In the age of COVID-19, safety guidelines have forced industries to reimagine their services in order to generate revenue. From restaurants crafting to-go cocktails to retailers providing curbside pickup, creative problem solving is proving increasingly important. In the hospitality industry, new ideas have been needed as traditional revenue streams – room and meeting space rentals and food and beverage sales – have become less reliable. Here, we explain how a few key changes can turn your parking operation into one of your most steadfast revenue streams.
Protecting Against Revenue Slippage & Theft
With U.S. hotel occupancy levels recently dropping to 44.4% – the lowest since the summer months, according to STR reports – ensuring that your parking lots or garages are well equipped is essential to guarantee maximum revenue. This means safeguarding your operation against slippage and parking theft, which are leading contributors to major revenue loss. By implementing systems, you can track vehicles, from arrival to departure, and account for all used parking spaces, reducing opportunities for both guests and non-guests to park without paying.
Implementing Yield Management
Experts agree that strategizing is key during this tumultuous time. “We need to be strategic and ready to capitalize on demand and pricing opportunities as they unfold,” said Kristie Dickinson of CHMWarnick during an interview with Hotel Management. One such opportunity is yield management. Utilizing this pricing strategy ensures parking operators charge the right price at the right time to maximize revenue. Especially during a time when historical data cannot inform current decisions and industry demand is continuously changing, yield management’s focus on understanding and anticipating consumer behavior has proven crucial to reliably generating revenue.
Relying on Guest Service
In hospitality, as in all industries, the customer is the ultimate revenue generator. From the moment guests arrive to the moment they leave, providing them with the best service is central to success. A great guest experience benefits your company both in the short- and long-term, fueling positive online reviews and increasing guest loyalty. According to Microsoft, 96% of worldwide consumers agree that customer service is integral to their decision to be loyal to a brand or company. As a result, whether through a knowledgeable concierge or a thoroughly trained valet, providing a personalized experience at each step of the guest journey can drive revenue now and in the future.
3 Propark Solutions
Comprehensive Onsite Systems to Eliminate Revenue Slippage
As parking revenue increases, Propark ensures that your parking operations run smoothly by customizing onsite procedures to meet your unique needs. Through our comprehensive system, we safeguard against any potential revenue loss and maintain revenue integrity. Based on our detailed daily process, our team compiles and delivers a thorough and personalized revenue reconciliation package each week. To supplement the onsite system, we can also implement our Cloudpark Remote Management System, as well as the leading Parking and Revenue Control Systems (PARCS) equipment, to protect against revenue loss.
Active Yield Management by In-House Team
To further enhance your revenue, Propark’s in-house team of revenue analysts provides active yield management services that focus on variable pricing, inventory management, and analyses of historical data, current occupancy, and upcoming events. This information determines any necessary price adjustments that will drive business to your location. By offering this comprehensive service, Propark works to ensure your parking operation is effective and profitable, while you focus on other revenue streams during this unprecedented time.
Reputation Management to Enhance Guest Services
In today’s landscape, maintaining a strong reputation online has become increasingly important. With rising fears over COVID-19, consumers begin their hotel journey online by researching your safety precautions and reading reviews on sites like Google, Yelp, and Facebook. As a result, actively managing your online reputation is key to driving guests to your hotel. To do this, Propark monitors and responds to guest feedback while analyzing it to pinpoint areas for improvement. Ensuring a positive guest experience – both online and in person – is our top priority when maximizing revenue generation through your hotel’s parking operations.