What Is a Multi-Day Discount?
A multi-day discount is a percentage discount applied to reservations lasting longer than 24 hours. You can apply a single multi-day discount to all reservations longer than 24 hours, or set up tiered discounts based on the specific length of each reservation. Don't worry, we'll never sell a multi-day reservation for less than your daily 24-hour rate, no matter the discount you enter.
What Are the Benefits of Offering Multi-Day Discounts?
Boost Revenue & Average Rental Value (ARV): We recently conducted an experiment across several facilities in six major cities. During this experiment, we lowered rates by 10% for reservations exceeding 24 hours. The results were remarkable: within just four weeks, participating facilities experienced a substantial uptick in revenue, approximately 20% higher than previous figures. Additionally, there was a rise in the average revenue per visit, indicating that drivers were willing to stay longer due to the adjusted rates. By aligning rates with parking duration, these facilities not only optimized occupancy, but also gained a competitive edge within their respective markets.
Stand Out in Search: Multi-day discounts are visible to drivers at each stage of the booking process on our platform. This ensures that as drivers search and compare parking options, they will immediately notice the discounts in search results and be drawn to the facilities offering them.
Who is Booking Multi-Day Reservations?
Customers looking to park for multiple days are almost always planning ahead, which means they’re typically booking online in advance rather than driving up. This makes them a unique segment that operators can only effectively reach through online reservations. These customers aren’t looking for a monthly parking commitment, but they also aren’t short-term parkers. They’re looking for flexible, multi-day stays rather than long-term commitments. For more ways to optimize for multi-day reservations, check out this help article.
Questions?
Contact your SpotHero Rep or sellersupport@spothero.com