Parking Software, Dynamic Pricing & Frogparking
Let’s be honest, parking software is the way of the future for all parking facilities. Who doesn’t want easier, streamlined, and revenue-optimizing technology?
We can almost guarantee that wherever there is paid parking options, there is some poor person grappling with pricing strategies and structures. Consequently, we have found that many use historical data to forecast what future demand might look like. We completely understand that striking a balance in your active pricing strategy is complex.
If we have a ‘hero product’ within our parking software solutions, we can’t wander too far from our FrogHub data & analytics dashboard. While there are many features of FrogHub, the module we are highlighting today is is our Dynamic Pricing feature.
Essentially, this module is the smartest way to set rates at your parking facility.
The two top questions we are asked about our parking software are “how can I increase churn?” and “how can I maximize revenue?”. At this point, we usually ask “what is your utilization rate?” … and yep, you guessed it, the usual response is “we don’t know”. We cannot over state this … this piece of data maybe the game-changer for you or your organization.
What does utilization actually mean?
- Oxford Dictionary is defining it as “the act of using something, especially for a practical purpose”.
- Cambridge is defining it as “the act of using something in an effective way”
- Dictonary.com is defining it as “an act or instance of making practical or profitable use of something”
But how do you get your utilization rates?
For example, an excellent way to get useful insights into your utilization is using our FrogSensor solution. Our world-first, patented, sensors have been monitoring utilization for over 15 years. They consistently produce data for on-street, and in surface lots around the world, in the sunshine, in the rain, and the snow.
FrogSensors talk to FrogHub (our data & analytics dashboard), and you can literally assess your utilization rates with a few simple clicks.
How does this translate to a dynamic pricing strategy?
Further to this, to really ‘blow your mind’, we can take this one step further with our Dynamic Pricing module to set payment rates in advance. For example, if occupancy/utilization is rising above a certain threshold, the price will rise accordingly. If it falling below the threshold, then the price is dropped. This can happen automatically … without you needing to even lift a finger. Using FrogSensors & FrogHub together is so powerful:
- You’re in complete control. You can set rates depending on occupancy rates … Underutilized? Offer a special price to attract visitors. Overutilized? Look to see if your pricing is fairly priced or you may be undercutting yourself
- You can respond quickly to new trends as changes are captured in real time – you won’t ever be caught out by unusual changes in demand and lose revenue opportunities
- You can set your pricing using live data from the very same day
- You can preschedule to accommodate planned events
- You can attract and deter visitors from your parking lots by analyzing peak utilization times
- You can pass on the benefit of a low price to your loyal customers by offering FrogPermit or FrogValidate parking software add-on modules
- You can also offer the benefits of an easier parking experience with FrogGuidance, that can help your customers to an available parking space effectively and efficiently
I’m sold – how do i sign up?!
Reach out to one of the team to discuss and/or how a bespoke solution may be a better option.
Frogparking stands as a global leader in comprehensive parking management solutions. We are committed to delivering cutting-edge technologies that redefine the future of parking management. With a focus on data analytics, accessibility, safety, and end-user experiences, Frogparking continues to push the boundaries of innovation in the parking industry.