Your data can help you unlock a deeper understanding of not only your car park, but your business. ParkIQ is the gateway to this data, and will offer insights into every single aspect of your car park. Whether you want to better understand your customers with visitor data, weekly variance, or occupancy, or highlight new and exciting margin-rich revenue streams through fuel analysis, repeat visitors and revenue data.
Your data can do more than you’d think…
Visitor, stay & duration dataYour visitor, stay & duration data can all help you understand how your car park is being used. If your car park is full when your transactions are low, and the business is quiet, you might be looking at a serious parking abuse issue.
Revenue, repeat visit & variance DataIf you have a paid parking strategy in place it’s important to know that it’s working. The parking revenues section on our data platform offers visibility of how much each payment option in place on your site has made over the last 3 months.
Fuel Analysis & occupancyFuel analysis data can help your business understand the types of vehicles being parked on your site & inform infrastructure decisions. Tracking occupancy can reap major rewards for any parking site. The data allows you to track peak periods and lulls in activity
A full car park is a fantastic sign, isn’t it? That all depends on whether the usage of your parking correlates to visitors and revenue.
Your visitor data can help you understand how your car park is being used. If your car park is full when your transactions are low, and the store is quiet, you might be looking at a serious parking abuse issue.
The data also enables you to identify peaks and troughs in the type of visitor to your site. If you’re seeing permit holders or members mainly using your site on set days of the week (as a gym or health club for example), you could then begin exploring opportunities to encourage visitors on the quieter days.
Weekly Variance Data
No two weeks in any business are the same. School holidays, product launches and events all have an impact on how busy a parking site is, which will ultimately affect revenue.
Our weekly variance tracking allows you to see how usage on your site compares from one week to the next and, once that data is in place, as a year-to-date figure. This enables you to track the performance of a site over time, identifying seasonal peaks and troughs.
This can be a fantastic way of charting business growth as you see the usage of your site increase over time. This can also help you generate seasonal forecasts, identifying your busiest trading periods and allowing your business to plan and prepare for them effectively.
How much do you know about the vehicles your customers use?
You might be wondering why this matters, but the types of vehicles on British roads are changing. Fuel analysis data can help your business understand the types of vehicles being parked on your site. An increase in the use of electric vehicles can be worth acknowledging for several reasons. Firstly, it creates a potential opportunity for you to cater to your customers by providing electric vehicle charging points on your site.
Secondly, this helps you understand your audience and infers how strongly green credentials and environmental issues matter to them. This could inform other decisions within your business, such as increasing the use of recyclable materials or looking at sustainable options which could be shared with customers, reiterating your commitment to caring for the environment and better aligning with their interests.
Tracking occupancy can reap major rewards for any parking site. The data allows you to track peak periods and lulls in activity. Those peaks can be checked against sales to see if they match. If they don’t you can begin to investigate why this isn’t the case.
Understanding when the troughs occur means you can adapt your business to capitalise on the extra parking capacity. This could be at specific times, such as around midday in a hotel, post-checkout, and pre-check-in. In that lull, you might consider running exclusive offers in the restaurant to entice more footfall and generate additional revenue.
Or you may decide to list that extra capacity for prebooking, allowing motorists to pay for parking on your site and monetising your surplus parking to create a new margin-rich revenue stream. This can draw new audiences to your business, drive extra footfall and be a sizeable boost to revenues.
How long are your customers staying on your car park?
Stay duration, or dwell time as it is sometimes called, is valuable information. Not only in terms of identifying potential abuse or poor parking behaviours if customers are staying for significantly longer than expected, but as a reflection of how your business is performing. If you’re operating a retail outlet for example, would you expect customers to spend a reasonable amount of time browsing and purchasing in store? This data set allows you to see how long visitors are spending on your site and if this translates to the time spent in store.
If you notice customers are leaving quickly, you can begin to look at instances of parking abuse but also identify if there are any issues within the store hampering the shopping experience and deterring customers. Looking at the average stay duration data can provide real insight into your space turnover (the number of times each space is used by a genuine customer). This can help you gauge the impact of promotions and offers. For instance, if a supermarket is offering customers a meal in the restaurant or discounted use of one of their other services, they should expect an increase in their average stay duration. If this isn’t the case, they can then rethink their promotion to draw in more customers.
If you have a paid parking strategy in place it’s important to know that it’s working. The parking revenues section on our data platform offers visibility of how much each payment option in place on your site has made over the last 3 months. This can help you decide if you need to introduce more options for payment, such as cashless solutions, or even trial new payment methods to see how your customers and visitors respond.
There is a societal shift towards cashless options, tracking performance would allow you to see the increase in this over time. However, it’s important to understand the demographics of your customers and users of your car park. For example, while cashless options are on the rise you may have groups of customers who still deal in change and cash as that’s what they are accustomed to.
Repeat Visitor Analysis
How often do visitors and customers return to your site?
Our repeat visitor data allows you to investigate the frequency at which visitors and permit holders are using your car park. This could be once a week, or multiple times. What this data allows you to see is the frequency of visits and subsequently helps you understand the need to introduce a loyalty scheme or track the success of current initiatives.
If you have incentives in place that reward repeat visits and this isn’t happening, you might need to rethink your approach. Or, if you have lots of repeat visits and nothing in place, you can introduce a scheme to ensure this valuable repeat custom continues.
Unlock Data Insight with ParkIQ ⭳
We generate a huge amount of data through ANPR. ParkIQ puts the power of that data at your fingertips, helping you to glean important performance and behavioural insights from your car park in a format that can be completely tailored to your business.Download
We can help you unlock the power of your data
Get in touch today, to see how you can make the most of your car park data.
Whatever problems you’re having with your car park, whether it’s a design fault, issues with abuse or a loss of revenue, get in touch with us today; we’d be more than happy to chat with a potential client, regardless of the sector that they’re in.
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