The average business owner understands the need to explore strategies to improve revenue, but the most successful entrepreneurs use a slightly different formula that combines improved customer service with revenue generation. It should come as no surprise that one of the most frequently asked questions among our customer service minded clients concerns valet parking—“Can valet parking be a revenue stream for my business?”
In most instances, local market conditions dictate whether or not valet parking service can become a revenue source. Businesses with high customer traffic volume combined with a scarcity of nearby parking (e.g., destination malls, businesses situated in downtown entertainment districts, etc.) are excellent candidates for revenue generating valet parking programs. Customers patronizing these types of establishments are willing to pay a premium to have the convenience of valet parking, viewing this value added service as an “affordable luxury.” In these types of scenarios, our clients pay a monthly fee based on the hours of operation and revenue collected by our staff (less gratuities) belongs to the customer. Even if customer volume levels can’t sustain a revenue generation model, money collected by our attendants can be used to offset monthly service fees.
By partnering with a company that specializes in professional parking management solutions, you can quickly determine which type of valet parking model applies to your business. Our goal is to consult with you and through our experience, offer a clear, transparent analysis of your business’ situation and how valet parking can be a benefit. Some key questions taken into consideration include:
- What is your current parking situation?
- How do you see valet parking impacting your business?
- How does valet parking currently play a factor in your local market?
- Does your competition utilize valet parking service?
- Should valet be complimentary or fee-based?
As the parking experts, we strive to help you discover how valet parking can positively impact your business- both from a service level and bottom line perspective. Remember, not all parking scenarios lend themselves to a revenue generation model, but for those that do, it is always easier to start with fee based valet parking and then roll back to complimentary service if your local market conditions will not support your valet parking program as a revenue stream. Moving in the other direction—switching from free valet to fee based service—is always more difficult from a customer relations standpoint.
Do you think you may be sitting on an idle revenue source with significant potential? Is providing a world class standard of customer care mission critical? If you answered yes to either of these questions, we welcome the opportunity to discuss how valet parking can jumpstart your business. To learn more about offering valet parking service, give us a call at 1-800-495-0163 or contact us via email to discuss the specifics of your situation.
