May 18, 2024

New knowledge base

Look In The Business

5 Ways to Increase revenue generated by your Car Park

When you open a car park the main aim is undoubtedly to make money. So, why is it that many car parks make either a comparatively small profit or none at all? One of the main reasons for this is that some proprietors find parking enforcement in the UK difficult, especially when it comes to collecting the correct payment from drivers or effectively managing unauthorised parking on their space. Within this article, we will look at some of the steps you can take to both improve the efficiency of your car park while at the same time maximise revenue. 

Regularly Review How Your Car Park is Used  

One of the best ways to increase revenue is by having a better understanding of how people use your car park. This includes things such as times of day it is busiest, type of parkers, for example, is it used more by short term customers or long stay clients. This can then lead to checking revenue against usage and do they match up. Are motorists paying the correct amount for the length of time they are on-site? Are others not paying at all?. If you have ANPR cameras you can use the information collected by them to determine whether you are getting the correct amount of revenue. If you find that drivers are not paying the required amounts when using your facility it can have a detrimental effect on your bottom line. 

Make Sure you Listen to Customers 

Now as a business owner customer complaints can be a source of irritation. However, while some patrons see complaining as a hobby many have a valid point. Customer complaints can be a valuable source of information for any business owner and as such should be taken seriously. Things like not being able to get change from payment stations is a real bugbear for motorists. Taking time to understand the needs of motorists and giving them what they want will go a long way to helping your car park achieve capacity which in turn will increase revenue. 

Offer Several Payment Options 

If you limit your payment options there is every chance that customers may by passing your car park. For example, as we move towards a cashless society many people no longer have change for parking machines, when this happens if there is no other option they will almost certainly find an alternative rather than run around trying to find a cash machine. Therefore you must provide your patrons with the option to pay by a card or by smartphone on one of the many apps that are now available. It is also important to make it as easy as possible for motorists to pay for their parking, so always try and make sure you have enough payment stations on site. 

Make Sure all your Equipment is in Working Order

One surefire way to lose revenue is to have faulty machines or obsolete technology. Not only will this harm the customer’s experience but it will also prevent you from getting the profit you want. If a machine isn’t working it is highly likely the driver will just not pay rather than look around for another payment option. 

Make Sure All Signage is Clear Concise and Factually Correct 

Don’t forget that the signage on your car park is what effectively acts as the contract between you and your patrons. Incorrect information on signage can result in you being unable to issue PCNs for unauthorised parking. If you increase your charges without updating your signage then the client is only liable for the original fees. So, not only will this result in lost revenue but could lead to unnecessary bad feelings and loss of customers. 

Now while there are undoubtedly lots of other things you can do to increase revenue streams like a marketing campaign, we think that the things highlighted above will help you increase the revenue of your car park.