Time really does march on, and sometimes it ushers in unintentional opportunity. In logistics, particularly LTL, we should be aware of the end of quarter earning opportunities that immediately follow the “the march of time.”
The end of the calendar year is nearly here, and the expiration date on Q4 and 2019 is quickly approaching. This is a great time to be in LTL. Retail store shelves are filling up and need constant replenishment. Fulfillment companies push more product out the door in support of seasonal events. Traditional LTL customers begin to develop new customer needs that provide additional revenue streams. This provides better opportunities to penetrate our customers’ business. So how do you take advantage of these end of quarter earnings opportunities?
Check-in with Retail Market Customers
One obvious area of end of quarter earning growth is shipping to retail establishments. A quick survey of your existing book of business can help you identify those shippers that are plugged in to the retail market. Contact them to identify new needs that could potentially expose you to new markets, new assessorial needs and additional volume. Recognizing the importance of where you are on the calendar could change the seasonal chorus of “Fa, la, la” to “cha-ching!”
Pay Attention to Special Events
Each end-of-year, orders for company promotional items increases as seasonal events for the holidays and New Year planning meetings happen. This creates a new need to ship product. These events generate outbound end of quarter earning opportunities, and you should look for those companies who have those needs now. Busy fulfillment companies with dynamic and time-dated product lines also pick up in their in-bound shipping as their customers begin to provide them with their 2020 material. Staying ahead of that curve and proactively probing for that business could provide big revenue wins.
Don’t Forget Traditional LTL Customers
Our strong economy has transformed the fourth quarter from a time of slow down to one of continued pace. Traditional LTL customers such as furniture, fitness and mattress companies have sprung new needs. These are created by both the everyday and the holiday consumer. This demand for special services can create tremendous end of quarter earning opportunity. Keep taking the pulse of your customer.
Consider High-Volume Freight Carriers
The end of quarter can not only provide us with new customers and additional opportunities, but it also can provide us with additional LTL options. England Logistics regularly takes advantage of some of the exceptional rates available in the volume LTL market. Capacity can get squeezed with some of the major volume freight providers at the end of a quarter. Having a back-up plan to use high-volume freight carriers can be excellent way to take advantage of competitive rates and maintain high customer satisfaction.
Keeping your eyes open for new opportunities to generate more income at the end-of-quarter can not only increase your revenue prior to year-end, which is great for you, but it can also keep your customers satisfied by keeping their shipments on-time during a busy time of year. And that will keep them coming back to you for high-quality service for years to come.
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The England Logistics Less-Than-Truckload (LTL) division can provide nationwide service for shipments of almost any shape or size. To bring simplicity to shipping processes, LTL offers a one-stop solution with the information needed to get shipments on the road. Dedicated team members are available 24/7 to ensure timely and cost-efficient delivery.