As we continue in our blog series about the various essential “analytics” in parking, another concept is that of “Competitor Analytics.” The first step to creating a loyal repeat customer is to attract that customer in the first place. Understanding what your competitors are doing, and how you may be able to exceed their level of service, provide better amenities, offer lower prices, etc., is valuable information to attracting a new base of customers.

Here are just a few ways to obtain some of this key information and use it to your advantage:

• Pricing – conduct a pricing survey for the area around your parking facility (or facilities). This information is usually easy to obtain and will help you to understand whether your pricing is in line with that of your competitors.
• Customer Surveys – knowing what keeps your current customer base coming back to your facility is a great way to understand how you can attract new customers. Is it your low prices? Is it your responsiveness? Is it the amenities you offer? What types of features do they like at the other parking facilities (often your competitors)? It could be any combination of these items, which you can use to promote your facility.
• Social Media – nowadays, it is very easy to find your competitors online and see what kind of reviews they are getting. This is a quick and simple way to learn about the experiences people have had in other parking facilities, and promote your service and amenities to prospective customers.
• Technology – the industry is evolving rapidly, with parking owners and operators incorporating new solutions into their facilities all the time. From mobile apps, to contactless parking solutions, to amenities such as EV charging stations or bike storage. Stay apprised of what is coming down the pike, keep your eyes peeled for what your competitors are implementing, and understand what features are most attractive to potential customers.

Collect all this data into your Data Lakes. The parking technology industry now offers tools that enable you to slice, dice, and analyze this kind of diverse data, and provide you integrated and actionable insights.

Once you understand what your competitors are doing, you can use these insights to make informed decisions about how to improve your operation and stay ahead of your competition. For instance, you may decide you need to make greater investments in your touchless parking technology, as that is where you can gain significant advantage against your competition while gaining more loyal customers, who may be willing to pay higher for the convenience. Or these insights may further help you to right price your parking services so you are not losing customers to your competition on the basis of the price to quality of service. At the same time you are not leaving money on the table by underpricing,

This information is also helpful in your marketing efforts, providing you with valuable content for online ads, engaging promotions campaigns, and more to highlight the benefits of your operation and parking facilities and attract those new parkers. Be sure to track the success of those initiatives so you know what works and can continue to implement those methods in the future.