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The story of the millionaire parking lot attendant

On Freedom Business

The level of sophistication of parking lots vary wildly across the globe.

For instance, in Singapore, all the cars are equipped with a chip that is hooked up to a special card. Every time you roll into a parking lot, or pass through a toll gate, it automatically deducts the money from your card. It's kind of like a pay-as-you-go SIM card for your phone, but for your car instead. Result: no traffic congestion.

In South Africa, some government Jeenius hatched a brilliant scheme to create more jobs: knock down all the parking meters and replace them with live human beings to collect the cash. This is one of those criminally-stupid ideas that could have been invented by no one who isn't in an official government position.

On one particular parking lot in London, England, a similar scenario took place. A lone parking lot attendant -- let's call him John -- stood there at the entrance of the parking lot, collecting people's money... every day for 30 years.

Yup, one of those old school working types. Don't see a lot of them these days. They just get a job and stick to it.

The Future of Customer Loyalty: Dynamic Pricing with a Hedge

On DROdio

I went to get my car washed today in freezing weather, the day of a massive snow storm about to hit DC. Needless to say, nobody else was there. (Why did I do this? Because the car desperately needed to be waxed + interior cleaned, and I'm not in DC for long). The experience got me thinking about dynamic pricing and customer loyalty.

Businesses typically try to use frequent-purchase tactics to drive loyalty, like a "buy 9 get 1 free" card or, in the case of airlines, frequent flyer miles. But I believe there's a better way to drive deep loyalty while at the same time maximizing the revenue a business gets: Dynamic pricing, with a Hedge. Here's what I mean:

As I mention in the video above, to say it was a slow day at the car wash facility would be putting it nicely -- I must've been one of only a couple dozen customers they would have the entire day. It's expensive to keep a carwash open on a day like today, including paying at least 10 employees to sit around and do nothing.

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