Growth and retention are paramount factors in business. The concept is simple. When a business owner acquires a bunch of customers, the owner does not stop there. Instead, they augment the volume, while making sure existing clients stay on board. This can be done by establishing tools that fortify relationship constantly. Easy, right? Not so fast.
Newer business owners and entrepreneurs may think that growing a customer base is as easy as throwing another log on the first. What they don’t realize, or haven’t experienced yet, is that customer growth is a long-term pursuit. Customers interests vary. Some want the cheapest service. Others put quality first. Customer acquisition is a mix of efforts and emotions, both on your part and the customer’s part.
Growth and Retention in Logistics
In the field of freight or cargo transportation, growth and retention are even trickier than other industries. The competition in acquiring more customers becomes unyielding since more and more freight businesses seem to be continually sprouting. Winning the customers is only half of the equation. Retention is where the money is at.
To win in the industry of transportation brokerage, you have to understand how important it is to sustain growth and retention. From onboarding to loyalty and customer retention, your company has to successfully implement efficient methods to keep your clients engaged with your brand.
The Importance of Growth and Retention
Since growth and retention are vital to any company’s success, everyone is doing it, right? Surprisingly, the idea of growth and retention is not a priority for many businesses, especially shipping and transportation companies.
Because growth and retention campaigns can often involve initial risk for long-term gains, trial and error stages, etc. some companies pass on this phase of investing in their own company. Some say that the investment is too much time and money. What they don’t realize is that they lose more time and money in the long run by not investing in growth and retention strategies.
Growth and retention, when implemented efficiently, means a consistent stream of reliable cash-flow. Consistent or recurring revenue is the holy grail of freight trucking companies. The idea is to find a consistent stream of customers and to keep them long-term.