Here’s the reality: Nowadays, anyone can paste a relevant article from Freightwaves, DAT, or Truckstop and call it “using market data for prospecting.” That’s not expertise; that’s just a demonstration that you can use a web browser.
Real expertise is work. To become a broker, you must use data to understand, anticipate, and solve client problems. It takes time, but actual expertise bolsters prospecting and customer service to unprecedented levels.
Here’s how to effectively use market data.
Using Market Data for Prospecting
Before attempting to use market data to address a prospect’s concern, it is wise first to identify the problem. Ask meaningful, open-ended questions to diagnose pain points.
Once a good understanding is achieved, market data can strengthen prospecting in a variety of ways.
Strengthen Value-adds with Data
Numbers speak louder than words.
When presenting all the reasons that a client should work with you, consider the difference in power between these two statements:
- I can provide a credible carrier network.
- We’ve maintained a 100% on-time pickup and delivery rate across our carrier network for six consecutive months.
Who would you trust with your business?
Data can distinguish the exceptional from the mundane.
Show Proof, Not Promises
In sales, anyone can play the “who can make the most impressive promise” game.
What really distinguishes an enticing offer is when data backs it up.
For example, instead of…
“We can save you more money.”
…try something more tangible:
“By leveraging our carrier network, we’ve helped customers reduce transportation spend by 10% and achieve higher on-time pickup and delivery rates.”
Now, the client knows precisely what benefit they’ll be reaping with your services.
Using Market Data for Outstanding Customer Service
Your clients should never have to take your word on a strategic decision. To maintain a high degree of trust with your book of business, make a habit of proving the veracity of your decisions with good data.
Use Data to Contextualize Decisions
When a market swings, you will inevitably have to adapt your strategy in the form of rates, capacity, etc. This is a natural part of business. However.
When those decisions are given without context, they often appear greedy, random, and apathetic.
When implementing changes that directly affect your clients, always communicate them alongside data to contextualize them.
Consider two examples:
- We were not able to secure a truck for the shipment due to an increase in demand in the area.
This statement could be infuriating, particularly if the client has business in the affected region. Inevitably, there will be resistance. Try this instead:
- Due to increased demand in the area, capacity is limited. However, our team is pivoting and sourcing alternative carrier options within our network to provide flexibility and options to maintain consistent service and capacity during future demand surges.
With this statement, the client may not only understand, but could be grateful that you are staying on top of market conditions and preventing delays. Further, promising additional communication creates peace of mind.
Use Data to Anticipate Concerns
Nothing will thrill your clients more than anticipating their concerns via market data before they do.
For example, say a previously profitable lane has become saturated, and through your market monitoring, you anticipate that profitability will decline in the near future. You may notify your client with a statement like this:
“Hey [Client], as I’ve been monitoring your typical lane from Los Angeles to Carson City, I’ve noticed that the impending produce season is beginning to cause some saturation that may lead to higher rates. Would you be open to discussing alternate solutions? See attached for my recommendations.”
In this strategy, your client will begin to see you as a necessity for success. In addition to anticipating concerns for your client, you may warn them of real-time challenges. For example:
“We want to take extra precautions on any high-value shipments moving through this region and want to keep a close eye on these lanes.”
Not only does anticipation of challenges prevent a loss of profitability, but it also fosters a sense of security in your partnership that can make you indispensable.
—
Too many freight agents are content to share a generic industry article and call it ‘expertise’. To truly become an expert, a deep understanding of industry conditions is necessary. Once data is shared to substantiate value-adds, prospecting will thrive. When data is shared to validate strategic decisions as a customer service provider, trust is built.
And when the data complements prospecting and retention, your business will thrive.
###