Drive Results With Real-Time Data Analytics
For many years, parking operators ran their businesses largely in the dark; they didn’t have access to in-depth, real-time data about customer behaviors and preferences. Without parking analytics, figuring out what customers truly wanted from their parking was often a roll of the dice.
Making informed business decisions is of the utmost importance for every organization. Access to real-time, accurate data makes it much easier to steer your company in the right direction. Data-driven decisions have the potential to increase revenue greatly, improve the customer experience, and improve operational efficiency – all while decreasing your operating costs.
Better Understand Your Customers
The post-pandemic parking landscape has experienced a shift from the old, traditional five-day workweek. Many workers have begun adopting hybrid schedules: coming to work at irregular intervals or working entirely from home. To account for this, cheap and flexible parking offerings have risen to prominence, optimizing parking based on customer wants and needs, drastically increasing revenue and customer goodwill.
In the ever-changing post-pandemic parking landscape, businesses must prioritize improving their customers’ experience. With access to in-depth information on customer preferences, a company can better understand its patrons and learn what they truly want from their parking.
Companies can glean measurable statistics from customers, such as the amount of money spent, parking time purchased, preferred parking location, payment method, and other metrics. These insights can help your company tailor its customer service to the real needs of its consumers.
Optimize the Customer Experience
After gathering in-depth data, companies can take easy steps to improve the customer experience, either by increasing the number of accepted payment methods or offering demand-based parking prices. Knowing your customers is the first step toward figuring out how to serve them better.
Customer loyalty is one positive side effect of optimizing the customer experience. If customers get what they want from their parking, they won’t need to look elsewhere for their needs.
Boost Your Parking Revenue
With great service comes great profits, often from repeat customers who may subsequently increase their spending. Allowing and encouraging repeat customers is one of the ways real-time data can balloon parking revenue.
Another way to boost revenue is through the use of an AYM (Automated Yield Management) system for pricing. AYM systems use dynamic pricing based on current demand, allowing you to easily optimize parking strategies with real-time statistics calculated by your parking management system. Using AYM systems in tandem with flexible, consumer-oriented packages offers simple yet effective increases in revenue and goodwill.
Reduce Traffic and Emissions
Did you know that greenhouse gas (GHG) emissions from transportation account for around 29 percent of America’s total GHG emissions? It’s the single largest contributor to emissions globally. Taking steps to reduce the use of fossil fuels whenever possible is vital in improving our planet’s overall well-being.
Studies have found that Americans waste an average of 17 hours per year looking for parking. Besides the inconvenience and hassle, Americans lose an estimated $73 billion annually in the form of wasted fuel. An estimated 25 percent of vehicles driving around cities are looking for a parking space, according to the firm Parking Ya!.
Inadequate parking facilities and poor communication about parking availability are large contributors to traffic congestion and the increase in emissions in urban areas. Congestion issues also contribute greatly to driver stress, with many people going to work earlier than they otherwise would to spend time searching for a parking spot.
Using data and smart parking systems to clearly and effectively communicate current space availability is essential for reducing traffic and emissions in cities, making them safer and better places to live. In addition, workplaces become more content and productive without the stress of drivers searching for parking and worrying about being late.
With smart parking technologies and data-driven techniques, the woes of traditional parking can be completely avoided, saving time, money, and the environment in one fell swoop!
Embrace the Power of Real-Time Data and Analytics
There are more than 1.4 billion cars in the world, and every single driver has unique needs, preferences, and behaviors. Utilizing real-time, in-depth data is the only way to make sure each customer receives the experience they expect and deserve.
Real-time data and analytics are essential for running a successful company and improving the customer experience. Collecting applicable data allows companies to better understand their customers, providing insight into what they want from their parking while maintaining goodwill – both of which are large contributors to maximizing revenue.
To learn more about how you and your team can embrace the power of real-time data and analytics and all it can do for your business, speak with a parking expert from ParkHub to request a demo and learn more.