How To Maximize Your Parking Revenue With ParkHub
How To Maximize Your Parking Revenue With ParkHub
The parking industry is in constant flux, with today’s groundbreaking technologies quickly becoming relics of the past. Staying abreast of these rapid changes may seem daunting, but the benefits of remaining current are undeniable.
Key trends shaping today’s parking sector involve the transition to cashless payments, streamlining transaction processes to eliminate any hassle, and integrating technology solutions vertically.
Leveraging the strengths of ParkHub can significantly enhance your revenue streams, providing a smooth, stress-free experience. ParkHub’s solutions include everything from payment processing and Automated Yield Management (AYM) to Smarking BI and digital passes.
The State of the Parking Industry
The COVID-19 pandemic has had a drastic impact on parking and continues to affect the way both parking operators and parkers view the current state of the industry. COVID-19 prompted operators to “go contactless” for safety, but the convenience for customers means these technologies are here to stay.
The surge in digital technologies and automation, including the growth of online parking sales, has streamlined the customer experience, making it quicker and more user-friendly. This shift has proven more appealing to both customers and operators, outshining the old-school models of parking.
The adoption of hybrid work schedules during the pandemic has also led to a noticeable trend: customers now show a distinct preference for flexible, transient parking options rather than the traditional monthly passes.
The consolidation of companies also plays a large role in the changing landscape of the parking industry. ParkHub recently acquired Smarking, a leading provider of business intelligence for the parking industry. With an expanded set of tools, Parkhub is more ready than ever to help you boost your parking revenue and optimize operations.
Step 1– Implement Dynamic Pricing
Dynamic pricing in the parking industry, also known as Automated Yield Management (AYM), involves adjusting parking rates based on real-time demand. Dynamic pricing can help on both ends of the traffic spectrum – incentivizing parking when lots are near empty through lower rates while charging more during peak hours, helping to maximize revenue.
ParkHub’s Smarking AYM system uses both historical and predicted data to accurately and efficiently model the real-time supply and demand curve for your parking asset. The Smarking AYM system integrates data directly from your assets and combines it with comprehensive analytics.
Step 2– Embrace an Open Market Approach
When transitioning to a new parking model, embracing an open market approach to running your parking asset can make a big difference. An open market approach allows multiple parking apps to compete for users’ business within a municipality. The approach encourages competition and allows your customers to choose their preferred parking app.
Accepting multiple parking apps is especially important, as studies have shown that 63 percent of respondents have only one parking app, and 83 percent wish to download only one. Without an open market approach, you could lose access to a large slice of the parking market.
Consumers also will appreciate your parking asset’s open market approach. They won’t have to worry about downloading a new app or grappling with a new payment system when they reach their destination. This convenience and peace of mind create a positive experience with your company and increase brand loyalty.
Step 3— Be Nimble
Customer preferences are never set in stone; they are always changing, and so is parking technology. It is important to keep abreast of the latest technology and introduce new solutions as they become available.
Keeping up with changes can be a tall order for many companies, but the rewards can be substantial. ParkHub tracks the latest in parking technologies and preferences, helping you maximize the potential of your parking asset.
ParkHub: Your Partner For Everything Parking
The acquisition of Smarking has sealed the deal: ParkHub is at the forefront of the parking industry. The alignment of ParkHub and Smarking’s vision, that being the use of the latest technologies and data solutions to create a more efficient and customer-centric experience, results in a parking solution that caters to both you and your customers for the best possible results.
ParkHub can offer your company and its parking assets increased operational efficiency and provide a seamless, data-driven solution for your customers across all parking verticals. ParkHub views the future of parking to be almost entirely digitized, all to serve best and exceed customer expectations.
Get Help From the Experts
The parking industry can be tricky to navigate, but with ParkHub, it doesn’t have to be. We make it easy to listen to your customers’ preferences, pay attention to parking trends, adopt the right technologies at the right time, and maximize parking revenue.
Request a free demo today and experience the ParkHub difference firsthand.