily divided into service-related and sales-related conversations.


Service dominates: Approximately 70% of inquiries are service-related, highlighting the need for efficient account management and payment systems.
Sales opportunities: The remaining conversations focus on unit availability and amenities, signaling strong sales leads.



Operational Efficiencies Through Automation

Automated systems are proving to be a game-changer in managing routine tasks, significantly reducing the operational burden on staff.


Automating routine tasks: Solutions like bill payments and account updates through automation help streamline operations.
Enhanced customer service: Automation not only saves time but also ensures consistent, high-quality customer interactions.



Trends in Customer Behavior

Our analysis unearthed interesting trends regarding customer preferences and behaviors, which can inform targeted marketing and service offerings.


Short-term storage needs: A noticeable shift towards shorter rental periods, with many customers inquiring about monthly or even weekly rentals.
After-hours inquiries: A significant volume of messages arrive outside traditional business hours, suggesting the importance of 24/7 customer service options.



The Rise of Digital Communication

Digital channels are becoming the preferred method for customer interactions, offering opportunities for real-time engagement and support.


Preferred communication channels: Customers are increasingly choosing text messages, web chat, and other digital platforms over phone calls.
Channel effectiveness: Analyzing which digital channels lead to higher conversion rates or more efficient resolution of service issues.



Seasonal Variations and Customer Needs

Our data also highlighted seasonal patterns in customer inquiries, which can help operators anticipate fluctuations and adjust their strategies accordingly.


Seasonality in self-storage: Insights into how customer needs vary by season, informing inventory management and promotional activities.
After-hours engagement: A significant volume of conversations occurs outside of traditional business hours, suggesting the need for around-the-clock support options.



Looking Ahead: Personalization and Precision

The future of self-storage lies in leveraging data to offer personalized experiences and optimize operations based on precise customer insights.


Granular data analysis: The potential to break down data by location or specific customer segments for targeted improvements.
Innovative communication strategies: Exploring new channels and technologies to enhance customer engagement and satisfaction.



As the self-storage industry continues to navigate a technology-driven landscape, understanding and adapting to customer needs through data analysis will be key to staying competitive and delivering exceptional service. Our findings underscore the critical role of automation, digital communication, and personalization in shaping the future of self-storage operations.


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Hoping to stand out in this competitive landscape and focus inwardly on improving operational efficiency, operators are looking to the integration of innovative technology and the inclusion of customer-centric amenities within their facilities.

Today’s episode will be part 2 of 3, where we'll touch on the state of technology being utilized today throughout the industry. We start by breaking down the different tools available to operators, big and small, to help run their day-to day, plus how automaton can make you a better operator.

Mentioned in this episode:

Intro to Technology

We asked ourselves the following questions.


What issues were operators trying to solve this year? / What was top of mind this year?
What to look forward in the coming year?


Online Presence Breakdown

The rise of digital marketing has created different touch-points for customers to engage with your brand. Prospects are now further down the marketing funnel when they eventually talk to your store team. They will have already visited your website, read some reviews, and perhaps browsed through your rates. You have to ensure you can service prospects and tenants wherever they are.  



Back of Office Breakdown

The back of office tech stack is the core of running and operating your self storage operations. These tools help an operator easily manage, monitor, and run their stores and their teams. These directly impact operations, revenue, and tenant management and support measures.



Facility Operations Breakdown

Over the last year there’s been a big push on this front. We’ve seen a lot of good stuff at trade shows related to state of the art hardware and software tools. These tools are helping operators streamline facility operations by helping to reduce operating costs and drive a renewed focus on their IN-STORE customer experience.



If you haven’t already, go download the second edition of our industry report “The State of Technology in Self Storage”. We cover a ton of data points focused on how operators should think about putting The Modern Customer at the center of their universe.



We also unpack over 2 million conversations with customers in the past year. We think you’ll really like it.



Stay tuned for Part III where we explore the entirety of swivl’s conversational data trends and how AI is impacting Self Storage today.


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Consumer behavior has changed and operators need to rapidly adopt technology to stay current in today's economic landscape. Just last week, we put the final touches to our newest edition of the State of Technology in Self Storage. Building off of two years of data and a mass surge towards AI-driven experiences, the report highlights unique insights to showcase how new technologies are affecting the industry.



This special series will be divided into three episodes, going over the main sections of the report:


The Trends our data showed us about the average self storage operator and customer
The key business areas that will be impacted by AI and new technologies.
And, the main takeaways from over 2 million customer conversations used to optimize business operations.

Today’s episode will be part 1 of 3, where we will explore the trends we uncovered from our data and, how operators are adapting to what we call, the Modern Customer.



Mentioned in this episode:



A Year in Review


Recognition of the challenging past 12 months affecting various industries
Tight budgets and cautious spending in response to economic challenges
Changing consumer behavior and the need for rapid adoption of technology



Trend 1: Efficiency Matters


Learn how operators are reassessing their operational stack, optimizing teams, tools, and data to enhance the customer journey's
Addressing organizational bloat and improving overall journey for customers
Emphasis on intelligent automation and resource optimization



Trend 2: Conversations as Meaningful Experiences


Prioritizing customer experience for immediate engagement
The significance of two-way conversations, cross-channel interactions, and deeper customer insights
Empowering customers and creating personal connections



Trend 3: Augmented Intelligence


How are operators leveraging augmented intelligence today
Moving toward a data-driven culture and utilizing machine-generated insights
The focus on workforce evolution and the benefits of an augmented approach



Trend 4: Breaking Silos


Importance of breaking organizational, data, and mentality silos
Embracing team sharing and access to diverse data sources
Overcoming challenges of fragmented customer experiences and duplicated efforts



Common Thread: The Modern Customer


Placing the customer at the center of business decisions
Catering to the expectations of the modern customer
Addressing generational demand and preferences
The significance of seamless and convenient access to physical facilities



Stay tuned for Part II where we explore the technology and customer-centric amenities that operators are investing in to stay competitive.




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In this episode, we nerd about about all things genAI — a year in review:


We give a recap of genAI’s impact this year, and highlight a few areas of impact

Economy and the markets

“Generative AI, the broader tech category ChatGPT falls under, has been projected to add up to $4.4 trillion in value to the global economy per year thanks to productivity boosts.”


Re-skilling as a job, and the new roles sprouting up this year


We dive into Reinforcement Learning from Human Feedback (RLHF), and how central this concept has been for the major LLM players.
The team discusses some of the “wins” of the year, while also some “fails”

In the win corner:

Major updates and breakthroughs
chatGPT passes almost every professional test
impact to the economy


In the fail corner:

Bing Chatbot's other personality, Sydney.
Work Disruptions and hallucinations
Concerns about the technology were a central focal point of the writers and actors strikes.
The arms race to build the data centers that power AI models is sucking up scarce water resources.




The team also discuss some interesting developments in AI

What the top players did right; in-depth takes about OpenAI, Google, Microsoft, Meta, Apple, Midjourney, Adobe, and more.
Other than LLMs, some of the other model types to keep an eye on: Vision, Audio, and hardware
Multimodality is mentioned as a huge aspect and the hosts predict its growth in the coming year.
Auto GPT and using agents to complete tasks is a fascinating possibility.
How hardware and new interfaces will be critical to the success of AI


At the end of the episode, the team speed runs through some “hot takes” of what is to come. Wait until you listen to Kyle’s thoughts.
Resources

ChatGPT: A Year in Review
State of AI in 2023
$4.4 trillion in Value to Global Economy
OpenAI's ChatGPT turns one year old; what it did (and didn't do)
ChatGPT continues to be one of the fastest-growing services ever
A link to all of the tests chatGPT completed— HERE




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It appears that there is a continuous stream of groundbreaking advancements in the realm of artificial intelligence, occurring on a weekly basis.

At the end of October, the Biden Administration released a sweeping order on artificial intelligence with the goal of promoting the “safe, secure, and trustworthy development and use of artificial intelligence.”

In today’s podcast, we nerd out on the key points of the executive order, the winners and lowers of the new guidelines, and dive into how it affects the technology landscape as it relates to the Self Storage industry. Enjoy!

In this episode, we discussed:


The Future of AI

Recent groundbreaking advancements in AI
What if the AI is smarter than us?
What do you define as AGI?


Overview of the Biden Administration's executive order on AI

Comments from the team
Regulatory Capture
Commentary from major AI and tech players
What’s missing from the EO?
Other important announcements on AI


AI in Self Storage

Analysis of the executive order's impact on the self storage industry
Similar to GDPR or CCPA
The different groups it affects and pertains to


Takeaways

Winners vs. losers
Regulation of large vs. smaller models
Watermarking, data sharing, privacy, and IP rights


Resources

Official White House Fact Sheet
100 Page Executive Order
AI Safety Summit in England’s Bletchley Park
Alan Turing
AI.gov
Andrew Yang on the Executive Order
Google AI Chief says there’s a 50% change we’ll hit AGI in just 5 years (Article)




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