- New Product Planning - Targeting Niche Markets: As the forwarding industry changes, companies are carefully evaluating what market niches they plan to target. Management is appraising specific lane segments or customer types they have been successful with in the past, or identifying new market segments they can successfully target with new services or segment offerings. Business intelligence and data-mining tools help verify targets. If targeting a specific lane segment, for example, companies are making certain it's a profitable segment. If focusing on a particular market, it is imperative to fully understand the makeup of companies in that marketplace.
- Sales Opportunity Planning - Customized Campaigns: Successful LSPs are creating targeted sales and marketing campaigns by using integrated customer relationship management (CRM) applications as a tool for communicating service offerings and promotions that are customized to specific markets. Clear, quick and concise messages explain LSP services offered, and they provide potential customers with a reason to call the service provider. The success (or failure) of marketing efforts is then measured by tracking and analyzing how many leads a specific campaign produces, how many shipments were obtained, and how much revenue was generated. If a campaign's success can't be accurately measured, one is left with no idea whether or not to repeat it, Borczon notes.
The Importance of Accurate Reporting
Focus on Business Development