IN HIS OWN WORDS: Making the Parking Pie Bigger

October, 2016

How to Keep the Tech-Minded Customer Driving and Parking

Mark Lawrence

Our goal at SpotHero is simple: increase parking’s stake in the transportation space. We realized that parking needed to stay on the cutting edge in order for driving to continue to compete with other forms of transportation, such as ride hailing, bike sharing or public transit.

To make this possible, the company has partnered with thousands of parking facilities across the country to make their excess inventory available online.

As an operator, you can gain incremental revenue by attracting new customers, ultimately increasing your total addressable market – and helping to future-proof the entire parking industry. Here’s how:

1. Improve inventory management and grow your share of the pie.

A sophisticated inventory management dashboard lets you make on-the-fly adjustments to rates and inventory based on performance. This process not only can maximize revenue in real-time and improve efficiencies, but also reduce operational overhead significantly. 

2. Take action on data-driven recommendations for your facility.

Getting online is just the beginning. Operators can boost revenue and squeeze every last drop out of their inventory by taking advantage of complex, data-driven insights, from macro industry trends to customer feedback about your facility.

SpotHero’s account consultants work with you to provide customized recommendations that can be implemented quickly and analyzed regularly, so you can meet and exceed your individual key performance indicators, or KPIs.

3. Open new marketing channels to expand your reach.

Many of your potential customers will never circle the block to decide where to park – they’ll make that decision ahead of time, online. Reaching this customer at the moment of truth is easy when you take advantage of the latest data-driven online marketing tactics and channels. With SpotHero, you’ll reap the benefits of a sophisticated digital marketing platform at no extra cost, and your facility will gain crucial exposure to this high-value market.

4. Improve customer experience through technology, without the investment.

Get into the mobile payment and app space without making the tech investment yourself. With a simple payment and redemption process, SpotHero can help convert first-time customers into repeat revenue. Mobile payments also help eliminate cash and manual transactions, which are common sources of lost income due to theft. These incremental improvements to the customer experience that you’re able to offer can become competitive differentiators for your facility.

“You can gain incremental revenue by attracting new customers, ultimately increasing your total addressable market –
and helping to future-proof the entire parking industry.” 

Technology is rapidly changing the transportation landscape, from how customers choose to get around to their expectations of their parking experience. Today’s most sophisticated operators are changing their approach, too, and using technology to their advantage.

Imagine maximizing your inventory to its full potential while delivering a customer experience that keeps them coming back. Imagine rates that change dynamically to maximize revenue – no guesswork required. Imagine your piece of the parking pie expanded. Finally, these are realities within reach.

That’s the power of technology in parking. That’s the power of SpotHero.

Contact Mark Lawrence at mark@spothero.com.