Updated: Dec 16, 2022
Kevan Moniri, Head of Operations, Smarking
With Moderation From:
Paul Richter, Marketing and Demand Generation Manager, Smarking
Kevan Moniri, Head of Operations for Smarking, gives an overview of dynamic pricing in the parking industry and answers 4 main questions:
1. What is Dynamic Pricing, and why should I care?
2. What does it mean in the context of parking?
3. What are keys to success (with examples)?
4. How do I get started?
What is Dynamic Pricing, and why should I care?
Competitors are becoming smarter with their pricing strategies
Consumers are increasingly purchasing digitally and are armed with pricing transparency to make decisions
In the old days, it would have been really, really hard. Today, it’s straightforward
What does it mean in the context of parking?
An automated way to continuously optimize prices to meet your goals, subject to your constraints
Maximize revenue by changing prices continuously to increase the total volume of parkers and increase revenue
What are keys to success (with examples)?
Best Practices: Agree on channel-specific goals, Establish (smart) guardrails, Set it…but don’t forget it
Pitfalls to Avoid: Not having–or not communicating–goals, Setting ‘base’ prices with tight guardrails, Not communicating realities the algorithm can’t “know” (e.g., construction limiting capacity)
Specific case studies from Boston, NYC, and DC.
How do I get started?
AYM can be launched within 1-2 business days.
Trial period for 30 days
Need sites with at least 50 ParkWhiz transactions a month
Thank you! Please reach out to us at email@example.com for more information.