ABM Increases Revenue by 95-250% with Smarking's Dynamic Pricing Engine
Updated: Nov 18, 2020
ABM uses Smarking’s Integrated Parking Management and Dynamic Pricing Engine tools to optimize revenue and make timely, data-driven decisions with real-time visibility.
Real-Time Data Enables Pricing Optimization
Smarking’s Business Intelligence (BI) solution provides the foundation for operators and property managers to monitor their entire parking portfolio in real-time, on one platform.
The ABM team leverages Smarking Bl to receive real-time alerts, track occupancy patterns of various parker segments, optimize pricing, and visually communicate parking trends to property managers.
“We’ve used Smarking’s dynamic pricing (AYM) and Business Intelligence (BI) solutions at our Chicago locations for years, it’s played a key role in driving new demand to our site. Within the last 3 months, we’ve driven 82% more transactions than the national average. The BI solution has provided us with real-time, granular, visibility into our garages’ performance, making it easier for our team to double-down on what’s working well and uncover opportunities.”
MATT ANDREWS, BRANCH MANAGER, ABM
ABM Outperforms 75% of Garages in the U.S.
The Industry Benchmark is Smarking’s newest tool which provides operators and property managers the ability to compare their locations against the national average and breakdown
Relative to Smarking’s Industry Benchmark which aggregates the average performance of parking operations across the US, ABM’s midtown center garage ranks in the 75th percentile YoY in transient revenue since COVID-19 recovery began in June.
From an operational perspective, Fig. A and Fig. B give the ABM team the visibility needed for data-driven decisions to uncover opportunities for locations that are performing below average and identify successful solutions for locations that are above average.
Access to readily accessible, quantifiable success stories can support ABM with client retention and expansion efforts.
“Smarking has played a key role in keeping our parking assets across the U.S. competitive for years, and especially now during the COVID-19 pandemic. No one else in the industry is doing, or can do, what Smarking does for their clients. That’s why they’re a strategic partner of ours.”
JIM ALEXANDER, VICE PRESIDENT OF ABM
95%-250% YOY online revenue increase, since June, through the combined power of real-time industry data and automated dynamic pricing. Enabling ABM to recover revenue loss during COVID-19 and outperform 75% of U.S. garages.
ABM Drives New Demand During COVID-19
Smarking’s Automated Yield Management (AYM) pushes dynamic rates to online sales channels based on predicted demand and finds the optimal price to maximize revenue and inventory allocation.
In March 2020, ABM took a proactive approach and implemented dynamic pricing in Manhattan by deploying Smarking’s AYM engine. ABM grew their bottom line by securing significantly more online reservations.
ABM’s midtown center garage’s revenue trend demonstrates the power of AYM (Fig. C). Despite the impact of COVID-19, this garage experienced a significant revenue increase since implementing AYM, apart from the shelter-in-place period in New York.
Automated Yield Management (AYM) Increases Revenue by 95-250%
Since June 2020, AYM has generated a 95-250% revenue increase for online sales, producing $90,000 - $200,000 of additional revenue per year at this site. Online sales channels are now ~3x pre-pandemic levels, and have contributed to the garage outperforming YoY in the month of August 2020, an incredible feat given that the industry on average is down -60%.
The peak occupancy trend observed at this garage compared to the benchmark affirms that AYM retained the same (or even higher) volume of overall parkers throughout the recovery period (Fig. E). All possible without any manual effort required from garage operators.
“Smarking’s dynamic pricing solution, AYM, has helped prevent our locations’ revenue from falling as much as others during COVID. And we didn’t have to spend time or resources trying to figure out what the new pricing should be. It just updates it throughout the day according to demand, resulting in our NY location generating 26% more revenue than the U.S. avg.”
JOHN LEAF, SENIOR BRANCH MANAGER, ABM
ABOUT ABM & SMARKING
ABM is a leading provider of facility solutions with revenues of approximately $6.5 billion and 140,000+ employees in 350+ offices throughout the U.S. Some of the largest and most prestigious buildings in the U.S., rely on ABM for best practices in operations.
Since 2016, ABM Parking and Smarking have partnered to provide real-time visibility, in-depth analytics, and dynamic pricing solutions to elite clients across the U.S. Resulting in significant revenue growth and expansion opportunities for ABM.
TRY DYNAMIC PRICING RISK-FREE
You may qualify for free access to Smarking’s Automated Yield Management (AYM) solution, schedule a meeting to get started.