How to Measure the Effectiveness of Your Digital Marketing Efforts for Your Parking Facility
4 min read
Published on Parking Industry Insights
Now more than ever, parking facility owners and managers understand the importance of digital marketing to drive revenue and increase occupancy. However, measuring the effectiveness of these efforts can be challenging if you are unsure where to start. From day one, your parking service provider will identify several key performance indicators, otherwise known as KPIs, that will allow you to track the performance of your marketing efforts, identify successes and pinpoint areas of improvement.
In this article, we will discuss three KPIs that you can use to measure the effectiveness of the digital marketing efforts you have in place at your parking facility.
1. Revenue Gain
The most straightforward and essential KPI for measuring marketing effectiveness is revenue. Revenue is a measure of the total income generated by a parking facility. Parking facility owners and managers can track revenue over time and compare it to marketing activities to see if there is a correlation. For example, if revenue increases after launching a new paid marketing campaign, it can be attributed to its success.
Measuring the amount of potential revenue generated from ads, such as Google or Waze, that revolve around attracting transient customers to your parking, you must first know your average transaction rate, the number of transactions, and the number of requests for directions that took place during the time the ads were running. Identifying exact parking revenues generated from ads requires ads to include a QR code or pin code that can be identified on-site or for the ads to revolve around permit sign-ups for frequent visitors rather than transient customers.
2. Pipeline ROI
Another important KPI for measuring marketing effectiveness is pipeline ROI. Pipeline ROI measures marketing initiatives' return on investment (ROI), including lead generation and sales activities. Pipeline ROI measures how much revenue is generated from marketing activities compared to the cost of those activities. To calculate pipeline ROI, parking facility owners and managers need to track the price of marketing initiatives, such as advertising and promotional materials, and compare them to the revenue generated from those activities.
3. Conversion Rates
Conversion rates are a KPI that measures the percentage of website visitors who take a desired action, such as making a reservation or requesting directions to your location. Conversion rates are an essential KPI as it allows you to measure how effectively your parking information webpage or website converts visitors into customers. To calculate conversion rates, you need to track website traffic and monitor the percentage of visitors who take the desired action. If the conversion rate is low, it may indicate that the website needs to be fully optimized for search engines (SEO) or that you must adjust your marketing efforts accordingly.
Measuring the effectiveness of your digital marketing initiatives is critical for parking facility owners and managers. By tracking KPIs such as revenue gain, pipeline ROI, and conversion rates, your parking service provider can help you determine which marketing activities are driving the most revenue and occupancy levels. This information can be used to adjust marketing strategies and make data-driven decisions that drive profitability and growth. With the right strategy in place, coupled with relevant KPIs, you can measure the impact of your digital marketing efforts and make informed decisions that drive business success.
References
Bennett, P. (2021, July 30). Marketing effectiveness: How to measure IT & present to external stakeholders. HubSpot Blog. Retrieved March 3, 2023, from https://blog.hubspot.com/marketing/easy-ways-to-measure-the-effectiveness-of-your-content
Fiorini, M. (2022, June 22). How do I know if my online ads are generating parking revenue? - precise ParkLink: Parking management services. Precise ParkLink | Parking Management Services. Retrieved March 3, 2023, from https://www.preciseparklink.com/news/how-do-i-know-if-my-online-ads-are-generating-parking-revenue
Interim Manager, Marketing & Communications, Precise ParkLink