Are you ready to step up your airport parking operations in 2023? Implementing airport parking software will bring many benefits to your business and customers, but one of the biggest benefits of all is parking data management. Here we will give examples of what you can do with the data you collect from your airport parking system and the advantages of analysing car park occupancy data.
Data Analytics for Smart Parking Applications
Today, most businesses use data collection tools to learn more about their customers’ preferences and how they behave so that they can identify trends in consumer habits.
Seeing as your airport parking will likely be one of the first points of interaction for customers with your business, it’s crucial to gather as much data as possible to transform ‘strangers in a spot’ into customers with valuable, detailed profiles. The data collected from customers using your airport parking software can be analysed and acted upon to provide huge benefits for your business.
Some of the different types of analytics you can collect from smart parking systems include:
Predictive Analytics – Data that foretells customer behaviour patterns
Diagnostic Analytics – Data that is collected and used to diagnose issues and make improvements
Consumption Analytics – Data regarding supply and demand used to identify patterns
Descriptive Analytics – Data gathered to help create detailed consumer demographics and customer profiles
Benefits of Analysing Car Park Occupancy Data
One of the main aspects of parking data management is car park occupancy, i.e. how many spaces are filled in your airport car park at a given time. Access to this information is invaluable, giving you greater accountability and understanding of how your car park is used.
With Rezcomm’s Reservations module, you can access your car park occupancy data in real-time. This means you’ll know precisely how many parking spaces are booked and, therefore, how many spaces you have left to distribute to other customers.
Forecast demand
Analysing car park occupancy data (turnover, average stay, peak times and peak days) will help you forecast demand and make predictions. Look for daily, weekly and monthly patterns and trends. Determine when your car park occupancy is at its lowest and highest, and see the rise and fall in use by the time of day, day of the week, seasonally and around special events. All of this information will help you predict future use of your car park, so you can maximise revenue, occupancy, length of stay and return customers.
Generate revenue
Parking data management goes hand in hand with revenue generation. If you are aware of your car park occupancy and usage, you can dynamically price your car parking spaces and sell them to the right customers at the right time to make the most money possible.
Get to know your customers
The advantage of using an airport parking system like Rezcomm is that you won’t just know how many car park spaces are booked at a given time but who’s booking them. Offering online parking reservations is advantageous in terms of greater convenience for customers and better planning for your business, but it also provides an opportunity to gain customers’ booking data and marketing permissions. Getting to know your customers (how they use your car park and their needs and preferences) will go a long way in helping you create personalised airport marketing campaigns. Turn one-time-parkers into loyal returning customers.
Better Predictions = Smarter Decisions
Parking data collection and usage will enable your airport to make better predictions, ultimately leading to smarter decision-making. Leverage analytics and insights from your data to identify new opportunities, improve customer experience, grow sales and improve operations. Armed with occupancy data and booking data combined with AI and big data, you’ll know what’s coming next, so you can determine where to put your resources and make evidence-based decisions.
Parking data management is cost-efficient. Money is well-spent as resources are allocated based on accurate data. It’s also more time-efficient as you aren’t guessing how customers use your car park – you are basing your decisions on evidence. What’s more, there will be no missed revenue opportunities. You have the means to predict customers’ next move and, therefore, can make smart decisions to ensure you’re ready with the right parking offer for them.
Why Data-Driven Companies Perform Better
Did you know that data-driven companies outperform their competitors by up to 20%? So ditch the ‘gut feeling’ and make intelligent decisions based on data and analytics.
Greater efficiency – Data-driven companies use insights to build a complete picture of their customers so they know exactly whom they’re selling to. They aren’t wasting time guessing who their customer is or trying to market to everyone.
Use parking data management to get to know the people who park with you and understand their behaviour and buyer habits to build insightful customer profiles. These profiles facilitate targeted marketing campaigns and personalised offers to increase customer spending, boost loyalty and improve customer retention.
More agile – Data-driven companies are always ‘on the ball’. They have a 360-degree view of their operations and the data at their fingertips to quickly adapt to change and take advantage of new opportunities as they emerge. This means they can remain one step ahead of competitors at all times.
Parking data collection and usage will go a long way in making your airport more agile. With Rezcomm’s Parking modules, you have access to real-time parking data. Plus, with advanced yield management tools, you can set flexible rates and switch them instantly to increase revenue without increasing your assets.
Better planning – We’ve already touched on the fact that better predictions = smarter decisions, but data-driven companies also benefit from tracking their progress. Continuously analysing data and drawing insights enables data-driven companies to assess their performance and ensure they are on track to achieve their core business objectives.
With Rezcomm’s reporting tools, you can track and assess your airport car parks’ performance daily, weekly, monthly and annually. All while monitoring and reviewing your strategies to ensure you’re pursuing your business goals and making the most of every opportunity to improve revenue. We’re all about pushing for operational excellence and providing the best airport parking system to support you.
How you can Maximise Car Park Revenue
We mentioned earlier that smart parking data management goes hand in hand with revenue generation by facilitating dynamic pricing. Dynamic pricing is a pricing strategy where you steer a product or service price based on real-time supply and demand.
For instance, when demand for parking is low (reflected by a low occupancy percentage), you price your parking at a cheaper rate to attract more customers to park with you. Whereas, during peak times (when occupancy is high), you increase the price of your parking. People who need to park with you will be willing to pay a premium price. It’s a proven way to increase revenue from the same inventory.
Of course, dynamic pricing only works if you have a good understanding of how people use your car park, hence the need for occupancy data. Moreover, having access to this data in real-time means you can respond to it with instant price changes on your airport parking reservation system.
The Rezcomm Marketplace supports dynamic pricing with real-time reports, tariff editing and yield management.
Improving customer experience
While dynamic pricing through parking data collection and usage is undoubtedly key in maximising car park revenue, we all know it’s not just the price of a service that matters to customers but the experience. Using your airport parking software to collect data regarding traffic flow in your car parks can help you identify ways to reduce congestion, thus offering a better parking experience for your customers. The easier and quicker customers can park, the more likely they will re-book and spend more money with your airport.
Collecting reservation data through airport parking software can also help to improve security, as you will have a record of vehicle registration numbers and can monitor inbound and outbound vehicles. If customers feel safe parking at your airport, they will continue to pay to park with you in the future.
Personalised marketing for airport parking
Finally, there is also the opportunity to maximise car park revenue through data-driven marketing strategies. As we’ve highlighted throughout this article, getting to know your customers is crucial so you can send them the right parking product and offers. On average, companies earn 40% more revenue by adding personalisation to their marketing strategies, so it’s worth using your parking data management software to understand who your customers are and what matters most to them.
Do more with your data with Rezcomm
Get a 360-degree view of your entire parking operations with the Rezcomm Marketplace. We are your first port of call for airport parking software, with plug-and-play modules to support you in parking data collection & usage.
And the good news is that adopting a new airport parking system doesn’t have to disrupt your operations. Launch our flexible parking data management and online reservation system and with our plug-and-play system your first product can be live in just a couple of weeks. You will also benefit from ongoing support to ensure a seamless and successful transition.
For more information, download our Marketplace brochure and book a meeting with Rezcomm.
As Director of Communications Sarah oversees project management at Rezcomm and works with clients to deliver their ecommerce projects efficiently, on time and on budget.
