6 Reasons Why Growing Wallet Share Is Important

Growing wallet share quickly is a huge contributor to a brokerage’s success. There are four problems today that hinder existing customer expansion, but why is wallet share growth important in the first place?

1.Because you can achieve so much more. When you first start working with a customer, you’re usually managing a small piece of their business. You have a huge opportunity to expand and become one of their largest logistics service providers.

2.Justify the sales process. There was a significant amount of work, time, and resources put into landing a prospect. All done so the brokerage could handle their business. Now that you have it, get the return on investment as fast as you can!

3.Every day is a new opportunity. It sounds simple, but ask for more freight. Always ask if there is anything else you can help with. Always ask how the rest of their freight is looking. The market is always changing, and your customer is always facing new challenges that you could be the solution for.

4.You already know the contacts and have an in. Getting $100k more in freight spend from existing customers should be a lot easier than getting the same amount from new prospects. As you work with a customer and serve them appropriately, you’ll have an internal champion who can help you get more business.

5.Leverage existing carriers and other freight. Depending on the size of your brokerage, a customer might have other lanes that are a perfect fit for what you’re already managing with other customers or are backhaul opportunities for your carrier base.

6.Win higher margin or better fitting business. The first lane or two you’ve been given by a shipper are likely not the most desirable. In order to win the “gravy” lanes, you not only need to serve what you have today exceptionally well, but also find out why they are using another broker on those.

Terralanes’ Solution

Terralanes allows users to build and visualize wallet share profiles for customers, locations and lanes. On each profile, we guide account managers to have specific conversations about specific opportunities, putting you in the best situation to win them. For management, we’re making the intangible tangible, allowing you to see what you have, what you don’t have, and what your total potential with any customer could be.