In March 2020, when the shelter-in-place orders were enacted, there was a sudden halt of parking demand. Most operators saw a 90%+ decrease in parking activity, leaving transportation and mobility leaders unsure of what to expect in the coming months.
The Challenge
As many real estate owners rely on One Parking for industry insight, One Parking needed timely data to understand the impact of COVID and how regional trends were shifting.
Given the unprecedented nature of COVID, past strategies and historical data wasn’t enough. In June, when Smarking launched the industry’s first benchmark, One Parking integrated the solution for real-time visibility into market performance and trends. One Parking’s long-standing partnership with Smarking made it easy to implement the solution.
“Our client called to say, 'Mark, that graph you showed me in your office, can I get that to show our client? Did it really say we're doing better than 71% of the other garages? I said, 'Give me 30 seconds.'
I pulled up Smarking, selected 'Benchmark', set the date range, selected 'Transient Only', screenshotted it, and emailed it to him, all in 30 seconds. This is a great tool." - Mark Pratt, Chief Operating Officer of One Parking
The Solution
With Smarking’s Industry Benchmark, One Parking has real-time visibility into the fluctuating parking activity across the U.S. and granular regional trends.
Although many owners across the U.S. have seen a significant drop in recent months, One Parking used real-time data change landlords perspective and maintain a competitive edge.
When put in context, they discovered that while revenue was down YOY, they were actually performing better than 71% of locations in the U.S.
This performance was representative of resilience and recovery at their garages, giving the team encouraging news to share internally and with their clients.
With the frequent changes in recovery across the U.S., One Parking can use the benchmark as an ongoing baseline to understand what the next normal is and get granular insight to inform their strategy and accelerate recovery.
Including granular insight into:
What are my new peak entry times? In order to inform monthly parking plans
Who’s coming back: monthly parker segments or transient traffic? To support inventory allocation
Which of my locations are performing best? Where are there opportunities?
The benchmark is now a key tool in their kit. They can use it to quickly share performance with asset owners and executive teams in order to support account management, retainment, and expansion. It serves as an ongoing resource while re-openings continue and parking activity across the U.S. recovers. To gain access to the Smarking’s Industry Benchmark, schedule a free consultation.
Partnership
One Parking’s partnership with Smarking started when looking for a solution to centralize their parking data across various PARCS systems, payment solutions, and online sales channels and implemented Smarking’s Business Intelligence solution.
Since then, the partnership has continued to expand across the U.S. with real-time parking analytics and automatic dynamic pricing. Resulting in significant revenue growth up to 5x YOY revenue. Contributing to account retainment and growth opportunities.