The MyPark Company’s Marketing Mix

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Table of Contents

Product
Pricing
Place
Promotion
Process
Physical Evidence
People
References

MyPark is an innovative startup technology and service company created to solve one of the most common issues in large urban environments and public places – difficulty to find parking. The principle is simple, spaces at parking lots and venues are reserved via automatic robotic signs. A customer downloads the app and selects where they would like to park out of these reserved spaces currently available, selecting between various tiers of pricing. This can be done ahead of time or pulling up to the location, but once arrived, the robotic sign drops to the ground allowing the car to park in the space and starting the timer based on which the payment will be calculated. Created by co-founders Ricardo Blanco and Luis Mayendia in 2013, the company’s innovative idea is gaining more popularity in shopping malls and other venues in the United States and worldwide (Walmsley, 2018). This paper seeks to examine the 7Ps marketing mix for the company MyPark.

Product

The product being offered is the service of essentially ‘premium parking reservation.’ It is positioned as technological solution to a common problem. The only product being offered to the consumer is really the free smartphone app used to make the reservations. Overall, both the app and use of service is simple and intuitive. The app offers a list of venues in the city with MyPark, the customer selects it, and is presented with a diagram of a parking lot where they can choose their space. The customer has the choice to select hourly parking, daily, or even monthly reservations for the space. Once at the location, pressing a button lowers the stoppage gate and the car enters the space.

The simplicity and ingenuity of the idea makes it highly appealing to both vendors and consumers alike. It is highly automated and cost-effective. The design of the mechanism for the parking itself is well-thought out, as the singular motion of the sign dropping as the car approaches is simple, quick, and efficient. Its integration with the application is smooth. The app is designed well, with clear indicators and easily navigable which is vital, since it is the key component that consumers will be interacting with. Accessibility is an important characteristic when it comes to adoption of any technology. So, the fact that the smartphone application, the parking device, and their integration are simple to understand and use while demonstrating high fidelity and product quality is highly beneficial.

The branding for the company is mediocre, it is stylized logo but not exactly one that stands out. The parking blocks themselves are not easily distinguishable or branded visibly. It is recommended the branding be redesigned to be more unique and standing out, more easily recognizable. Despite this not being a commercial sales product, MyPark has to be noticeable, to represent a space that demonstrates to passerby’s that they could have parked here. Each parking device should have a short explanation of what MyPark is and provide a QR code to the app, if possible, a small signage or billboard should be installed near each large MyPark development.

Pricing

Pricing when using MyPark is more than fair, matching or even being below traditional market values for paid parking. Most locations start at $3 for the first 2 hours and then $3-4 for each additional hour. Therefore, a parking of several hours should not exceed $15-20 that is standard for the industry. There are also options to rent daily, for a relatively low price of $10-15. Meanwhile, those wishing to do so, can reserve a space monthly for a fee of $100. The prices are meant to be accessible despite the ‘premium parking’ branding, and the various tiers of pricing offer something for all types of consumer types or their needs. There are no known direct competitors to such service other than manual reservation of spots at paid parking lots/garages. Other online services simply offer the opportunity to pay the parking fee digitally based on meters or local parking authority pricing, but do not have the option to choose, reserve, and pay simultaneously for parking spaces at public venues.

Place

This is a service, so distribution occurs by MyPark partnering with venues such as shopping malls, stadiums, concert halls, or even for private facilities such as businesses, restaurants, or even parking garages. The partnership allows for MyPark to dedicate an area of the available parking, usually close to entrances or highly accessible, to be used for its reserved spaces. The customers then see the venue or location on their smartphone app and can choose to park there. Therefore, the distribution strategy depends on the number of venues that MyPark is able to collaborate with as well as the scale/importance of these venues. This is the channel of negotiations that MyPark utilizes to bring value to consumers, premium and comfortable parking at some of the favorite locations in a city. It is an effective distribution strategy, as it is beneficial for all stakeholders, the consumer, MyPark.

Promotion

MyPark is a small start-up, so it likely has a limited marketing and advertising budget. It does not seem that MyPark engages in any highly active advertising. Instead, it relies on word-of-mouth and people seeing the parking meters on sight with the company logo and website, finding out what the concept is themselves. The company maintains semi-active social media pages where footage of the MyPark being utilized in real life is shown. The company has also released on YouTube, it’s website and other platforms, a concept video which demonstrates every step of the MyPark service process that can be shown as advertisement or presentation to potential venues and investors. The current promotion strategy for MyPark is not effective as it is virtually non-existent.

The company’s concept is highly genius, the issue is that in order to be understood easily, it has to be demonstrated. MyPark should invest in creating short video ads, that present the concept and tell a story, either a dramatic one or a comedic one to appeal to the general audiences. Social media advertising is likely the best way forward for the company as a startup. This way, it can target audiences specifically, such as drivers, those who check in at public venues often, young and middle-aged adults which can use technology easily. That is the primary demographic for MyPark. It is important for the company to not only generate interest from venues, but to create public interest, so that these public venues understood that there is demand. The growth of MyPark as a business will only occur if adopted massively across cities. For that, it needs to actively engage promotion and advertising on all levels and various channels that are available. The wide range of visual social media such as Instagram and TikTok where the concept can be filmed in a creative light. Meanwhile data driven platforms such as Facebook and Twitter can generate noticeability of the company. Utilizing the full promotional mix will help to give the company more coverage and recognizability that will garner attention and drive sales.

Process

Exposure
- Customer hears of MyPark.
- Sees the technology being used.
Download Application
- Smartphone app downloaded.
- Account registered.
Local availability
- App shows MyPark spaces in customer’s local area.
- Venues are listed.
Customer makes reservation
- Customer views available spaces and makes reservation.
- Reservations as pulling up to space or as much as 6 months ahead of time.
Customer arrives at parking space
- Press button.
- Marking meter lowered and customer drives into space.
Customer Returns
- As car drives out, the meter raises up again.
- Timer and sensory tracker goin on during parking. Charges the customer based on starting price and tier.
Post-experience
- Customer may leave review publicly or directed to company.
- Search for other venues to use MyPark.

Physical Evidence

The service specifically is being delivered digitally via the smartphone application, sometimes beforehand (reservations) and sometimes specifically during parking process (immediate finding of space, lowering the parking meter device). Of course, the physical location and environment of service delivery are always some sort of parking lot, usually public venues. The only tangible component is the automatic parking meter, which syncs seamlessly with the smartphone app, allowing for a hassle-free of finding and then entering the parking space. The company’s technical support is available via the app.

People

MyPark is a small start-up. It has 7 employees including the CEO and COO, Operations manager, and technical advisor. It seems that the company outsources its work in terms of app development and setting up the whole system. The concept of MyPark is meant to be fully automated, so there are no people ever present or involved in the customer service. One potential influence could be other customers participating and using the MyPark service. Customers could leave online reviews or interact in person. However, the way the system is designed, it is meant to eliminate any hassle or unnecessary interaction or conflict that may typically arise in crowded parking spaces. Therefore, the person factor has little relevance to service delivery for MyPark.

References

Walmsley, J. (2018). This startup’s robots hold your favorite parking space at the mall — even on black Friday. Forbes.

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