Regain Revenue with Flexible Permit Options
Posted: Jan, 26, 2021 10:53PM ET • 2 min read
The economic and social disruption caused by the pandemic has put businesses of all sectors to the test, and this includes parking. Many organizations have been required to modify their business models and adapt their strategies to ensure success through these rapidly-changing times.
The main impact COVID-19 has had on the parking industry is low parking occupancy rates. With work-from-home models becoming the new norm, and stay-at-home orders in effect, the number of people requiring parking services has declined significantly. Recurring revenue from monthly permit subscriptions in most cases has, if not eliminated; causing parking technology providers to develop flexible, alternative permit options that meet the current consumer demand of minimal commitment and sporadic use.
Although flexible, low commitment permits are a feasible option to the consumer, when deployed right they offer property managers a reliable revenue stream and viable degree of financial certainty. Below are a few features flexible permits may entail:
Prepaid models: requires customers to purchase a certain number of parking sessions in advance; for example 5, 10, 15, 30 or 100 days of parking. Sessions can be configured to your liking
Pay-as-you-go models: a feasible option for the financially-conscious, allowing customer to only pay for the time used
Immediate activation: from the moment of purchase, permits are activated, approved and ready for use
Family options: multiple permits can share an account and be transferred to any vehicle, making it an ideal option for healthcare facilities, hotels and mixed-use developments with diverse visitor needs
Multi-campus functionality: an efficient option for organizations with multiple locations, allowing staff and visitors to travel freely between locations without having to pay for parking each time
Unlimited in-and-out privilege: allowing the customer to freely enter and exit the parking lot as many times as they need within a 24 hour period
Reloadable: parking sessions or funds can be reloaded onto the permit from an online source or designated call center
Loyalty programs: point incentive systems entice visitors to re-load and return to your parking facility
No expiry: similar to a gift card, prepaid parking sessions or loaded funds do not expire
No account: personal customer details such as their name, license plate, address or billing information are not associated with the permit. The downside to this however is that lost or damaged permits are not recoverable
Mobile technology: offers a completely touchless entry and exit option requiring customers to only touch their personal device. Mobile permits may range from Bluetooth low energy technology, to QR access codes
Whether it is with one of the examples above, or a sophisticated combination of each, flexible permit options provide an opportunity for property managers to generate revenue. The customer-focussed solution is a powerful business model and prime example of how businesses have evolved their product offerings to last long after the pandemic is over.
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ABOUT THE AUTHOR
Trevor Dyck
Director of Alberta
Trevor leads a team of experienced and factory-trained service technicians who are certified to install and maintain parking and revenue control systems. He’s worked with Precise ParkLink West Limited since 2011 and has been overseeing operations in Alberta since 2016. In this leadership role, Trevor leverages his experience to develop and implement solutions for clients in all verticals, and he uses his in-depth knowledge and exemplary customer service skills to build and maintain lasting relationships with all his clients. Through integrity and hard work, Trevor has earned himself a reputation for trustworthiness amongst his clients and colleagues alike. He also continues to practise every day his belief in reliability, ensuring he is always available to speak with both internal and external stakeholders on any project.
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