What got you here, won’t get you there is the message that we are increasingly delivering to our clients.
At TranStrategy Partners, our executive clients are very successful people, typically the owners and senior leadership of freight brokerage businesses. They have grown their companies through brains and hustle – lots and lots of hustle. Definitely a battle-hardened group of entrepreneurs.
These guys and gals are masters of the freight management universe and experts at cold calling, carrier network development, load tendering, customer service, problem solving and everything else needed to run a successful freight brokerage.
They come to us because they want to get to the next level, which means something different for every one of our client. Our engagements typically begin with a 360-degree business assessment to understand the current state of the organization. From the assessment, we make recommendations and partner with companies to develop:
· Strategy and implementation
· Training and people development
· Improved organizational structure and accountability
· Sales and marketing muscle
Our recommendations are changing somewhat, because doing the same things more effectively and more efficiently isn’t enough in the rapidly changing transportation market. To win in the new competitive environment, freight brokerage companies will need to do different things.
Do These 4 Things to Get There
1. Be an Industry Expert
Shippers are looking for a company who can solve their problems – ideally a company that specializes in solving problems for people just like them. If you are the shipping manager for an ecommerce company, wouldn’t you rather work with a company that specializes in ecommerce shipping? Stop generalizing and start specializing.
2. Become a Total Solution Provider
Freight brokers have a narrow niche – they match great carriers with great shippers and manage every step of the process. But shippers often have other transportation needs like LTL, courier service, freight forwarding, etc. It might make sense to expand your service offerings. The fast-growing ecommerce company you serve no doubt has LTL and home delivery shipments and your competition who moves those loads, will be pushing hard to take over the shipments you currently manage.
3. Provide Insights and Recommendations
Business intelligence, big data and analytics seem to be all the rage these days even though most people have only a vague idea what they mean. I like to keep things simple. I think all those fancy terms refer to collecting data, analyzing it and providing actionable insights. Your company’s transportation management system (TMS) collects and stores all sorts of useful information. Talk with your ecommerce customer and determine if data in your system can be used to help them make better decisions. Perhaps, shipment data from the last 6 months holds the key to a solving a big problem that your customer has. Put your data to work.
4. Focus on Marketing
The freight brokerage business has historically relied on cold calling, which isn’t working as well as it once did. Savvy transportation companies are using marketing, usually digital marketing to fill the top of their sales funnel. A focus on marketing and lead generation is a big shift for many companies that have lived and died by “smiling and dialing.” To be found online via digital marketing takes just as much hard work and dedication as cold calling. The good news about the web is customers find you and if you do it right, they will reach out to you. When customers reach out to you, they know they have a problem and they think you can fix it, which is a much better way to begin a business relationship.