5 Tips For Parking Revenue Management During COVID-19

The events of the previous months have been universally challenging. While the degree of the impact of the COVID-19 crisis is not yet known, change is inevitable for every business. Industries are mobilizing to satisfy not only immediate requirements but to pivot overall operations. The resourcefulness of companies to keep services and goods flowing is valued by consumers.

Throughout the crisis, we have seen disturbance across the parking and entertainment markets. For the time being, as parking operations and transportation paths are on hold, operators are looking for ways to navigate through this phase. Below are five tips for managing operational processes.

Maintain Pricing

If demand is low, should prices be reduced also? During this period, the decision should likely be no. Decreasing prices will probably do little to bring demand but will likely make it tougher to increase prices again.

Throughout the Great Recession of 2008, parking operators dropped prices expecting they would recover market share. This did not happen, and it required them to re-establish prices. The message here is “Avoid rash conclusions.”

Some operations may make a decision to provide free parking to buy time. Be sure to position it appropriately. Develop and employ a pricing plan for unique requirements and assemble a basis for development.

Get a Grip on Costs

As sales decline, operators might consider approaches to cut costs. This will include shutting down some parking lots.

With a possible excess of vacant spaces, there might be other avenues to explore. If businesses such as car rental agencies want to park excess inventory, check what inventory you can set aside. Offer services and spaces to local health bureaus. Empty lots could have the potential to be repurposed to provide testing sites and assisting a faster recovery period.

Communicate Appropriately

Customer values have changed. In promotional activity and digital strategy, pricing should take a backseat to messages that promote empathy, safety, flexibility and certainty. Strength of communication and client relationship is vital for any company during a crisis.

Provide an Excellent Customer Experience

Guests are not likely to be booking events on the whole, therefore messaging needs to switch to providing information around procedures implemented to ensure health and wellbeing, as well as any extra incentives which might have been added to products and services.

Provide upgrades for clients at little, if any, price. Revisit cancellation policies and allow for flexibility. Goodwill pays forward.

Champion Proactive Measures

Use this period of low demand to perform maintenance, like striping and filling potholes. Review operational strategies to maintain data integrity and quality. Upgrade systems. Audit your parking operations against competitors. Find ways to amplify your service offering.

We are in the midst of a pivotal era that will shift guest behavior and the face of business for the long run. The mobility industry will reconstruct, but it will change. Keeping this in mind, champion a high-value method of managing your business. To do this, you only need to bear in mind the best interest of your customers.