As reported by Verified Market Research, the U.S. freight brokerage market is expanding at a CAGR of 36.2% through 2028. The market will reach more than $13.78 billion over that span, and such growth will depend on the success of freight broker sales. However, the industry is rife with exhaustion and chaos over the disruptions starting with the COVID-19 pandemic, and many more to come. Still, the freight broker sales tips for prospecting shipper customers are much easier than many realize. Broker sales representatives can easily expand their prospects and enable more conversions by simply taking the time to follow these tips and having clear answers about freight finance and rate questions at the ready too.
Given that the global freight broker market growth is estimated to reach $21.14 billion by the end of 2022, brokers in the U.S. have a clear opportunity to expand their networks and shipper contracts. After all, this is due to increased global trade and the need for more efficient transportation and logistics solutions.
The freight brokerage market is booming, but even with record-setting growth rates, this success will depend on freight broker sales representatives’ ability to find new shipper customers. However, this task has become increasingly difficult in the current climate. The COVID-19 pandemic has disrupted global supply chains and created chaos throughout the freight industry. Still, freight broker sales representatives may be unsure where to start.
Yes, one of the best ways to prospect for new shipper customers is by using world-class freight broker software. Such tools enable brokers to quickly identify potential shipping partners by filtering through a database of more than 10 million companies and continuously adding to their prospect pool. In addition, freight broker software can help representatives track shipping rates and lanes, as well as get to know each prospect on a more personal level. However, the competition remains.
Yes, freight broker sales representatives must increase their efforts to find new shipper customers. Fortunately, they can do that in several ways.
The first freight broker sales tip is to create an efficient lead generation process. High-quality freight broker leads are the groundwork for reps to close more deals faster, and they don't happen by accident.
To get started, freight brokers need quality freight broker leads or at least access to them. They should also have tools at their disposal that allow them to focus on only the most promising prospects using minimum information. Access to accurate contact data enables freight brokers to quickly pinpoint potential shippers and expedite time-intensive tasks like email outreach and phone calls. Fortunately, brokers can follow these tips to get on the fast track to more prospects in this growing market. This is especially true given that sales representatives have a goldmine of potential to capitalize on this growth. However, they need to understand how to prospect shipper customers and what tactics work best. But first, let’s get back to the basics of prospecting shipper customers.
Know Your Prospects’ Websites Well
When prospecting shipper customers, freight broker sales representatives should take the time to research the potential client’s website. Doing so will help them understand the client's services and what freight they typically move. It will also enable freight broker sales representatives to create customized proposals that speak to the prospect's needs and highlight how the brokerage can help improve their shipping process.
Additionally, researching a potential client's website can give freight broker sales representatives valuable insights into what their competition is doing. By knowing what other brokers are offering, freight broker sales representatives can set themselves apart by proposing unique solutions tailored just for the potential client.
Review Any Company News
When prospecting potential shipper clients, freight brokers need to review freight companies' news-related mentions. This research will help them understand the freight company's current situation and any potential disruptions that could affect their business. Additionally, freight brokers can use this information to determine if the freight company is an excellent potential customer.
Being aware of the freight company's needs helps freight broker sales representatives show sympathy and understanding toward their prospects, which can help ease any concerns they may have. Additionally, freight brokers can use this information to demonstrate they are knowledgeable about the freight industry and provide excellent service.
Have a Bit of Freight Data Ready to Use
Freight broker sales representatives need access to accurate freight market data to contact shipper prospects. Without this data, brokers cannot quote accurate prices or provide reliable shipping times. In addition, freight market data can help brokers identify potential opportunities with shipper prospects.
Tap Your Inside Knowledge of the Industry
Freight brokers need to be aware of the current market conditions to succeed in sales. This knowledge will help them understand the impact that the COVID-19 pandemic has had on the industry and prepare for future disruptions. Brokers should also be flexible and willing to work with shippers to find solutions that best meet their needs.
Follow Prospects on Social Media
Freight brokers need to be where their customers are, which increasingly means social media. Following prospects on Twitter, LinkedIn, and even Facebook reveals what they’re talking about, their interests, and how they might be a good fit for freight broker services. It also helps build common interests and opens the opportunity for more conversations.
Be Concise in Cold-Calling and Cold-Emailing
When selling freight services, it's essential to have a plan and a concise way to approach shipper customers. Crafting a solid script to use when making cold calls or sending cold emails is a great start.
Scripts can help freight broker sales representatives stay focused and avoid getting sidetracked when speaking with potential customers. They also help keep conversations on track to learn more about prospects’ needs and find a way to meet them.
When writing freight broker sales scripts, be sure to focus on the potential customer’s needs. Don't just talk about the brokerage and what it offers. Instead, explain how the brokerage’s services can help the prospect meet their goals.
Build a Referral Pipeline
To be successful in freight broker sales, it's crucial to network and builds referrals from current shipper customers. Doing so will help brokers expand their prospect pool and enable more conversions. By building relationships with shippers, brokers will learn more about their prospects’ potential freight needs and identify the best freight solutions for them. In addition, referrals from shipper customers can help you gain new freight brokerage customers. Also working with referrals also helps alleviate credit risk because referrals already have a termed, pre-approval regarding partnerships.
Be Present at All Virtual Conferences
Brokers should also attend freight industry events and meetups. These events are a fantastic opportunity to meet new people and learn more about the freight industry. Brokers can also meet potential shipper customers at these events and build relationships with new shipper prospects. Also, attending freight conferences is one of the best ways to increase shipper prospects. In addition, freight conferences offer a variety of educational sessions that can help freight brokers stay up-to-date on the latest developments in the industry.
Continuously Look for New Prospects
As freight brokers, we know that our success depends on finding new shipper prospects and converting them into customers. However, in today's volatile and ever-changing marketplace, it's more important than ever to stay vigilant and always look for new opportunities.
The freight broker industry is expanding rapidly, and there are many opportunities for those who are willing to put in the effort to find them. But to capitalize on these opportunities, we must always be on the lookout for new prospects.
The disruptions caused by COVID-19 make this more challenging than ever, but it's still crucial that we don't let our guard down. The freight broker market is growing rapidly, and there are plenty of opportunities, provided brokers never stop looking.
Expect Resistance by Prepping Responses
The freight brokerage industry is a vital piece of the American supply chain, and it's important for shippers to feel confident about working with freight brokers. One of the best ways to ease shipper concerns is by having ready-to-respond answers to their questions about freight broker services. This shows that a broker is knowledgeable and professional, and it can help build trust with customers. Being prepared to answer questions in person or over the phone is critical to maximizing and learning how to sell as a freight broker.
Tailor Your Approach to the Conversation
Freight broker sales representatives need to be attentive and tailor each conversation to the unique needs of each shipper prospect. Prospects vary in their freight shipping needs, so a one-size-fits-all sales pitch will not be successful. Representatives must take the time to learn about each prospect's business and what they hope to achieve through freight shipping. Only then can they provide the best possible advice and recommendations.
In addition, freight broker sales representatives should consider the ongoing COVID-19 pandemic and other disruptions affecting the freight shipping industry. Prospects may be hesitant to make any decisions right now, so representatives need to be patient and understanding. It may take some time for prospects to feel comfortable moving forward with a freight shipping broker too.
Freight broker sales representatives must continue to connect with shipper prospects on a personal level throughout the continuing disruptions of 2022 and beyond. Establishing rapport and building relationships will better position broker representatives to provide advice and recommendations that meet the prospects' needs.
In today's uncertain environment, it is more important than ever to connect with customers on this personal level. Prospects are likely to be hesitant to make any decisions right now, so representatives need to be patient and understanding. It may take some time for prospects to feel comfortable moving forward with a freight shipping broker.
But by establishing trust and building relationships, freight broker sales representatives can create long-term partnerships with shippers.
Stay Focused; Don’t Give Up
Part of finding and getting paid for more loads as a freight broker means staying focused on the shipper’s needs. Shippers want focus-oriented brokers, and that means understanding their needs and wants. Sure, there’s a lot of freight out there, but every freight broker salesperson in the country is fighting for it. You want your business to be the one that shippers think of when they need freight moved, and that starts with knowing what they need.
The best way to learn about shippers’ priorities is by asking them about transport price, delivery time, reliability, and their other top concerns. Have them rank each in order of importance. Then, brokers can start each phone call by addressing those concerns with information that puts prospects and customers at ease.
Customers don’t just want freight brokers to take freight from Point A to Point B – they want service providers who provide exactly what their company needs. To generate more freight broker sales, brokers need to know their prospects and customers much better than other freight brokers out there. Turning over every stone while researching might just uncover unexpected opportunities, such as a prospect whose needs have changed since the start of the prospecting process.
Focus on the customer’s freight moving needs first, not the brokerage’s. The right price isn’t always the lowest, nor is it always the highest price. Sometimes, freight brokers sales leads want freight moved with a specific delivery time in mind, and freight brokers need to be willing to adjust their own resources if the customer’s freight needs an expedited shipping service.
Demonstrate the Value of Your Company
Freight brokers can demonstrate their value to shipper customers by leveraging technology, people, and data-driven processes, including:
- Technology: freight brokers can use technology to provide visibility into the shipment process and track progress. This can help to ease concerns about delivery times and ensure that customers are getting the best service possible.
For example, freight brokers can use advanced freight rate calculators and analytics to compare rates between different carriers and find the best deal.
Additionally, freight brokers can use shipment tracking software to monitor the progress of shipments and make sure they are on track. This can help freight brokers avoid costly delays and ensure that their customers are satisfied with the service, and that will develop trust. By providing a superior level of customer service, freight brokers can ensure that customers come back for future shipments.
- More access to technology and current market data helps shippers prepare for what's next. Additionally, people are still essential to successful freight management, and freight brokers can help shippers grow stronger relationships with their carriers by using people to augment technology through:
- Conveyance: freight brokers work as freight forwarders, providing access to a vast network of freight service providers and coordinating myriad details associated with freight transportation logistics. This helps ensure that clients' freight gets where it needs to be when it needs to be there.
- Price: freight brokers are paid a commission from the transportation provider, usually in freight brokerage fees.
- Quality: freight brokers can help shippers improve their freight management procedures and systems to ensure quality freight transactions.
- Availability: freight brokers can help shippers find carriers with available capacity for freight loads.
- Utilization: freight brokers use their freight market expertise to provide shippers with freight rates and lanes that meet clients' needs for freight transportation organizations. They can compare carriers based on the most crucial factors in freight shipping.
- Consolidation: freight brokers offer consolidation services to help freight shippers manage freight coordination and take advantage of more FT services too.
- Services: freight brokers offer freight services that can help streamline freight management and freight shipping, regardless of mode.
- Data-Driven Processes: freight brokers can use data-driven processes to identify the best carriers for each shipment. This can help to improve efficiency and get the right goods delivered on time.
The freight broker industry is constantly changing and evolving. To stay competitive, freight brokers need to leverage data to get the best rates for shipper prospects. Data-driven processes can help freight brokers identify the best carriers for each shipment and improve efficiency. By using data, freight brokers can also optimize their operations and get the right goods delivered on time without sacrificing other factors, such as driver safety or damage-free delivery.
Emphasize the Third-Party Nature and Outside View of Your Brokerage
Freight brokers can have a birds-eye view of freight market dynamics and use that information to stay informed and avoid extra costs. By being initiative-taking and keeping up to date on market changes, freight brokers can save their customers money and ensure that freight moves as efficiently as possible.
An independent freight brokerage helps shippers keep costs in check by providing them with a variety of freight services. These freight services can include freight forwarding, freight shipping, and freight logistics. They can also save time because freight brokers can provide a single point of contact for freight shipping. Independent freight brokerages can choose from a variety of carriers. This provides flexibility in finding freight shipping solutions that meet specific requirements and fit within the budget. With so many freight carriers available, it can feel overwhelming when it comes down to selecting one for a specific shipment.
It's a good thing that there is a simple rule that makes choosing the best carrier much easier: The Best Rate Wins! Also, their independent nature makes working with brokers ideal for understanding the nuances and possibilities of current broker-carrier agreements and contracts.
Still, brokers that are well-equipped to win with the best rates and best solution will win. By using this rule of thumb every time, only the most competitively priced carriers will be presented as options for each shipper prospect. And the shipper realizes cost savings and access to more capacity.
Apply These Freight Broker Sales Tips to Get Customers and Have the Right Software to Support That Growth With ComFreight s HaulPay
Freight brokers are salespeople who help freight carriers find freight customers. They're the ones that must go out and find their prospects instead of waiting for them to meet them, so they need a variety of skills including prospecting tactics that work well online or offline. Prospects can be found on social media sites like LinkedIn if brokers know what search terms might draw their attention. With this knowledge, freight brokers should also follow these tips when interacting with and reaching out to potential clients. Remember that you need to have a bit of freight data ready to use; tap inside knowledge about the industry; stay concise during the call or email outreach, if possible, by using words that resonate with people already familiar with your company's services; build referral pipelines through networking at all virtual conferences and continue the process. It's never too late to grow your list of prospects. Get on the path to faster, easier freight payment with an integrated financing solution, HaulPay by ComFreight, by requesting a demo now.