Key Metrics to Monitor in a Parking Operation
Whether you own a retail outlet, office building, commercial parking lot, or parking garage understanding occupancy is a key aspect of your parking lot operation. Understanding occupancy levels also helps you deploy dynamic pricing strategies, determine how many monthly parking permits to sell and plan your revenue management strategy. You need to know when your parking lots are full and for how long visitors stay in each space. Real-time data provides critical insights that help you draw conclusions about your operational performance. Using data visualization reports can provide insight into occupancy levels by date and time. Heatmaps are often used to compare occupancy levels by color, with red indicating busiest times and orange and yellow indicating moderately busy times.
Benchmarking
hen planning to expand a parking operation, you should consider conducting a benchmarking process to determine its performance against other similar operations. Benchmarking can help you set realistic goals and measure progress. Benchmarking can also help you streamline operations and retain more revenue. To get started, first determine what your benchmarks are. Then, research the industry to gather the information you need and collect data. Then, talk to stakeholders and conduct surveys to understand how your competitors measure up and making improvements accordingly. A number of factors can influence a successful parking operation, but customer satisfaction is one of the most important. High levels of dissatisfaction with the service are often indicative of a need for improvement. Luckily, there are several ways to measure customer satisfaction, including a number of popular KPIs: reviews, maintenance, and technical service calls. Having this information readily available can help managers identify areas in which they can improve.
Average transaction value (ATV)
ATV refers to the average value of a transaction. It differs from the average number of transactions and is crucial for any business. It allows you to determine the optimal price range and know when to offer discounts. You can also use ATV to evaluate promotional pricing and its impact on overall revenue. After all, it is business, not a hobby! After all, you want to get the best return on investment possible.
To calculate ATV, you must know the average number of transactions per day. Ideally, the periods should be equal in length. Next, you need to know the total dollar amount of transactions. Once you know this number, you can divide it by the number of customers in the period. The resulting figure is your average dollar value per transaction. Once you know your ATV, you can better plan your marketing promotions and pricing strategy.
Revenue per available space (RevPAS)
The term "Revenue per available space" is used to measure the amount of revenue generated by a parking lot. While it is not a measure of revenue per customer, it is an important one for parking businesses. It takes into account the overall efficiency of the parking lot design and the flow process of drive-by customers. The term is particularly helpful in analyzing the overall performance of a parking operation.
The term "Revenue Per Available Space" is also used in the hospitality industry. For example, a hairdresser may charge more during weekends and higher rates during peak hours. A restaurant may use the term "RevPAS" to better understand how guests use its seats and plan food and beverage operations. The calculation for RevPAS is simple: divide total revenue by the number of spaces, then multiply that number by the operating hours.
Security
The decision of which security metrics to track in a parking lot operation is facilitated by assumptions about the operation of security controls. The assumptions can be broken down into sub-assumptions, which help define metrics in greater detail. Metrics should be useful for identifying progress towards the achievement of security goals. They should drive actions to improve the overall security program. Clearly defined goals and objectives should be the basis of a security program.
A parking garage needs adequate security to prevent theft, vandalism, and other problems. Regardless, of whether it is an underground or surface parking structure, a parking garage is an open and visible target for potential thieves. Even though you may not be able to spot a security breach, a visible security camera can deter a potential perpetrator and make your patrons feel safer. The camera system can also provide video analytics that can help you catch bad actors in the act. Additionally, employees must be trained to monitor all entrances to the parking structure. Using parking lot gate control systems, property managers can limit the number of vehicles in a parking area. Parking lot occupancy data helps managers manage the parking capacity of their facilities and identify trends in usage. Ultimately, parking control systems can improve the safety and security of a parking lot operation.
Changing consumer preferences
If you run a parking lot, you need to understand what customers want from the experience. Are they able to park quickly and easily? Do they have to wait in line for payment? Do they have to pay cash or use an app? What are their overall feelings on the experience? Having a clear understanding of the expectations and needs of your target audience is essential for success. Knowing your customer's preferences will allow you to tailor your marketing strategy and improve your business. As with all KPIs, make sure your metrics are relevant to your business goals. The feedback that you get from your customers should also be relevant to the brand's well-being. Ultimately, customers will return if they have a positive experience.
