SpareFoot success metrics tell you about your SpareFoot traffic and customer interactions with your listing(s).
Here’s what we track on your SpareFoot program:
Impressions are the number of times your facility listing appears in a SpareFoot network search for storage. The more impressions you have, the higher the possibility of a customer clicking on your SpareFoot listings. We call this the top of the conversion funnel.
Clicks come after an impression. If a customer sees your facility (impression) and wants to research your pricing, location, or even submit a reservation, they will click on your listing. This is the second tier down the conversion funnel.
If a customer clicks on your listing and likes what they see, they’ll submit a reservation. You’re probably very familiar with reservations – we want to send you even more! This is the third tier in the conversion funnel….THIRD, meaning there are two very important tiers a storage seeker must go through before they even submit a reservation.
The final tier: rentals! Every time you receive a reservation, we’ll send you a notification and then you play an important role to do all you can to move that customer into your empty storage units. If you can rent that customer a unit, then you’ve received a SpareFoot rental!
The Conversion Funnel:
Here's what we measure based on the data we've tracked:
Click-Through Rate: Clicks ÷ Impressions
This shows how frequently storage seekers are clicking on your listing. The higher your click-through rate, the more customers are showing interest in learning more about your facility. You’re making sure customers get beyond search results.
Reservation Rate: Reservations ÷ Clicks
This shows how frequently storage seekers submit a reservation after they view your listings. Your photos look great, you have positive reviews, your amenities are filled out and your inventory is up-to-date…if customers like what they see, you’re on your way to a reservation and a higher reservation rate.
Move-in Rate: Rentals ÷ Reservations
This shows how frequently SpareFoot reservations are turning into rentals at your facility. You called the customer immediately after we sent you the reservation and your customer service is excellent, the customer then came in and rented a unit. During reconciliation, you let us know that the customer move in and you’ve got yourself a SpareFoot rental!
Here’s the final product:
So, why do these metrics matter?
Success metrics matter because they tell you how customers are interacting with your listing on SpareFoot. The more impressions you have, the more clicks you could have; the more clicks you have, the more reservations you could have; the more reservations you have, the more rentals you could have!
Ranking highly in SpareFoot's default search results increases the opportunity for impressions. The higher your facility ranks on SpareFoot, the greater chance you have of your listing being seen by a customer looking for storage. We find that the top five ranked facilities win about 70% of reservations!
Here’s what factors into rankings:
Move-in Rate – The percentage of SpareFoot reservations that move into your facility.
Here are some ways to improve your move-in rate:
- Customer follow-up – ensure you’re reaching out to the customer within 10 minutes of a reservation being made
- Meeting customer expectations – ensure your listing and inventory are accurate and up-to-date and that pricing and promotions are being honored.
Reservation Rate – The percentage of storage seekers that click on your listing and making a reservation.
Here are some ways to improve your reservation rate:
- List your vacant units to ensure there a wide variety of unit groups for a storage seeker to choose from.
- Positive reviews
- 5-10 quality photos
- Amenities and complete listing details – make sure you’re highlighting what makes your facility special.
- Competitive pricing and promotions
Availability – Facilities with more unit variety listed on SpareFoot rank higher. We want to direct storage seekers to facilities with lots of options. This also could help improve your reservation rate!
Bid Rate – If you’re on our OneTime pricing model, this is how the price you pay for each SpareFoot customer that moves in is determined. To adjust your bid, use the bidding tools found in MySpareFoot. A higher bid rate can help make up for temporarily low reservation rates and move-in rates.
Location – Where are you located? We show storage seekers facilities near the areas they’re searching.