As a parking facility owner or manager, you have two main goals: provide an exceptional customer experience and maximize revenue.
Numbers show that the parking industry has recovered from the COVID-19 pandemic. In 2020, revenues were only $58 billion, 56% less than in 2019. In 2023, projections for revenue come in at about $144 billion, a 10% increase over 2019. However, you must continually hone your approach in this highly competitive parking landscape.
Start with the right customer engagement tactics to maximize revenue and give your customers an exceptional experience.
Meet Customers Where They Are
Identify your customer mix. For example, are there more transient customers, or do you have more monthly permit holders? Does event parking account for most of your business? Are drivers visiting commercial establishments or healthcare facilities, or do you have more of a bar and restaurant crowd?
Monthly permit holders might respond well to a social media presence or find your facility via an online search. Restaurant and bar-goers may be more likely to make reservations using a mobile app or event ticketing platform. Others might want to avoid installing an app. Instead, that group could prefer to scan a QR code at the parking facility entrance that allows them to pay for their space.
Match Customer Expectations & Preferences
When you know your customers, you can tailor their parking experience. Consider ease of use for tech and garages, available payment methods, effective signage, and of course, customer service.
Signs should have high-contrast lettering for legibility and be adequately maintained. At some locations, you should include two languages so they are readable for all facility users.
There are more electric or hybrid vehicles on the road every day. These drivers expect (and need!) to charge their cars. Providing EV chargers helps ease parking visitors’ anxiety about whether they’ll have enough power to make it to their next destination.
Manage Resources Efficiently
Managing your resources efficiently includes employing dedicated workers, making the best use of your current employees, choosing loyal partners with values that match your company’s, and streamlining processes.
Attracting excellent workers involves increasing wages. Consider them an investment in your team’s satisfaction, translating to more conscientious workers and more revenue for your company. Creating an inclusive culture that people want to be part of will help you keep those dedicated employees.
LPR Technology (license plate recognition technology) can quickly read and capture data from hundreds of license plates. This creates cost and time savings, allowing you to use employee talents elsewhere.
Lastly, be ready to manage all customer service calls quickly, empathetically and at all hours of the day or night. You don’t want a driver waiting behind a closed gate until an employee shows up! The longer it takes to resolve these calls, the more time and money your company wastes. A comprehensive process, whether through an on-demand virtual ambassador or a responsive customer service center, ensures your customers aren’t inconvenienced, and your revenue doesn’t fall.
Ensure You’re Capturing All the Revenue You Can
Consider the following example: You own 13 parking facilities with 142,974 transactions during peak periods from January to August 2022; and 6,747 intercom help calls that result in exceptions. With an average parking price of $15, you’ve lost $101,205 you could have saved via successful transactions from exceptions.
Lastly, a parking consultation company can help you choose the tools that will work best for your facility and customers and then collect and evaluate data to make improvements and operational changes as needed.
Partner with Parker Technology to Boost Your Revenue
Parker Technology’s flexible software platform and our attentive customer service representatives can help you maximize your talent, provide your parking guests with convenience and an exceptional experience, and maximize your revenue. Let us know how we can help!