What is a Multi-Day Reservation?
A multi-day reservation is defined as a single transient booking with a duration of more than 24 hours.
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.
Why Should You Optimize for Multi-Day Reservations?
By optimizing for this customer segment, you can tap into a valuable audience that brings in reliable revenue with minimal operational overhead.
We recently ran a test with nearly 200 facilities that implemented one of the multi-day optimizations outlined below. Within just one month, those facilities saw a significant lift in multi-day revenue—on average, a 60%* increase compared to prior performance!
*Individual results may vary and are not guaranteed.
How to Optimize for Multi-Day Reservations
To seize this chance to rev up your revenue, consider the following:
Enabling In & Out Privileges For Your Inventory
What are in & out privileges? Enabling in & out privileges allows drivers to enter and exit freely using the same reservation.
How does this benefit you? Our data shows that the number of multi-day rentals that are booked at facilities with in & out privileges is double that of daily transient rentals.
How often are drivers using in & out privileges? In & out privileges are most commonly used by customers with longer reservation durations. On average, these customers book stays that are 12 hours longer than those of short-term parkers. For instance, a driver parking for just a few hours is unlikely to exit and return during their reservation. In contrast, multi-day customers are far more likely to take advantage of the flexibility to come and go. Offering this privilege not only improves the experience for longer-term customers - it also helps capture more multi-day demand, as it’s a feature these drivers actively look for when booking.
How will drivers know your facility has in & out privileges? Drivers can use the "In & Out Allowed" filter on our platform to easily find facilities with spots that allow them to enter and exit through out the duration of their reservation.
How do you enable in & out privileges? If you are interested in setting up in & out privileges at your facility, reach out to your SpotHero Rep or sellerssupport@spothero.com
Setting Multi-Day Discounts
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.
How does this benefit you?
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.
How will drivers know your facility offers multi-day discounts? 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.
How do you set multi-day discounts? You can easily create and edit multi-day discounts in the SpotHero Control Panel. Just head to the Transient Rates page under the Rates & Inventory menu to get started. For more information, check out the Manage Multi-Day Discounts help article.
Lowering the 24-hour Rate
How does this benefit you? If you’d like to stay competitive for both multi-day customers and those staying most of the day, consider also lowering your 24-hour rate. This approach not only appeals to a broader range of drivers, but it can also improve your visibility in search results, where drivers often compare rates across nearby facilities.
How do you lower your 24-hour rate? You can easily edit your 24-hour rate in the SpotHero Control Panel. Just head to the Transient Rates page under the Rates & Inventory menu to get started. For more information, check out the Manage Transient Rates with Flex Rates help article.
Expanding your Bookable Hours of Operation
What are Bookable Hours of Operation? Your facility’s bookable online hours will be the same as its general hours of operation, unless you or your team have requested for them to differ. In that case,
Bookable online hours are the time frames during which SpotHero drivers can reserve a spot and park at your facility.
General hours of operation are the time frames posted on your website or at your facility for drive-up customers to see. These hours of operation are provided to SpotHero drivers on the spot details page and parking pass, but they do not impact when drivers can book parking at your facility.
How does this benefit you? Expanding your bookable hours gives online customers more flexibility to enter and exit your facility. That means more visibility, more bookings, and ultimately, more revenue.
Questions?
Contact your SpotHero Rep or sellersupport@spothero.com