Knowledge is Power
Krista Olien
November 2024
"Knowledge is Power!" In 7th grade, my 3rd-period Social Studies teacher, Mr. Gibson, made us say this phrase in unison before we were dismissed. Every. Single. Time. Ugh! At the time, I was annoyed by it and glazed over the true meaning of the phrase, as most adolescents would.
As I have found myself deep in the throes of financial and operational reviews here at TPN, I often return to this phrase. Knowing a facility’s financial and operational details empowers management to make informed decisions.
One of the most powerful, knowledge driven insights TPN provides clients is our market analysis. Traditionally, a market analysis covers attractions and similar facilities in a metropolitan area. However, here at TPN, the scope of the market analysis should be more acute and focused than that. The true market for a facility lies within just a two-block radius. While there is value in knowing other facilities of similar size within the metro, proximity is the true market impact for a facility.
In preparation for an on-site visit, we collect information on mass transit in the area, local businesses, the economic status of the area, etc. Our team’s long history in the industry also provides a benefit in that we have most likely reviewed one, if not more, facilities in each major metropolitan area. This data collection allows us to spend our onsite time wisely; we can focus on real-time activity during the key times of the day as we are already up to speed with our market analysis. We might focus on morning activities for local commercial buildings, mid-day activities for restaurants and shopping, or nighttime activities for restaurants and nightlife, all within the context of the market survey already completed. Management habits of the past do not cloud our recommendations. Our market analysis - the conditions and demands of the current, local, market – allows us to see how a facility can thrive in the unique, two-block area. A focused market analysis powerfully benefits marketing strategies, parking rates, and even hours of operation.
Market analysis requires time and attention to garner the knowledge to make powerful decisions. TPN’s procedures and expertise, combined with the necessary time and attention, provide powerful knowledge to our clients. Our clients can then take that knowledge and make informed, powerful decisions!
I can hear our parking industry saying it now- “Knowledge is Power!” - Thank you, Mr. Gibson!