4 Great Tips to Boost Your Revenue in the Taxi Business

MobyteLab News   •   Feb 04, 2020

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So you’ve successfully pulled through the hurdles and difficulties involved in establishing a taxi business, that’s awesome. Well done! The next most important thing to do is working towards boosting your revenue. Of course, the ultimate goal of just about any business is making some good profit.

With the big boom in the ride-sharing business, more and more really smart entrepreneurs continue to delve into the sector. The implication in effect is a tremendous increase in competition which no doubt divides customers and ultimately decreases profit. But this is not the end, for there are great ways of attracting more users to your business and ultimately boosting your revenue. 

Through this article, we provide 4 great tips that will help make your taxi business attractive to customers and profitable as well. 

So, How do you Boost Your Revenue for your taxi business?

If you ask around, one of the best advice you’ll get on this topic is to go find a good taxi software development company and have a discussion with them on how they could help you design a top-of-line taxi management software or provide a highly reliable taxi app solution. However, since you’re reading a blog post from one, you can save yourself further stress. 

Here are our top 4 tips we think you will find very helpful for your taxi business

Tip #1: Understand Your Market

This is one of the most basic, yet very crucial processes involved. This ought to have been taken into consideration during the early stages of starting your taxi business. Understanding your market involves researching about it, knowing and understanding your competitors. If there is something your major competitor is doing right, then there are either of two things you must do:

  1. Do that exact thing better
  2. Or smartly do the exact opposite.

Let’s take a look at Lyft. We’ll hardly be coxed if we stated that Lyft is a successful taxi business highly successful at what they do. But, what is it that this company does so well, that makes it successful? Highly targeted digital advertising. In a bid to find and attract customers and ultimately increase profit, Lyft did an outstanding search to find drivers that were good candidates to become drivers, and they did this using in-market audiences on the google display network. This earned them a whopping 74% month-over-month increase in conversions. Want to beat Lyft or at least be a big enough competitor, you’ll need to up your ads game, and doing this still centers around understanding your market. 

How about EasyTaxi? What made them successful in the first place? Answer: an outstanding taxi management software that offered users a smooth booking service! Looking around, they discovered that although there were great taxi companies already hitting it big, they lacked good enough software that customers would love. This simple knowledge made the mark. 

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Tip #2: Hire the Right Drivers 

Drivers are a very strong determinant of the quality of your taxi service as they are the ones who come in contact with the customers. 

What’s more, hiring motivated and committed drivers who are well-trained and courteous can take your business a long way. This is because there are sure to satisfy the customers. Happy customers are the most loyal customers! 

When hiring, it is important to higher drivers who are not only skilled, experienced familiar with city routes, but those who are also versed with the rules and regulations of your business. One good way to establish a benchmark for hiring good drivers is to put yourself in the shoes of potential customers and answer certain questions. Questions such as:

  • Would you like a taxi service in which the driver drivers roughly, paying no attention to road safety rules and regulations? And you are OK with a driver who is rude, and has a terrible manner of approach?
  • Would you like to ride in a taxi in which the driver is oblivious of the right route to take, and pauses at every corner to crosscheck?

No? Then hire the right drivers! Always have it at the back of your mind that a satisfied customer is a huge asset, and the driver is one ticket to satisfying your customers.

It is worthy that it doesn’t all end in hiring, checkmating the drivers is just as important. This can be done through customer feedback. In a time like this where technology is the backbone of most successful business, a taxi management software or taxi dispatch software is one of the best ways to go about this. With a good taxi app solution that has a feedback feature integrated, customers can rate drivers as well as leave reviews based on their quality of service. This can help you better manage your drivers properly. 

 Tip #3: Social Media Presence 

Based on a new report from GlobalWebIndex, about 98% of people now have at least one active social media account, with the average person having over 7.6 active social media accounts. But what does this mean, and how does it concern you as a taxi business owner? Well, it simply means that you have a better opportunity to take your business to a larger number of people within the shortest time possible and at a negligible price. Social media has a high potential to create a huge customer base, and with proper use, it can boost your revenue.  

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Create an account for your taxi business on popular social media platforms like Instagram, Facebook, Twitter, Youtube, and others you deem popular, and start posting. You can create articles, videos, and images revolving around trends in the business, or even make stories about your passengers and drivers. This way, you can build an audience and spark engagement. It’s worth remembering that the importance of responding to queries from customers and following up on their feedback, cannot be overemphasized. 

Tip #4: Taking Advantage of Technology

In the taxi business today, technology is no longer an option but a strong necessity. Customers continually search for easier, and more comfortable ways of doing things, and meeting this need is one great way to keep them happy. You will remember that a happy customer is a loyal customer and a potential source of cost-free advertisement for your business. 

The ultimate way of investing in, and taking advantage of technology in the taxi business is by using using a taxi management software. With a good taxi app solution, it becomes easier to manage your fleet, simply all aspects of the business, make it more efficient, and ultimately boost your revenue. 

If you create a taxi app, you can take advantage of its many capabilities like caller ID pop-up, mapping, and GPS tracking, automated notifications, quality billing support, automated scheduling,  email notification, push notification, invoice generation at end of the trip and many more. These features will enable you to enjoy the benefits of a taxi booking solution, some of which include swift response capabilities, increased supply chain efficiency, flexibility, and increased scalability. 

One other modern capabilities you can take advantage of if you’re using one of the best taxi dispatch system in the market is the Caller ID pop-up with automated reservation history. This creates a good impression in the hearts of your customers as this capability lets call-takers recognize regular customers and enable them to speed-up repeat bookings. It shows some level of courtesy and professionalism.

You’ll already know by now that improving the quality of your taxi service is a great way to satisfy your customers and ultimately boost your revenue. A good way of achieving this is by offering a taxi booking a complete solution to your customers. Today’s customers are lovers of convenience and thus,  are more likely to book a taxi via an app as opposed to calling. The dispatch software should be easy to use, yet contain all the necessary features.

4 features your taxi management software should include by all means are:

  • Mapping and GPS tracking: This feature provides the driver with real-time info on traffic conditions. With such valuable info, the best routes can be followed, helping your customers get to their destination within the shortest time possible. 
  • Push notification: with this feature, the customer receives real-time updates on events taking place from the time of booking to the pickup time, and arrival time. It also serves as a good medium to up-sell or cross-sell riders, notify, and keep them up-to-date with your business.
  • Multiple payment gateways: This feature provides riders with a wide variety of payment options, thus making your service more convenient. 
  • Drivers profile: Upon booking a ride, customers need to know who to expect, and the vehicle as well. This information makes the rider feel secure. Meanwhile, the feature promotes the safety of the rider.

Besides the listed features, several other really important ones will help you improve customer experience and alternatively boost your revenue. You can learn more about the “Must-Have Features of a Transport Dispatch Software” and step your game in the taxi business. 

Generally, investing in taxi management software is one of the surest ways of growing your taxi business, improving customer satisfaction and increasing profitability. This is since most of the other things necessary can be m done more efficiently through the software. If you do not know what is the dispatch and how can it help your business, click here

👉 Find out more How to Choose a Suitable Taxi Dispatch Software Provider, click here

Investing in taxi management software is one of the surest ways of growing your taxi business

Conclusion

As already discussed earlier, investing in taxi management software is one of the best things you can do to give your taxi business a boost. Besides giving your revenue a boost, improving the operating efficiency of your fleet, and customer service, it will help create competitive differentiation.

The 4 tips given here are very important, and if implemented, they can help you grow your business. They are a central idea and since taxi business concepts vary, it will be helpful to look into them critically and see what aspects will best apply. However, there are many other tips you can adopt, you can always check back for updates to this post, and new helpful articles. 

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