Part 2 – Generate More Revenue
Parking Reservation Software (PRS) is the world’s most comprehensive parking software solution. Learn how your parking business will benefit from a parking reservation system that has so much more than online reservations in this 4-part series.
Online reservation technology is here to stay and is assumed, if not demanded, by your customers. If you want your parking business to be ahead of the competition, a parking reservation system is a must. In Part 2 of this 4-part series you will see how your business can generate more revenue with a parking solution.
One of the more obvious reasons for your parking operation to use a parking reservation system is that it will immediately generate more revenue! Here’s how:
Your Website: A New Revenue Stream
If your website is currently without a reservation system, it is most likely used for customers to browse for information only. But what if you could generate revenue right from your website? That is exactly what happens when you turn on a white-label reservation system.
Embedded into your website with the same look and feel of your website, a reservation system will begin to immediately generate revenue from your site. What’s more, now you can increase those reservations through promotions, social media, pay-per-click (PPC), and search engine optimization (SEO), all marketing services offered by PRS. Cha-ching.
Prepaid Reservations: A Bird in the Hand
An online prepaid reservation is one of the most convenient options for a customer, making it much easier to enter and exit the lot. Offering your customer a better experience helps to shore up their loyalty to your business thus increasing reservations. But what other benefits does a prepaid reservation mean for your parking business?
First, its means you collect the money before the customer arrives. You have the payment in hand, securing the customer commitment even further and reducing labor for the staff on the lot. The saying, “a bird in the hand is worth two in the bush” rings true of a prepaid reservation.
A second and very critical perk for your parking business is that prepaid reservations will eliminate and protect your parking operation from slippage. On average a company loses 5% of its profit margin to slippage, a form of employee theft when cash sales are present and cash is “slipped” into the employee pocket. Your profit margins will immediately increase when slippage disappears.
Reporting & Data: Keeping Track
A real-time parking reservation system with reporting features will give your parking business the ability to track and manage revenue and operations. One of the key pieces for any parking business is being able to track and study customer behavior, then predict and forecast business at future dates. This is known as revenue management, and it can only be done if you have accurate and real-time data and reporting available, all part of the PRS parking solution.
With this same available data, you can run your operation more efficiently using the data to more accurately forecast staffing needs based on predicted customer flow.