The company is primarily known for its burgers. However, the business gradually expands its product mix. At present, customers can purchase other products like chicken and fish, desserts, and breakfast meals. In diversifying its product lines, the company satisfies market demand, improves its revenues, and spreads risk in its business.
The company will not pursue large business segment due to the limited service scope it can provide to such customers at the existing facilities. The market analysis shows that local self-storage rates are substantially higher than the national averages.
Westbury Storage will position itself to the both customer segments as a conveniently located and affordable quality self-storage facility. The underlying need is for a reliable, safe, dry and accessible self-storage facility.
Due to the overwhelming demand, customers are less price sensitive and consider convenient location as the major buying decision criterion. This need originates in the mobility of the American population and the affordability of rental accommodations.
Such customers usually rent 25 to square feet depending on the size of their household and they rent on a weekly or monthly basis. The other cluster of residential customers rents self-storage facilities for longer periods to keep their oversize property like boats or other equipment that either does not fit in their garages or is not used on a constant basis.
Small business customer segment requires self-storage facilities to temporarily store their stock or merchandise. These customers may use the storage facilities more often than residential customers and they benefit from convenient loading areas, extended operating hours and better equiped storage units of bigger size.
In the market to be served by Westbury Storage the average storage rate see section on Competitive Comparison is more than double this amount. Washington Storage in Westbury is a typical example. A 9X9 unit on the second floor also rents for this same amount only because there is no elevator.
All of their units are fully rented! All units within the area were surveyed. The story concerning availability was uniform.
Either the facility was full or only had one or two available units to chose from. E-Z Mini Storage in S.
Centreport said, "There's some turn-over at the end of every month. Leave your name and we will call you when one becomes vacant. The industry has doubled in size each decade.
Returns on investment have been very impressive--often twice that of other forms of real estate investment. The reasons for this have been the mobile society, the tendency to live in rental apartments, and the general increase in the accumulation of property, especially leisure articles such as skis, wind-surfers, exercise equipment, etc.
The industry lends itself relatively easily to financial modelling. The magazine article mentioned earlier explains the economics of an average self-storage project which is of similar size to the proposed Westbury Storage project.
The total building square footage in the model is 41, Westbury Storage is approximately 45, after deducting the office space portion of 9, sq. Westbury Storage's gross revenues will be more than double that.However, because the marketing plan has so much bearing on customer reach and retainment, many other parties will benefit from a strong marketing plan, including the sales department, CMOs, directors, company owners, and consultants or agency account managers.
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