HowMuch Revenue Do You Leave on the Table?


BY AASHISH DALAL


small division atMicrosoft, Expe- dia was launched to the online world, giving consumers a revolu- tionary way to research and book travel.


I Today, the Internet has become


the predominant channel for airline and travel bookings. Consider these numbers:According to a recent sur- vey conducted by the Pew Founda- tion, about 182 million American adults (79% of allAmerican adults) use the Internet.More than 58% of these users (105 millionAmerican adults) used the Internet to plan their travel during the past year. And 81% of the 105 million travel planners made travel purchases online in the past year, translating into 85 million online travel bookers.


T HAS BEENALMOST 15 years since Expe- dia.comturned the airline industry on its head. Formed in 1996 within a


For travel planners, the Internet


makes it easy to find and book travel prod- ucts or services.Much of the unknown is eliminated through comparison shopping, pictures, videos, online reviews and more, making consumers confident in their choices. Since 2000, the percentage of Internet users making travel reservations, such as airline tickets, hotel rooms or rental cars, rose from22%to 52%.


the aforementioned industries to leverage the efficiencies and marketing reach of the Internet. Yet, despite this opportunity, many


The real question is, how are customers going to find you online?


While airline tickets, overnight lodg-


ing accommodations and car rentals are the dominant travel products and services being purchased online today, there’s an opportunity for the parking industry to take advantage of the blueprint crafted by


parking owners and operators are turning a blind eye to the online world. Perhaps there is trepidation of listing parking rates online, lack of technology prowess, or misaligned interests between owners and operators. Whatever the reason, owners and operators are currently relying on inefficient ways to market their parking (e.g., rate boards outside a parking facility, guy standing in the street waving people in). This is not a good long-term marketing strate- gy and will result in significant rev- enue left on the table. The Internet, unlike any other medium, enables you to effectively


broadcast your parking facility to con- sumers 24/7/365. Whether you want to promote your hours of operation, location, pricing, services offered or allow pre- sales, the benefits of having an Internet presence cannot be overstated. Think about it. If a customer goes


online to find parking near your location and the competing lot down the street has an online presence and you don’t, the chances of your getting that customer’s business is close to nil.Your competitor may charge more or be farther away from the customer’s destination than your facil- ity, but if you’re not online, then, as they say, “out of sight, out ofmind.” Now, creating a website isn’t the end


game. Just having a slick site promoting your facility isn’t good enough. The real question is, how are potential customers going to find you online? In order for customers to do that, you


need to understand who your customers are. Does your parking facility attract cus- tomers looking for hourly, daily, monthly or event parking? For example, if you’re located near a


mall, a good strategy would be to approach the retail stores and restaurants within the complex to let them know of your competitive parking rates. To pro- mote more foot traffic, local businesses may be willing to place a banner in-store,


14 JANUARY 2011 • PARKING TODAY • www.parkingtoday.com


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