Case Study
One Parking
Weathering the Pandemic with Real-Time Data and Dynamic Pricing
Who’s Involved
Mark Pratt | Chief Operating Officer of One Parking
Customer Takeaways
Our client called to say, ‘Mark, that graph you showed me in your office, can I get that to show our client? Did it really say we’re doing better than 71% of the other garages? I said, ‘Give me 30 seconds.’ I pulled up [ParkHub’s] Smarking BI, selected ‘Benchmark,’ set the date range, selected ‘Transient Only,’ screenshotted it, and emailed it to him, all in 30 seconds. This is a great tool.
Mark Pratt, Chief Operating Officer of One Parking
Summary
One Parking partnered with ParkHub to leverage real-time data and dynamic pricing to gain a competitive edge in the rapidly changing parking industry. By integrating ParkHub’s Smarking BI and Automated Yield Management (AYM) solutions, One Parking achieved significant revenue growth and outperformed a majority of garages across the United States during the COVID-19 pandemic. The pandemic led to new commuter patterns, uptake of remote work, and changes in on-street versus off-street parking demand. ParkHub’s tools provided valuable insights to understand shifting parking trends and optimize pricing strategies.
The Challenge
Navigate pandemic-driven drastically reduced parking demand and identify effective strategies for recovery.
Establish optimal parking rates and adjust them in real-time to reflect market changes.
Centralize data from various parking systems and online channels to make data-driven decisions.
The Solution
Industry Benchmarks
One Parking leveraged ParkHub’s real-time industry benchmark tool to analyze parking activity trends across regions and specific markets. This allowed them to accurately assess shifting patterns and tailor strategies that aligned with the new demand landscape.
Pricing Optimization
To adjust pricing dynamically, One Parking implemented ParkHub’s AYM tool, which analyzes current and predicted parking demand and updates rates multiple times daily. Adjusting fees ensured pricing was competitive during low-demand times while maximizing revenue during peak hours.
Data Centralization and Analysis
ParkHub’s Smarking BI solution centralized data from various PARCS systems and online channels to provide One Parking with a unified platform for analysis. Benchmark and dynamic pricing tools allowed One Parking to generate performance reports quickly, comparing their performance to market standards.
The Challenge
Insight into the Industry
Despite the pandemic-induced drop in parking demand, One Parking discovered that they were performing better than 71% of garages in the United States, according to real-time benchmark data.
Revenue Increases
After implementing ParkHub’s dynamic pricing solution, a New York location saw a 22% revenue increase within two months, outperforming 89% of U.S. garages and 85% of New York garages. Similarly, a Chicago location achieved a 152% revenue increase in one month, with a 397% year-over-year growth and 186% more transactions.
Control Congestion
Strategically adjusting parking rates in high-demand areas allowed pricing to control demand, prevent congestion, and improve accessibility for residents and visitors.
Additional Revenue
The strategic data-driven rate adjustment helped to generate additional funds for parking operational efficiencies such as increasing wayfinding, machine sanitation, and maintenance of beach lots.
In Conclusion
Through its partnership with ParkHub, One Parking harnessed real-time data and dynamic pricing to navigate the challenges of the rapidly evolving parking industry. By leveraging ParkHub’s Smarking BI and AYM tools, One Parking achieved remarkable revenue growth, outperforming the majority of garages nationwide despite pandemic disruptions. This success underscores the importance of data-driven decision-making and innovative pricing strategies to maintain a competitive edge and foster resilience in uncertain markets.
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“ParkHub was designed to revolutionize an antiquated industry by providing an agnostic and open technology platform for finding, reserving, and paying for event parking online. As we expanded, we developed a best-in-class, mobile-point-of-sale device and comprehensive management suite, currently used by hundreds of parking operators, sports & entertainment venues, universities, festivals, & more, at thousands of locations across the U.S. With our recent acquisition of Smarking, we also offer full-scale business intelligence, dynamic pricing, and pre-paid reservation products, utilized by numerous municipalities across the country.”
Chris Elliston
ParkHub Chief Revenue Officer