In order to run an efficient business, business owners need to know as much about their customers and their habits as possible. However, until quite recently, owners of parking facilities have had to make things work with very little information on who is using their facility, for how long and how often.
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Traditional parking systems, which rely on paper tickets, can only track how long a car is parked to determine the rate the driver needs to pay. Even facilities that sell monthly or annual subscriptions typically only know the name and credit card number that’s attached to a car. Data is kept in basic spreadsheets, and accessing it is time-consuming and tedious. Customer insight is minimal.

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Now, though, by implementing the latest in parking management technology, facility owners and operators can tap into powerful, real-time data with just a few clicks through their dashboards. They can run both out-of-the-box and custom reports, or modify current reports to inform critical decisions on everything from pricing to staffing to maintenance to marketing. The time they save can be better spent on improving operational efficiencies.

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How Vend Transforms Data Collection

Vend collects over 40+ data points on every parking transaction, including day and time, length of stay, transaction type–such as monthly, transient, or validated–and transactions by tenant or vendor. It creates detailed profiles of each customer, capturing data seamlessly as they enter and exit a facility by using their phone number or license plate. Additional data is gathered as they complete digital transactions like making payments, renewing subscriptions or redeeming promotions. 

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Data As the Key to Enhance the Customer Experience

By providing a clearer understanding of what today’s customers want and need, data-driven parking technology can help owners and operators create a more up-to-date and streamlined customer experience while maximizing their revenue. Owners and operators can:

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1. Collect customer feedback–identifying potential problems early on–and respond directly to concerns.
2. Tailor pricing based on customer usage patterns, such as adjusting rates based on demand, and creating flexible pricing plans based on the frequency and duration of parking–lower rates for short-term stays and higher rates for longer stays.
3. Directly contact the customer if their vehicle is parked where it’s not supposed to be–to help prevent an expensive tow–or if it’s been parked for too long, which could flag an emergency.
4. Add services like EV charging stations, bike parking or luggage storage.
5. Use automated SMS notifications to remind customers of their parking sessions, upcoming promotions, or subscription renewals.

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“The more data we have at our fingertips the faster we can implement changes that drive NOI growth and a better experience. Vend directly aligns with our mission to embrace technology to drive company growth.” – Joy Campbell Asset Manager, Pacific Crest Real Estate. Read their full case study here.

5 Ways Data Can Boost NOI with Incentivization Programs

Not only does the data reveal who is using the parking facility but also when and how often it’s being used. This valuable insight allows owners and operators to tailor promotions and discounts based on individual behavior and preferences, encouraging customer loyalty and increasing satisfaction while simultaneously boosting revenue. They can do this through:

1. Loyalty programs, which can be personalized based on a customer’s parking habits. This includes discounts for off-peak hours or weekend rates, as well as discounts or free parking after a certain number of visits
2. Seasonal and event-based promotions that offer special rates during certain holidays, local events or peak shopping seasons
3. Premium services, which include perks such as reserved parking spots, valet services or car washes at low or no cost for frequent customers
4. Targeted promotions that can be used to create personalized marketing campaigns, based on a customer’s habits. Customers opt-in by sharing their information and can opt-out at any time
5. Bundled deals, such as dining discounts or coupons to nearby businesses along with discounted parking sessions

While it’s often a big shift from a traditional parking system to a data-driven one, Vend offers owners and operators comprehensive onboarding, so you can be up and running as quickly as possible. Then, once you’re operational, 24/7 support is available, and Vend’s customer success team will make sure you’re getting the most out of your data.

Learn More

Contact our experts to learn more about how Vend can help you collect, analyze and maximize your customer data, to increase your bottom line while enhancing customer satisfaction.