Lack of Marketing Knowledge

Mariner Financial paid $75 million for the Sydney Opera House Car Park on a 35-year lease from the State Government but lacked the marketing expertise to improve revenue.

The situation -

Mariner Financial bought the Sydney Opera House Car Park for $75 million on a 35-year lease from the State Government. They lacked the marketing expertise to improve revenue and wanted a second opinion about the marketing recommendations of an international car park management specialist. They approached Solutions Marketing.

How Solutions Marketing helped -

Phase one:

  • Analysed and segmented the customer base
  • Targeted the low hanging fruit (existing regular users of nearby car parks, such as early bird parkers)
  • Focused on an awareness building campaign
  • Promoted the new management of the car park on radio for two weeks as “the best kept secret in town where parking is yours for a song”, supported with a target area leaflet distribution campaign
  • Dropped the price by $5 per day for the promotional period, before reverting to the optimum profit producing price ($2 less than the original price). This was achieved via small increments and constant measurement.

Phase two:

  • Built a list of the nearest 1000 businesses with the specific person responsible for parking
  • Sent a personally addressed letter and leaflet offering permanent parking

The results -

Bottom line revenue increased by $1.5 million in 12 months.

Phase one:

  • Early bird parkers increased five-fold initially, reverting to the optimal four-fold per day at $2 less than the original price. The campaign paid for itself within the initial six-week promotional period.

Phase two:

  • More than 5 % of those mailed rang the 1800 number for further information. Target sales achieved.

For an obligation free initial consultation call Tony Nix

  02 9955 5133