• Invest in GPS tracking, ELDs, freight marketplace platforms, and automotive tools to stay competitive.
• Appeal to modern customers by offering real-time tracking, digital payment solutions, enhanced customer service, and an up-to-date marketing strategy.
• Invest in driver recruiting and retention strategies to address driver shortages.
• Assess your situation and determine what needs to be done to remain competitive in the trucking industry.
If you’re a business owner or entrepreneur in the trucking industry, you know that competition is tough. There are about 570,000 trucking companies in the country, and with advancements in technology and changes in consumer behavior, your business must stay ahead of the curve. However, the reality is that many companies are being left behind.
Lack of Investment in Technology
This is perhaps the most obvious reason why companies are being left behind. Technology is advancing rapidly, and your business must keep up. Here are some technologies you should invest on:
Your trucks are likely all over the country, and keeping track of them is essential. GPS tracking helps you know where your fleet is at all times, optimize routes, and increase efficiency.
Electronic Logging Devices (ELDs)
These devices are a must-have for any trucking company. They help automate the process of logging hours and miles and improve accuracy. They also help you to comply with federal regulations and avoid hefty fines.
Freight Marketplace Platforms
Freight marketplaces are a great way to connect shippers with carriers in real time. This helps to ensure that your trucks are always full, which leads to more efficient routes and higher profits. Moreover, it’s much more efficient than tracking them manually.
Your trucks are reliant on parts and maintenance. There are many benefits of investing in an automotive tool. Investing in tools like diagnostics systems, fuel management solutions, and predictive analytics will help you identify potential problems before they happen and improve the overall performance of your fleet.
When it comes to technology, you can’t afford to fall behind. Investing in the right technologies will help you stay competitive and give your business an edge.
Failure to Adapt to Changing Consumer Behavior
Consumers are expecting more from their trucking and logistics providers. Customers are always looking for faster, cheaper services and better customer service. It could be left behind if your business isn’t adapting to changing consumer behavior. Here are some ways you can appeal to modern customers:
Delays are becoming more common nowadays. For example, average delays from China to Europe reached six days last year. However, delays aren’t the real problem here but the inability to track shipments in real time. Investing in an up-to-date tracking system can provide customers with accurate updates on their shipment’s whereabouts and reduce their anxiety.
Digital Payment Solutions
Traditional payment methods aren’t always efficient or cost effective. Investing in digital payment solutions such as those offered by PayPal, Stripe, and Square can help you streamline the payment process and provide improved security.
Enhanced Customer Service
Your customers expect more than just good service. They want personalized experiences tailored to their needs.
To accomplish this, your business should invest in technologies such as AI-driven chatbots, allowing customers to receive quick answers to their questions 24/7. Investing in a customer relationship management (CRM) platform will help you better manage customer data and gain insights into their preferences.
Limited Marketing Efforts
Marketing is essential for any business, and the trucking industry is no exception. If you’re not investing in marketing efforts, you’re missing out on potential customers. Investing in digital marketing tactics such as SEO, PPC, and social media will help you reach more potential customers and build trust with the ones you already have.
Driver shortages are a growing problem in the trucking industry. The American Trucking Association says that about 50,000 drivers will be needed by 2020 to handle the increasing demand for deliveries. Investing in driver recruiting and retention strategies can help you fill positions quickly and retain qualified drivers. Offer competitive salaries and benefits, consider developing apprenticeship programs, or provide incentives and bonuses to attract and retain drivers.
Ultimately, if your business isn’t investing in the right technologies and adapting to changing consumer behaviors, you may lag behind competitors. Investing in the right things can help you stay ahead of the competition and give your business an edge. Take the time to assess your situation, determine what needs to be done, and invest in the right technologies for your business. Doing so will help ensure that you remain competitive in the trucking industry.