How Can I Increase my Parking Revenue?

8 July 2022

As a business and land owner with a large parking lot, you may often have trouble maximizing the revenue you can generate from it. PriPark has gathered several powerful ways to increase your parking revenue substantially.

We will cover the best ways to boost your revenue quickly, no matter where your parking lot is located, from monitoring your rates to adding facilities to your car park.

parking ticket machine

How to Promote a Parking Lot?

There are a number of ways to promote a parking lot. One way is to use signage, including both permanent and temporary signage. Permanent signage can be used to advertise the name and location of the parking lot and any special features or services that it offers. 

Also, word-of-mouth marketing can also be used to promote a parking lot. This involves telling friends, family, and others about the parking lot and its benefits.

Finally, adding your parking lot business on Google My Business or running ads on social media is a great way to promote your business and increase your revenue quickly.

How Can I Increase my Parking Revenue?

There are several different ways to increase your revenue as a business or land owner, and here below, we will cover the best ones.

Monitor Your Rates

It’s important to monitor your rates and make sure they’re in line with what people are willing to pay and what your competitors in the area are offering. If your rates are too high, people will be discouraged from using your parking lot.

On the other hand, if your rates are too low, you won’t be maximizing your revenue potential, and your parking spaces will be nothing more than the best deal.

For this reason, you will want to monitor your rates and analyze your competitors to find the best middle-ground for you as a business and your customers.

Implement eReservations

If you’re looking for a way to increase your parking revenue, consider implementing eReservations. This system allows customers to reserve a spot in your parking lot in advance. This ensures that they’ll have a space available when they need it, and it also allows you to charge a premium rate for those who use the service.

Also, online reservations are a great way to increase parking revenue and provide a valuable service for your customers during certain hours of the day or night when you have too many spaces available.

Use a Mobile App

Using a mobile app is a great addition to taking online reservations, especially if you have many parking spaces. In fact, while having an operative website is good enough for most customers, a mobile app will make the process even smoother, allowing you to generate more sales.

Apart from that, this allows customers to pay for their parking directly from their phones, and it also gives you the ability to offer discounts, which can entice people to use your service.

Offer Discounts

Everybody likes discounts and, as a parking lot owner, they are a great way to encourage people to book a parking space. You can offer discounts for those who pre-pay for their parking or discounts for those who use your mobile app. You can also offer discounts for monthly or yearly passes.

You can increase your parking revenue by offering discounts. This will attract new customers who will eventually pay more once they’re used to your parking lot and after the promotion.

Offer Valet Services

Offering valet services is another excellent option for businesses that want to offer their customers the convenience of not having to park their own cars. 

Of course, it gives a premium feeling to your parking lot, and it will automatically generate a word-of-mouth marketing campaign that will make you stand out from your competitors. While your prices don’t have to double or triple suddenly, you will certainly see an increase in revenue.

Add Amenities

If you want to increase your parking revenue, consider adding amenities to your parking lot. This can include things like electric car charging stations, covered parking, or even a wash and detail service. 

By adding these amenities, you can charge a premium price for your parking spots and attract new customers. Adding amenities to your parking lot is a great way to increase revenue and provide a valuable service for your customers.

Install Automated Systems

Having automated systems are more important than ever and can help you manage your parking lot more effectively and collect payments more efficiently. On top of that, this can free up your time so that you can focus on other aspects of your business.

Installing automated systems is a great way to increase parking revenue and improve the efficiency of your parking lot.

For example, car park equipment such as automated pay stations, parking ticket machines, or even vehicle guidance signage are great additions that customers are often willing to pay more for.

Introduce Loyalty Programs

By offering loyalty points or rewards for using your parking lot, you can encourage customers to come back again and again. This can help you build a loyal customer base that will be more likely to use your parking lot in the future and secure your spaces that could otherwise remain empty.

Increase the Security of Your Parking Lots

Security is among the most critical points when it comes to leaving such an expensive asset as a car in a public place. 

If you want to increase parking revenue, it’s essential to make sure that your parking lot is secure. This means installing security cameras, hiring security guards, and taking other measures to ensure the safety of your customers’ vehicles. 

By increasing the security of your parking lot, you can charge a premium price for your spots and attract new customers.

Implementing just a few of these strategies could go a long way in increasing your profits as a business or land owner. Contact us today to learn more about our services and how we can help you take your parking operation to the next level. And if you need help getting started, our team is here to assist you.