Because of all the moving parts involved, operating a freight brokerage can become quite complicated. But real-time insights can help you book more loads, streamline processes, and strengthen relationships to reduce customer churn. They empower you to identify productivity improvement opportunities, and delight customers with greater speed and responsiveness. Here’s a look at how to optimize and grow your freight business.
Why do real-time insights help freight brokers optimize more effectively?
To remain competitive, freight brokers must upgrade to modern technologies for access to the most recent data. Choosing valuable metrics to track and monitor can give you a competitive edge and help you address issues like delays or in-transit damages. Data enables you to pinpoint root causes, as opposed to simply identifying them, so you can prevent problems from occurring.
That’s why tracking and monitoring the right key performance indicators (KPIs) is so important for growing a freight brokerage. You can know about issues in real-time, and pivot in the moment to save time, money and important business relationships for increased profitability.
6 keys to optimizing your freight brokerage business
Are you ready to optimize your business? Consider these key insights that can transform your business and improve profitability.
Customer relationship management software
You need access to customer information to communicate effectively. And you can monitor the sales funnel carefully using flagging and status monitoring in a customer relationship management (CRM) tool.
Check in on customers you haven’t heard from in a while to maintain relationships. Or send quick messages when bad weather disrupts delivery timelines. While short, quick communication might seem insignificant, it can be the essential element that helps you keep a customer and build lasting relationships.
Real-time data on freight market volatility
Data can provide insights into the freight marketplace. Find out where shippers and carriers struggle to better serve them with the right tools and resources. As a go-between, you can analyze the market, understand each party’s needs, and fulfill them to impress customers and carriers alike.
Identifying market opportunities is one way to add value to both of your stakeholders. You’ll help shippers find competitive rates for their freight transportation while helping carriers maximize earning potential with each load.
Training and continuing education
Data insights are valuable, but keeping your freight brokerage team up to date on the industry and emerging technologies is essential. Finding time for continuing education opportunities can be challenging, though. By effectively using the right tools, though, you may harness productivity improvements that help free up time for training. These tools can also help you track the modules and programs each broker has completed. And keep in mind that a well-informed team can help you remain competitive and prepared for market shifts.
Communication is important in any relationship-based business, and the transportation industry is no exception. With many software systems, including a transportation management system, there are more opportunities to communicate than ever. But the challenge is that communication is no longer centralized when there are so many systems to navigate.
You need a central place to manage and respond to all communication streams, regardless of technology, and puts them in context. By consolidating everything into one main platform, you benefit from greater account visibility and can improve responsiveness and productivity.
Real-time digital load tracking
Historically, tracking loads required several truck drivers or dispatcher check calls. Brokers could spend half their days on the phone for one load. But monitoring customer freight is now simpler and more efficient than spending all day on the phone.
Many real-time data software systems now identify trucks’ locations on driver tracking apps or cloud-based freight broker software apps that are accessible from anywhere. Set up regular load updates at regular intervals, or open the app and view information as you need it.
Simplify freight payment procedures
If you take too long to pay carriers when they’ve finished a job, it can damage the relationship. By compiling your data in one system, you’ll know who to pay and when. The benefits of timely payment procedures include:
- Improved cash flow
- Reduced pay date confusion for carriers
- Better financial planning and management capabilities
Grow your freight brokerage profitability through data
With the right data, it’s easier to find improvement areas and close gaps with customers and carriers to keep everyone happy. Repeat customers can mean greater profitability for your business. Track the right KPIs to impact your relationships, bottom line and team satisfaction through real-time analytics.
The best way to grow a freight brokerage is to focus on relationships and improve productivity through real-time digital load tracking.
Freight brokers build relationships by delivering on their promises, fostering trust and offering customer transparency.
Freight brokers use the network of people they already know to find leads, along with load boards, social media and external lead lists.
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