By: Robert Farrell | CEO GlobalTranz
7 Ways to Understand Your Shipping Data
Freight logistics today is driven by data. From calculating the best routes for your shipments to setting the most competitive pricing, your shipping data is the key to unlocking your full potential as a freight agent or broker.
Data for Short Term Goals vs Long Term Goals
Real-time data drives short term goals. If you are working toward being the fastest shipper in your region, having historical KPI data is necessary to retain the best carriers for each job. Without measuring average route times, customer histories, and load rates in real-time, you are not going to be competitive with other more efficient agencies.
In the long term, you need streamlined reporting of historical data for price structuring and lead capturing. Your customers tell you what they want every time they use your services. If you can view the big picture through expert analysis of data reporting, you can hone your business to meet the needs of your customers.
Understanding Your Shipping Data – 7 Key Metrics
The key metrics for understanding your shipping data are fundamentally about understanding your customers better. Behind your business decisions are goals toward earning a healthy profit. These 7 key metrics will help you get a better picture of your customers for optimal CRM.
#1: On-Time Delivery Statistics:
When your services are needed, on-time delivery is paramount. Independent freight agents with the ability to guarantee on-time delivery consistently will monitor their on-time delivery statistics to see where improvements can be made.
#2: Customer Retention Rates:
If you are getting customers but then losing their business after only one or two shipments, there is something missing in your customer retention strategy. Smart CRM technology can help you better analyze your customer retention rates to increase your customer base.
#3: Price Comparisons:
In order to give your customers the best rates, you have to be competitive with other third party providers. You have to able to analyze prices based on many different freight metrics with easy to read financial reporting to compare your prices with your competition’s prices.
#4: Shipping Cost Savings:
You can offer better pricing by eliminating redundant overhead. Quality TMS software helps you manage your supply chain cost effectively, potentially adding up to thousands of dollars saved in shipping costs every month.
#5: Increasing Profit Margins:
Increasing your profit margins should never come at the expense of quality customer service. Advanced technology is making it possible for freight agents to build lucrative businesses by reducing costs and increasing cost savings resulting in bigger profit margins.
#6: KPI Data:
Your key performance indicators are going to show you what you are doing right. When you have the ability to look at your strengths you can promote them to your pool of shippers to garner new business.
#7: New Customer Accounts:
Data can give you insights into customer behaviors which can help you better market your services. How many new customer accounts you acquire over a given time will help you reach your target goals for net profits.
What to Do with Shipping Data
From how to structure your freight business to what industries to go after for new customers, your data can help you make better decisions. Knowing how to price your services depends largely on analyzing shipping data.
For instance, if you work in a niche industry like petroleum transport, your surcharges and transportation fees are going to factor in your overall financial picture. CRM and TMS software helps to put all of that information into easy to understand reports for better analysis.
Freight agents depend on a network of solid A-rated carriers to provide on-time deliveries with the fewest number of damage claims. Often the hardest part about running a freight agent is finding the time to garner new business. ShipperCenter from GlobalTranz is the number one tool for freight agents building a lead generating agency.
No One-Size-Fits-All Solutions
One thing is true; there is no one-size-fits-all solution in the freight industry today. Some agents have to be ready to handle loads of all different sorts, dealing with zoning charges, surcharges, and weight restrictions. Being able to offer a tailored solution to your customers is how you grow your freight business.
GlobalTranz Technology Makes Data Easy to Understand and Usable
Are you gathering as much information about your business and your customers as you should based on your data? If not, at GlobalTranz, we make data easy to understand and just as easy to use to build a stronger, more profitable freight agency. Simply contact us now to learn more about adding our must-have software to your freight operations.