Public Storage, Inc. | Company Profile, Marketing Contacts, Media Spend, Brands
Public Storage, Inc. is one of the largest self-storage facilities in the world. In addition to its storage services, the company offers other related products and services, such as truck rentals. Public Storage is headquartered in Glendale, CA.
|Main Telephone||(818) 244-8080|
|Main Fax||(818) 241-9489|
Public Storage, Inc. ContactsContacts (5/9)
|Ronald H.||Vice Chairman, Chief Executive Officer & President||CA|
Sample of Associated Brands
|John R.||Senior Vice President & Chief Financial Officer||CA|
|Mark D.||Senior Vice President & Chief Information Officer||CA|
|John S.||Executive Vice President, Property Operations||CA|
|Candace K.||Senior Vice President, Human Resources||CA|
|Public Storage, Inc.||*******|
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Digital Opps: Public Storage increasing digital spend amid declining tenant numbers (Score 57)
Subject: digital, search, TV
Company: Public Storage
Opportunity: During the recent Q3 earnings call, CFO John Reyes said that PS is currently experiencing a softness in demand. The existing tenant base, he said, is pretty much staying the same, but that the struggle is on the front-end or getting people to move in to a unit in the first place. Therefore, to combat this, PS has been advertising more on TV and more online. Sellers, keep in mind that Reyes stated that demand is down around the country and not just in one particular market, so there should be revenue opportunity in all of PS's markets nationally.
Specifically, Reyes said that the company had reduced advertising over the last year, as demand was coming in without the need to really spend more. But due to the recent softness, which is expected to continue for at least the next quarter or two, PS will "definitely" spend more on internet - particularly keyword search terms - than it will on TV. Reyes said that TV response didn't particularly "thrill" him for Q3, but that overall marketing costs will definitely be up.
This decision comes almost a year after David Collins was promoted to VP and head of marketing (he previously served as director of corporate marketing). As we know, promotions do not usually indicate sweeping change - either in marketing strategy or roster shops - but it doesn't mean that change is outside the realm of possibility.
Speaking of PS markets, Reyes stated that the top markets are: Los Angeles (up 7.1% for the quarter), San Francisco (+6.2%), New York (+2.9%), Seattle (+9.1%), Washington D.C. (+2.7%), Miami (+5.5%), Chicago (+1.6%), Dallas and the Fort Worth area (+)6.4%, Atlanta (+7.6%), Houston (-1%), Philadelphia (+5.3%) and Denver (+1%).
Agency readers, Winmo reports that PS's agency relationships are over the average tenure: Publicis's R2C Group handles creative and digital work. Therefore, be on the lookout for possible reviews over the next 12-to-18 months.
Media Spend: For Q3, PS's marketing costs were up 9.5% (about $670,000), which was split evenly between incremental TV and incremental internet advertising. Kantar Media reports that overall media spend for 2015 was $5.1 million. Most of this was allocated to cable TV and syndication ($2.9 million) and digital search ($1.9 million).
For the same period 2015, PS spent around the same amount - $3.9 million.
Digital Breakdown: Per Pathmatics, total digital spend for 2016 has been only $26,000 (1.4 million impressions). All of this was spent on online video ads and all ads were placed site direct. Top destinations included: youtube.com, cantonrep.com, melskitchencafe.com and lotterypost.com.
While this isn't much spend, it is much more than the $1,000 spent for the same period 2015.
701 Western Ave.
Glendale, CA 91201
Vice Chairman, Chief Executive Officer & President
Head, Marketing & Vice President