How Data Analytics Can Revolutionise Venue Management Parking
With recent news reporting that turnover figures for the hospitality sector are still almost 20 per cent behind 2019’s figures in real terms*, the cost of inflation is still far outstripping traditional income streams, and it doesn’t look like the sectors fortunes are going to increase any time soon.
For many venues, this has meant that managers are left searching for innovative ways to diversify and grow their income streams in the battle against inflation.
In an era where data-driven insights have become more critical in understanding the true position of a business, YourParkingSpace, a leading car park operator and parking technology provider, is empowering venue managers and owners in the hospitality sector to unlock untapped revenue potential of up to £3,000 per space per annum.
Can car park data analytics be the key?
Sometimes, the car park is overlooked as a potential income source, especially if it has historically been offered as free for all customers at the point of use. However, YourParkingSpace’s data analytics capabilities give venue managers some easy-to-use insights that could help them understand their parking profile, the general trends, and how they can turn it into an extra revenue stream via renting out excess, unused spaces to some of the 5 million motorists already registered on YourParkingSpace’s site.
In venue management, particularly within the dynamic hospitality sector, making data-informed decisions has become the hallmark of successful operations. Real-time data analytics, which offer a window into guest behaviour and parking asset performance, inform modern venue management around what is working well, when it is working well, and why.
How to sift through all the noise
Over time, YourParkingSpace has positioned itself as an industry pioneer within the parking industry through offering innovative data analytics solutions tailored to the unique needs of hospitality venue owners.
Working with various sized venues across the country, including the LGH Hotels Management, an award-winning company that operates hotels such as Crowne Plaza, Holiday Inn and Best Western, YourParkingSpace has developed an industry-leading ‘Smart Analytics Dashboard’ which has helped venue managers streamline the data collection and analysis process, so they can get insights about their parking systems quickly and without needing an advanced mathematics degree. The dashboard integrates parking hardware and technology into a unified, cloud-based system.
The result? Venue managers gained unprecedented insights into their parking assets, breaking free from the having to pull isolated data from various parking software systems, which can take time and swallow resources.
How does it work?
Following the implementation of YourParkingSpace’s data analytics, managers can instantly tap into their car park use and understand how they can maximise it to increase alternative revenue streams. Other specific areas it can tackle include:
• Digitising all data:
Through integrating existing and new car park technology, the dashboard can provide a 360-degree view of parking assets, eliminating the need to extract data manually from separate sources. Traditional venue management often involves handling different hardware providers for access systems, enforcement, and payment processing. However, YourParkingSpace simplifies this by offering a single platform to access real-time data across all these areas.
• Visualising and analysing data:
With live data accessible in one location, venue managers can quickly extract actionable insights into car park booking trends. The Smart Analytics Dashboard offers a user-friendly interface that allows managers to dive deep into data visualisations, from customer profiling to occupancy and revenue reports. These insights enable managers to make informed decisions about pricing strategies, staff allocation, and resource optimisation.
• Tailoring parking recommendations:
By leveraging advanced algorithms and predictive analytics, venue managers receive customised recommendations on how to maximise revenue while ensuring guests have a seamless parking experience. These recommendations extend to dynamic pricing strategies, allowing venues to adjust parking rates based on real-time demand. Historically, YourParkingSpace witnesses a 454 per cent uplift in revenue during large events due to a surge in searches and bookings. This increase can be flagged by the analytics dashboard to help prepare managers in catering for the spikes. Another example is the platform informing venue managers how many spaces are generally required by customers during particular hours, meaning excess spaces can be offered to other motorists visiting the area.
• Enhancing the Customer Experience:
Predictive insights enable venue managers to improve guest experiences by automating tasks and ensuring optimal parking performance. In the hospitality sector, the guest experience starts when they arrive, and a seamless parking process sets the stage for a positive visit. The Smart Analytics Dashboard allows managers to anticipate parking needs, ensuring guests can easily find available parking spaces upon arrival, minimising stress and enhancing overall satisfaction.
• Integrating with previous technology:
Integration with legacy technology, such as ANPR (Automatic Number Plate Recognition) cameras, access control systems, and payment processing solutions, is seamless and quick. Venue managers can quickly integrate their existing parking infrastructure into the Smart Analytics Dashboard, minimising disruption to operations.
The Future of Venue Management
Leveraging data analytics for venue car park management is not just a trend; it's more significant than ever in helping venues push for sustained growth and success in the hospitality sector, especially during this difficult
period of increasing costs and uncertainty within the sector. As guest expectations continue to evolve, venue managers must stay ahead of the curve by making data-driven decisions that enhance the guest experience while optimising revenue.
Scan the QR code or email grant@yourparkingspace.co.uk to start your journey
Book your free consultation today
If interested in discovering more about YourParkingSpace's ability to open up further revenue streams at your venue, it offers a free consultation.
Following a call with an experienced parking expert, YourParkingSpace will arrange for one of its team members to come and conduct a free survey on your site.
What follows is a comprehensive report that highlights potential areas for revenue optimisation determined by your parking assets.
