Using Dynamic Pricing to Maximize Revenue

Updated: Oct 25

Speaker:

Kevan Moniri, Head of Operations, Smarking


With Moderation From:

Paul Richter, Marketing and Demand Generation Manager, Smarking



Agenda Schedule


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 contact@smarking.com for more information.