After decades without change, the parking industry was due for disruption. ParkHub, a technology company that provides cloud-based parking and access-control solutions to property management and venue operating companies, is delivering that long-awaited innovation to the industry. Its hardware and software services drive operational efficiencies, reduce costs, and increase revenue for companies. The client case studies are impressive, and Founder and CEO George Baker says that his team is just getting started.
Baker practically grew up in a parking lot. He worked at his family’s parking business, where he dealt with the cascading inefficiencies that plagued the industry. Parking attendants frequently miscounted (or intentionally overlooked) parkers; operations managers lacked visibility into attendant performance; and venue owners lacked the ability to compare event data, if they even had it in the first place. Baker took it upon himself to change the industry. In 2014, he transitioned from parking operations to parking innovation, and since making that shift, ParkHub has grown by at least 100 percent every year, earning the business a place among Inc.’s first-ever list of top Texas businesses.
More Than Parking; More Than Revenue
ParkHub's solutions did more than increase revenue for customers. By digitizing parking assets, businesses can view and measure their current parking occupancy and adjust pricing or staffing strategy accordingly. “It is a supply-and-demand business, so if you can improve yield management over your assets, you can increase the revenue derived therefrom,”Baker notes.
Beyond revenue, ParkHub’s customers also save on labor costs and improve the end-user experience by way of streamlined processes, improved guest satisfaction, faster ingress, and increased non-parking revenue. ParkHub’s case studies show improved guest satisfaction scores by 40 percent and an overall return on investment (ROI) of more than 700 percent. Baker downplays the complexity behind the results that his team delivers: “It’s a simple formula: happier customers, arriving earlier, should result in increased revenue.”
ParkHub continues to expand its offerings. New York, Georgia, and Utah work with ParkHub to manage entry into national state parks and beaches and to enable workers to sell ancillary services, from kayaks to beach towels. LiveNation uses ParkHub at more than 50 of its venues to authenticate and sell parking passes and event tickets and to manage access to VIP areas. Baker notes that companies can use ParkHub’s technology, including its business intelligence tool, Suite, to anticipate customer behaviors and exceed their expectations. For example, a venue using Prime and Suite will know when a customer parked their car, when they entered the venue, what ancillary services they purchased, and when they entered the VIP lounge.
Breadth of capabilities contributes to ParkHub’s high client retention. Beyond that, Baker attributes success to the caliber of the team and culture. Employees use data and core values to guide their decision-making and strive to exceed clients, and each other’s, expectations. Their approach is working. ParkHub’s sales pipeline has never been stronger--a testament to the team, the technology, and what happens when you dream to reimagine the status quo.