We all make mistakes in everyday life and in business. Over the years I have made plenty myself inside and outisde of the limousine industry.
The key here is due you learn from your own mistakes and that of others to improve your business model? Here are the Top 4 Mistakes I see Limousine Services here in Nashville and around the country making.
#1. Not focusing on existing clients
Most limousine companies especially in this down economy are driven to find new clients to increase revenue and market share. What people forget is that it is 5 times less expensive to grow revenue out of your existing client base than it is to cultivate new clients through advertising, sales, and marketing.
Key: Focus on growing your existing client base. This is very simple to get started. Ask your clients how you can better serve them by sending out a survey once a quarter or simply place a follow up call and ask how their most recent trip went. This will open the door to ask for the “GOLDEN TICKET” if you have made them happy – a REFERRAL.
#2 No Trust
Do your clients trust you? Does your website implement trust with potential clients? What message do your marketing materials convey?
Key: Consumers are going to buy from you based on two simple factors. Trust or Price! Choose which one your limousine service is going to value the most and than formulate a plan to create trust with your client base. Will you guarantee the lowest rates and price match? Will you guarantee client satisfaction?
#3 Don’t be all things to all people
This is very important from two standpoints.
1. You need to focus your company and staff on the strategic service you are going to excel at. We all know this takes a tremendous amount of training and implementation to provide high quality service day in and day out in the limousine industry. If you don’t have the resources to offer multiple services then choose one or two that your company can excel at and become the best.
2. Don’t confuse the market place. if you are offering every service under the sun from shared ride to retail and corporate services you are most likely to confuse your potential clients as to what service excel at. Are you a limousine service or are you a shuttle service? Are you a bus company or are you sedan company? What must identify the service that you specialize in then deliver this messaging to your market. See #4.
#4 No Authority
If you are providing every service imaginable to your market it becomes very difficult to create Authority. What is Authority? Authority is built by being an expert in your industry and the services you offer. If you are the best sedan service in your market or the country then you can build authority with the market place and become “Trust Agent”.
Key: Trust Agent’s are able to leverage their expertise in their industry to expand their market share. I won’t go into grave detail, but you can click on the following link to see Chris Brogan’s “Trust Agents”. I would highly recommend checking this link out as Chris Brogan is a Trust Agent and the Authority for Fortune 500 Companies.
#2 and #4 are tied together and probably the most important on this list.
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