Optimized Price Management
SpotHero strives to help determine optimal rates for your parking inventory so you can improve your yield-per-spot and maximize revenue. Our pricing solutions offer varying levels of customization so you can choose the tool that works best for your facility.
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Flex Rates is a flexible pricing solution for our parking partners that generates incremental revenue by transforming traditional, static rate bands into full rate coverage with a pricing option for every type of parker. | SpotHero IQ is a dynamic pricing solution for our parking partners built using a best in class machine learning algorithm, which uses our proprietary historical data to automate and optimize rates. |
Flex Rates
A flexible solution because one price does not fit all
Flex Rates by SpotHero is a flexible pricing solution for our parking partners that generates incremental revenue by transforming traditional, static rate bands into full rate coverage with a pricing option for every type of parker.
 | Control Your Rates with Personalized InputsYou know your facility best. With Flex Rates, you can easily manage your prices to account for your facilities’ unique needs by setting customized rate bands for any day of the week. |
 | Maximize Revenue With Flexible RatesWhile traditional online rates are restricted to hourly increments, Flex Rates transforms your rate inputs into over 4,000 rates per week to cover demand for any duration and entry time. By providing parkers with flexible rate options, Flex Rates helps you capture more demand to maximize the yield of your inventory. |
 | Avoid Unexpected Pricing Scenarios with Rate TransparencyYou shouldn’t have to worry about losing customers and revenue due to unexpected pricing problems. Flex Rates uses simple rate inputs to reliably produce full rate coverage so you can always know the exact rate for every duration and entry time. |
How Flex Rates Works
Frequently Asked Questions
Q: Will this work at my facility?
A: Flex Rates works best at locations that sell daily transient rates. Flex Rates is not optimized for airport/off-airport facilities or facilities that sell event/monthly rates only.
Q: Do I have control over what rates are available at my facility?
A: You know your facility best. With Flex Rates, you can easily manage your prices to account for your facilities’ unique needs by setting customized rate bands for any day of the week (ex: 18-hour rate) and creating segment-specific rates (ex: commuter rate from 7 am - 9 am).
Q: How much will this impact my bottom line?
A: By providing drivers with rate options for any duration and entry time, Flex Rates helps you capture more demand to maximize the yield of your inventory. Your specific results will depend on a few factors, but on average we have seen partner facilities increase online revenue by 15% or more as compared to standard rates.
Q: Will I be able to track results?
A: Of course! Once you are live with Flex Rates, you will have access to real-time data tracking in the SpotHero Control Panel and easily track revenue, reservations, and growth. Your SpotHero Growth Manager will also be available to guide you through the performance data.
Q: How much will it cost me?
A: We are offering Flex Rates to our parking partners for free. We are confident that using Flex Rates will increase your revenue and, in turn, increase SpotHero’s revenue as well.
SpotHero IQ
Data To Drive Your Business Forward
SpotHero IQ is a dynamic pricing solution for our parking partners built using a best-in-class machine learning algorithm, which uses our proprietary historical data to automate and optimize rates.
| Optimize Operations by Taking the Guesswork Out of DemandDemand for parking can be volatile, especially with driving and commute patterns shifting. SpotHero IQ uses our extensive historical data to predict optimal rates based on your facility type and location as well as the requested day, start time, and duration of the reservation. |
| Capture More Demand with Full Rate CoverageWhile traditional online rates are restricted to hourly increments (typically 3, 6, 12, 24 hr), SpotHero IQ generates over 4,000 optimized rates each week to cover all demand. By providing a custom rate for every type of parker, SpotHero IQ allows you to turn more vehicles and maximize the yield of your inventory. |
| Maximize Revenue with Dynamic PricingBy aligning rates with demand and increasing available rate options, we’ve seen some big revenue increases at SpotHero IQ facilities. Your specific results will vary, but on average we have seen partner facilities increase revenue by 20% or more as compared to traditional online rates. |
How SpotHero IQ Works
SpotHero IQ Testimonial
"We implemented SpotHero IQ within a few days and immediately started seeing the positive effects of aligning rates with search demand. Easiest decision we made to help increase revenue!”
- Rosario Palella, Vice President - Midwest, One Parking
Optimized Price ManagementWith over 4,000 rates per week and new tools that put the control in your hands, you can be sure that with SpotHero IQ you’re getting the most accurate price for every parker. |
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Frequently Asked Questions
Q: What is dynamic pricing?
A: When the price of a good or service changes relative to market conditions, it is dynamic. You might be familiar with this across other industries - hotels, airlines, rideshare, and more. In parking, this means increasing rates when demand is higher and decreasing rates when demand is lower so you are always charging the optimal price.
Q: Will this work at my facility?
A: SpotHero IQ works best at locations that sell daily transient rates. SpotHero IQ is not optimized for airport/off-airport facilities or facilities that sell event/monthly rates only.
Q: What dynamic rates will be available at my facility?
A: SpotHero IQ uses a proprietary algorithm to show dynamic rates to customers based on the facility type and location as well as the day, start time, and duration of the reservation. Because the algorithm considers multiple factors, your facility will now have thousands of available rates that will align with demand. Better yet, SpotHero IQ is always learning and continues to improve with each search.
Q: Do I have control over my rates?
A: Yes! SpotHero IQ offers Self-Service Floors and Ceilings, which are facility-specific minimum and maximum pricing parameters that can be set directly through the SpotHero Control Panel. Even with dynamic pricing, you’re still in control and can adapt your rates to your facilities’ unique needs.
Q: How much will this impact my bottom line?
A: By aligning rates with demand and increasing available rate options, we’ve seen some big revenue increases at SpotHero IQ facilities. Your specific results will vary, but on average we have seen partner facilities increase revenue by 20% or more as compared to traditional online rates.
Q: Will I be able to track results?
A: Of course! Once you are live with SpotHero IQ, you will have access to real-time data tracking in the SpotHero Control Panel and can easily track revenue changes and growth. Your SpotHero Rep will also be available to guide you through the performance data.
Q: How much will this cost me?
A: We are offering SpotHero IQ to our parking partners for free. We are confident that using SpotHero IQ will increase your revenue and, in turn, increase SpotHero’s revenue as well.
Ready to get started?
Contact your SpotHero Rep or sellersupport@spothero.com