The issue of parking spaces is increasing rapidly, and every individual has been facing car parking problems. However, this is a lucrative opportunity for anyone with vacant land or having empty parking spaces in their car park. By optimising your car park, you can significantly boost your business revenue.
There are numerous ways you can optimise your car parking facility to decrease costs and increase car park revenue, from installing an Automatic Number Plate Recognition (ANPR) system and monitoring rates to changing the car park’s layout and implementing an online reservation system.
However, you have to view every parking spot in your car park as a commodity to increase revenues. To ensure maximum profits, getting these commodities filled as much as possible is necessary. For this, you need to think out of the box and make your car park stand out. This requires improving customers’ parking journeys and providing them with a rich parking experience.
Certain things can spoil their experience and deter your business growth, resulting in loss of income. If your car park is struggling with unauthorised parking, it will impact customer parking journey and therefore your car park revenue. You need to resolve this issue to fill your car park with customers paying for parking their vehicles.
Let’s look at some of the ways you can optimise your car parking facility and maximise your business revenues.
1. Generate Car Parking Demand
The first and most crucial step you need to take to boost car park revenue is generating car parking demand. You need to identify the users who could benefit from your parking facility. However, it can be challenging to predict car parking demand as it fluctuates. Nevertheless, you can create a different approach to parking supply. This could be adding incentives at low demand and guaranteeing maximum profit when the demand is high.
There are many practices to increase the car park revenue. You can consider clever installations such as ANPR to gather data to help you know the peak hours and areas for improvement. This way, you can better optimise your car park and provide a much more streamlined customer experience.
2. Change Your Car Park’s Layout
There are chances that your car parking facility is already bringing decent revenue, but still, you can extend your revenues and bolster profitability. All you need to do is to be a little more creative. You can change your car park’s layout and maximise capacity. When there is no space to remain vacant, you immediately augment your revenue potential.
With increased capacity and improved layout, you can make parking an easy and enjoyable experience for your customers, resulting in more repeat visits.
3. Monitor Rates
Monitoring rates is vital to ensure that you are not falling behind in the competition. It is essential to look into the rates of your competitors and how much motorists are willing to pay for parking their vehicles. There are chances that your car parking facility is full because your rates are too low, and this is why motorists are choosing to go for your parking facility. This indicates that you need to increase your rates and look at other ways for improving your car park revenue.
On the contrary, if your car park has many empty spots, your parking rates must be too high and therefore, lowering them could help you attract more customers and revenues.
4. Consider Various Payment Methods
To ensure repeat visits, you need to ensure that you are offering your customers enough payment methods. Motorists who struggle with unreliable payment machines or wait in long queues are more likely to leave your premises and never come back. It is vital to provide your customers with swift and simple payment options.
Cashless payment options are a great way to enhance customers’ parking experience and increase customer loyalty. With cashless options, you can quickly implement dynamic parking fees. When there is a low demand for parking spaces, you can lower your prices and attract customers. You can increase your parking fees at peak hours and benefit from increased car park revenue.
5. Install Automatic Number Plate Recognition (ANPR) System
Reliable and accurate Automatic Number Plate Recognition (ANPR) systems are a fantastic way to ensure compliance and increased car park revenue. ANPR cameras capture the actions of all the vehicles entering and exiting your parking facility, thus providing all the necessary information about the motorists.
Having an ANPR system installed in your premises ensures 24/7 car park management, reduces chaos motorists may face at your car parking facility and increase security, resulting in a significant increase in car park revenue. Moreover, the ANPR system also provides you with insights into motorist behaviour. This can help you with more information about infrastructure requirements and other opportunities to increase revenue.
6. Implement Online Car Park Reservation System
An online car parking reservation system can provide you and your customers with many conveniences. With these systems, motorists can easily check your website to see if there is a parking spot available in your car parking space, after which they can quickly book a spot at just the click of a button. Once they arrive at your car parking facility, you could identify their vehicles via a number plate recognition system and grant them access. This will enhance your business reputation and help you attract more customers.
An online car parking reservation system is an excellent alternative to hiring someone who can handle your car park’s bookings. These systems reduce the staff cost and work efficiently, providing you with more significant opportunities to enhance the services of your car park facility and augment your car park revenue.
How Can Euro Parking Services Help You?
Here at Euro Parking Services, we understand that your car park is a great asset to your business. Therefore, we provide you with various effective solutions to make the most of your car park. Our innovative services will help you run your business seamlessly. Whatever requirements you have in your car park, our highly skilled team will provide you with everything you need to boost your car park revenues. To know more about our services, get in touch with us at 0845 121 0065. We will be happy to help you.