I took a walk with a friend of mine the other day. He operates a 200 space stand alone garage in one of the more upscale parts of LA. It’s half empty and he needs monthly parkers. Prices are trending down in the area and he’s frustrated.
I looked around and all I could see was 25 story apartment buildings. “They all have parking,” my buddy said. Yes, I responded, but for how many cars. I also noted that he was a couple of blocks from a very upscale neighborhood. I noted that those houses had garages, but I’ll bet that at many of them they have more cars than spaces to put them.
The apartments had a similar problem. Two people, two cars, one parking space. Who parks on the street? Who remembers to move their car for street sweeping day? You have heard of an “extra” car, how about an “extra” garage.
There are companies that can provide you every mailing address in a certain area. Give them an address and tell them you want 2000 addresses with that address in the middle. You got it. Come up with a nice postcard (full color) letting people know that you have a great place for them to place their extra car. Maybe offer a discount for a few months. Cheaper pricing for stack parking (you do have a manager on site.)
My friend is more of a put up a flyer kind of guy. The problem is that you can’t reach people in apartments or private home with flyers. You need to pull that problem out of the back of their mind and tell them you have a solution. Maybe they just got a ticket for not moving their car. Maybe someone keyed their ride while it was parked on the street. Maybe their kid just left for school and needs the car when he returns and they have no room. He only needs to sell 100 spaces. And at $100 a month, that’s another $125K a year right on his bottom line.
When you are promoting your company, you need to be out there regularly so a potential customer sees you when the need for your services arise. Invest a couple of grand for a potential of a 75 times return.
Not too shabby.