Why Your Parking Resources Represent Long-Term Value

March 2, 2021
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If you’re in the retail, restaurant or residential industry, then you know that one of the greatest factors to success is location, location, location! And, second to that is parking. These two factors go hand-in-hand when it comes to providing convenience, satisfaction and ease for customers, employees and visitors. For any business, being in a good location is a great start however, if parking resources are crowded and insufficient, this can become a serious obstacle for customers and the business at large. Parking resources are integral to the success of any organization and add long-term value in more ways than one.

It’s a catalyst for revenue growth 

Parking is a major touchpoint, regardless of the industry you’re in. Whether it's a hospital, restaurant, residential building or school, having ample parking space is incredibly important. By offering an easily accessible and convenient parking facility, parkers are more inclined to shop, visit and stay on the property. With advanced features such as fixed Licence Plate Recognition (LPR), contactless payment and digital permits, parking operators have the ability to create an easier and more positive parking experience for everyone. In doing so, this directly contributes to better sales, more store traffic, greater customer satisfaction and parking compliance. 

It’s a valuable, long-term asset 

Although the hustle and bustle we’re used to has considerably slowed down over the last year, it doesn’t mean parking is a thing of the past. In fact, there has been some buzz around the topic of public transportation becoming more of an after thought given the current environment. In a post-COVID world, we can expect more people to use their personal vehicles to get around, which will increase the need for more parking resources. So, if you’re noticing a lower volume of vehicles in your facility now, it doesn’t mean it will always be that way. Eventually, street traffic will increase, businesses will operate at full capacity and larger facilities, such as arenas, will be accommodating more visitors. All that said, it’s important to keep your long-term parking goals in mind and recognize the added value that your parking facility brings, regardless of the times we're in.

It can serve multiple purposes 

While parking facilities are primarily used to park vehicles and accommodate visitors, they also have alternative purposes that make for great revenue opportunities. For example, an amusement park can rent out their large parking facility during off-seasons to car dealerships for them to store their inventory. So, before you reduce or eliminate the vacant parking resources you have, consider how you can repurpose these resources to earn more revenue until business-as-usual traffic starts again. 

At SecurePark, our cloud-based parking platform helps organizations of all sizes address daily parking challenges and needs. To learn more about how we can help you improve your parking strategy and make the most out of your parking resources, contact us here or call us directly at (844) 363-6273.