Designing and developing a new self-storage location is a big undertaking. You’re going to invest a lot of time and money in this property, so you want to be sure you pick the right one. Let’s say you’ve done a feasibility study and have two potential sites that are equally viable. You could flip a coin, but if you’re looking for something a little more scientific to help you make your choice, consider psychographics.
What are Psychographics?
Unlike a feasibility study that looks at statistical information about the population, psychographics analyzes attitudes, values, opinions, aspirations, interests, dreams, and lifestyles. Looking the psychographic data may show you that the population near one of your two location is far more likely to rent self-storage than the other.
In a true analysis, you’d have 70 or more profiles to look at, but for purposes of explaining, we’ll look at three and their likelihood to use self-storage. We’ll call them Type A, B, and C. Type is 500% likely to rent self-storage while B and C are 150% and 20% respectively.
Using Psychographics in Site Selection
Now, let’s go back to your two potential sites. Let’s say one site’s psychographics indicate they’re Type A and another is Type C. If all else is equal, it’s a smarter investment to build your self-storage facility on the site near the Type A group.
Alternatively, you can begin with a psychographic analysis to narrow down your target area and then do a feasibility study and market analysis on the best locations. Either way, understanding the potential renters in the area beyond their demographic information helps you hone in on the ideal place to invest your time and money on a self-storage facility.
To get started on your self-storage development and construction project, contact EMAX, Baytown’s self-storage experts.