July 2020 | Sponsored | Knowledge Base

How Your Freight Agency Can Succeed in an Uncertain Market

Tags: Partnership, Risk Management, Freight Forwarders

Staying engaged with your customers, providing solutions to their new demands, and not losing sight of your business goals can help you improve your business during the tough times.

Katie MacDonald, Vice President, Agent Development, Landstar Transportation Logistics, 888-949-2880

The new decade presented unique challenges to nearly every industry. Since transportation and logistics companies service many of those impacted industries, your business was likely affected, too. The following are tips to help your freight agency succeed despite an uncertain market.

Stay in front of your customers.

You may be hesitant to engage with your customers right now, but you could be missing out on an opportunity to nurture existing relationships.

This doesn't mean that you should call your customers with a hard sell. Now is the time to remind them of how you can help when their businesses normalize. If you approach your customers with empathy and relevant information, they'll remember to call you when the time is right for them.

Shift your service offerings to fit customer demands.

Being flexible for your customers is important. Over the past few months, some supply chains have developed an increased demand in sectors of their businesses that you may not have been involved with before. For example, you have a customer that has historically used your business for its less-than-truckload needs but now needs your help with expedited shipping.

Make sure your customers know your full suite of services and how you can fulfill their new demands. Not only could this solve challenges for your customers, but it could become a new revenue stream for your freight agency, too.

This also could be a great time for you to get to know your customers' businesses better. For example, do you know how their operations have changed this year? How are your customers' competitors doing?

All of this information will give you more leverage the next time you talk to your customers.

Get to know your business better.

If you find yourself with more time on your hands, use this as an opportunity to reacquaint yourself with your business.

  • Keep close tabs on your monthly revenue comparisons.
  • Identify areas of your business that need improvement.
  • Be mindful of how your employees are handling "the new normal."

The more you know about how your business is doing, the better position you'll be in as the industry stabilizes.

Stick to your short-term goals and reevaluate your long-term goals.

It can be difficult to stay focused with so much going on, especially if your business has been unpredictable lately. In the short term, you should stay with the goals you've already set. You established those goals for a reason and should do your best to stick to them.

However, your long-term goals may need to be reevaluated. Plan for the future based on what you know now and understand that you may have to reprioritize as time passes.

If you feel like the future is as clear as mud, you're not alone. Staying engaged with your customers, providing solutions to their new demands, and not losing sight of your business goals can help improve your business during the tough times and set you up to succeed as conditions improve.






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