- Andrew Neal
Developing a catchy referral program for your self storage tenants
Updated: Feb 27
Developing a referral program is an effective way for self storage companies to attract new tenants and retain existing ones. Such a program works by incentivizing current tenants to refer their friends and family to the facility, which can generate new business for the company without having to spend as much on traditional marketing efforts. In this blog post, we will discuss some crucial strategies for creating a referral program that can motivate current tenants to refer others to your self storage facility.
The first step in creating a referral program is to determine what type of incentives to offer current tenants who refer others to your facility. These incentives can come in the form of discounts on future rentals, cash rewards, or even free storage units. However, these incentives should be valuable enough to motivate current tenants to refer others, while not being too expensive that they negatively impact the company's bottom line.
Making the referral process as simple as possible for current tenants is another important aspect of a successful referral program. This can involve providing referral cards or flyers that they can give to friends and family, creating a referral form on your website, or developing an online referral system that makes it easy for tenants to share your facility on social media or via email.
Once a referral program is in place, it's vital to promote it to current tenants through various channels, such as email campaigns or mailed flyers. The referral program information should also be posted on your website and social media accounts, and staff should be able to explain it to tenants if they have any queries.
Tracking and measuring the effectiveness of a referral program is also crucial. This includes monitoring the number of new tenants that are attracted to the facility as a result of the program, occupancy rates, and revenue. Analyzing this data will allow you to make informed decisions about what incentives are working the best and adjust your strategy accordingly.
Recognizing and rewarding tenants who actively participate in the referral program is also important. For instance, creating a leaderboard or issuing certificates of recognition to the tenants who refer the most people to the facility can help increase engagement and participation.
Incorporating the referral program into the loyalty program is another way to boost participation. Offering rewards points to current tenants for each referral they make, which they can then redeem for discounts or other rewards, can make the referral program more attractive.
In summary, developing a referral program is a great way for self storage companies to attract new tenants and retain existing ones. Identifying valuable incentives, simplifying the referral process, promoting the program, tracking its effectiveness, and recognizing the participants are all essential components of a successful referral program. By implementing these strategies, self storage companies can generate new business without having to spend as much on traditional marketing efforts. Transparent communication of the details of the referral program is always crucial so tenants know what to expect.