How Does Terralanes Help You Grow Wallet Share Faster?
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Simply put:
We put account managers in the best position to win additional business with existing customers.
Terralanes is the fastest way to grow an account from one load a month to a hundred because of our visibility, process, and strategy.
Visibility
Terralanes breaks down customer business into three different categories, or workflows, giving you clear visibility on how far you can grow with a customer. These workflows are Owned, Opportunities, and Total Potential. Workflows can be viewed on maps at the customer, location and lane level.
Opportunities
Opportunities describes business that a brokerage does not currently work with a customer on. Opportunities can include locations you’ve never picked up from or delivered to on behalf of a customer, lanes you’ve never managed, or even volume that belongs to competitors on lanes you do manage. With our map, you can see these opportunities in plain sight and work to capture each of them one by one.
Owned
Owned business is made up of locations, lanes, and volume that you currently move freight on and manage for a customer. A lane is converted from Opportunities to Owned when you have won the lane from the customer and are handling a piece of the total volume of that lane.
Total Potential
Total Potential is the combination of both opportunity business and owned business. This combination gives you an understanding of how much your brokerage could earn if you managed 100% of a shipper’s freight and what your total upside is, allowing you to prioritize where you should be spending most of your time.
Process
Brokerages do a great job at creating processes for acquiring prospects, booking loads, tracking loads, etc. Processes in brokerage create standardization and a check to make sure carriers and loads are always being managed correctly.
However, growing wallet share has largely been the responsibility of the individual account manager. The degree and speed of success is entirely dependent on the individual: how they manage the account over time and their service. Account managers do not have a system to assist them with wallet share activities and track their progress across different pieces of a customer’s business.
Our Strategy
At Terralanes, giving account managers the tools they need to win more wallet share is what we do best. Everything in our Opportunities workflow is designed to have a user think about a lane or a location in a business winning manner. Our Conversation Toolbelt is a great example of this.
Conversation Toolbelt
The Conversation Toolbelt prompts a user to ask key questions that will help them understand an opportunity and put them in the best position to win a new lane or more volume.
It begins with estimating the total volume and spend or rate of a customer, location, or lane.
The latter fields focus on more strategic questions users should be asking with their customer contacts. What are the requirements and pain points of this lane? Who are you using currently on this, and why are you using them?
Users can complete these fields in any order, and they allow for excellent talking points between leadership and teammates.
Unifying more information
Each drawer in Terralanes has fields and steps users can add information to. Our lane drawer is meant to bring the customer and carrier conversation together. If an AM has completed all of these steps, they will know exactly why they don’t have certain business and also how they can get it.
From start to finish, our process on a lane opportunity is:
1. Current Rate and total volume
2. Requirements and pain points
3. Competition analysis
4. Contacts
5. Possible carriers and market rates
6. Convert to owned.
Maximizing Opportunities
When a user wins an opportunity, Terralanes distinguishes between Owned volume and the remaining Opportunity volume.
This distinction tells account managers the job isn’t finished until your brokerage owns 100% of a lane’s volume.
AM’s can also visualize this volume breakdown on Customer pages and Location pages. The goal for an account manager in Terralanes should not only win wallet share, but also own 100% of that lane’s volume and bring Opportunity volume down to 0.
Conclusion
We’re the first piece of technology focusing on growing accounts faster and supporting account managers. Terralanes’ visibility, strategy, and unification improve and standardize wallet share growth across a brokerage.
We’re making the intangible, tangible, giving management and leadership true insight and coaching points into how their customers are growing.
