Strategies to Increase Revenue in Your Taxi Business
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Today, the taxi industry is buzzing. Uber's and Ola’s taxis have set the standard for the industry. This has inspired other businesses to venture into this sector and hire software developers. They are looking for ways to achieve the same success with their taxi booking services on-demand and multiple revenue streams.
Research has shown that the global taxi market is valued at $69.18 billion in 2019, and will reach $120.89 trillion by 2027. This represents a 12.3% annual growth rate between 2020-2027. This rapid growth has helped Uber to take the No.1 spot in the taxi industry, with $11.1 billion in revenues and 93 million customers worldwide.
Is it possible to imagine how they generate so much revenue? How do they make their income? Are you interested in learning? Great! This blog will help you. Here are some strategies to increase revenue for your taxi company.
Understanding the Different Stakeholders in Your Taxi Company
1) Business Owners/Admin: Taxi platforms and tax booking apps can be a great source of income for businesses, as they allow individuals or businesses to buy licenses to give taxi drivers in return for money.
2) Customers: Taxi customers are crucial as they are the ones who request this type of service. They are therefore crucial in the taxi industry.
3) Taxi Drivers: The taxi driver is one the most important users in the taxi industry. They are responsible for driving passengers to and from work.
Strategies to Increase Revenue in Your Taxi Business
Many customers choose cab-booking services over traditional modes of transportation because they are more reliable and more convenient.
A third party manages these apps and also handles all technology and operations. This platform allows taxi drivers to share profits with the app provider.
There are many factors to consider when establishing a taxi business. You can also increase revenue by using multiple strategies. To help you with this, you might also consider hiring a mobile application development company.
Let's get into the strategies.
1) Increase your social media presence
Globally, social media users grew from 4.2 million in January 2021 to 4.62 billion by January 2022. Social media is used by more than half the world (58.4%).
Your taxi company may already be on social media. This is a great place to advertise services via paid channels. You can make your company pages look great and attract more customers on social media platforms such as Instagram, Facebook, Youtube, TikTok, and Youtube.
Social media allows brands to build communities. This is an excellent marketing tool. Potential customers already use these platforms so it is your responsibility to make them aware of your company and convert them into loyal customers.
To achieve this, make sure your social media pages are regularly updated with interesting, useful, and sometimes even humorous information. Promoting discounts and showing relevant videos are great ways to promote your business. Social media is a great platform to make your cab business visible when customers are in need.
You might create original stories featuring your drivers and passengers to engage customers more deeply. Customers should also be able to get answers and feedback frequently.
2) Create an online presence
How is your website performing on the internet? As of 2021, digital consumers number 2.14 billion. This is 27.6% of the 7.74 billion people in the world. This means that more than one-fourth of the people you meet in your environment shop online.
Two things should be on the website of your taxi company: a phone number, and a button that allows you to order your ride-hailing services online.
What's the point of this if you already have an app for taxis? Online booking is useful for tourists, business clients, and other individuals who can't use the app.
Without a booking function on your website, you will be severely restricting your exposure. Your website will help increase brand recognition and make you more visible to potential clients. This will ultimately lead to more rides.
3) Target PR and Media
A brand must be easily identifiable. One of the best ways to retain customers is to get your business noticed in local media. When your brand is prominently featured in the media, people feel like they know and trust your taxi company.
Many publications are available for free in a variety of media. There are many podcasts and radio stations that are always interested in interesting stories. It's free advertising, so you should try them out! Our word is one of the best ways to increase revenue for your taxi company.
Uber and other companies rely on traditional media and PR strategies to attract new customers and increase their customer base.
A positive PR campaign will help increase brand recognition and loyalty as well as give customers a positive impression of your company. You can also use PR to get customers from your target audience.
4) Online promotion through targeted ads
Your conversion rates are higher when you advertise to someone who expressed an interest in your ride-hailing company. Advertising is the same!
Algorithms, customer behaviour, and preferences can help you narrow down your target audience on various platforms. Your advertisement is then shown to them, increasing the chance that they will choose your product.
Do some research to find out which social media platforms are used by your audience. Ready? Start some creative advertisements!
Your advertisements may be seen by customers on YouTube, Google Search, other search engine websites, or third-party mobile apps. This could result in significant increases in traffic to your taxi service. To target particular audiences, consider launching niche ad groups. Google Ads charges per click so the cost per customer is usually quite affordable.
It's important to keep in mind that Google Ads requires some expertise and experience to maximize earnings for taxi services with a small budget. It's a smart move to hire professionals to manage Google Ads for newbies.
Facebook and Instagram Ads
Advertising on Facebook and Instagram is one of the best ways to retain and attract customers. To get your taxi business off the ground, you will need an Instagram account that is connected to the company's Facebook page. Facebook Advertising Manager now allows you to create ads on both platforms.
Start with a small budget, such as $10 per day. Identify your target market, their location, and what interests you (if they exist). This is where your customers will see your artwork, so make sure they can grab their attention.
It is acceptable for users to not download your taxi app immediately after seeing the advertisement on Facebook/Instagram. Many people will "like" or follow the page of your taxi company. This is great because they have become a part of your community and could soon be committed users.
Ads Manager allows you to monitor and modify the performance of your ads. Facebook Business Suite is a new tool that allows businesses to get detailed analytics about their advertising efforts.
5) Fleet Branding: Outshine
Your fleet is always on the streets. Your cars and bikes are often seen by many people. or motorbikes?) Every day. Make sure your cars are speaking for you.
Fleet branding is an effective and inexpensive form of advertising. Because your name is everywhere a car goes it promotes your services. 96% of US cab customers agree that branding cars make a taxi company appear more professional and stands out from the rest. Are you looking to be innovative? You can add QR codes to allow people to download your driver or passenger apps.
6) Credit Card Payments
It may seem obvious but the more payment options your taxi app offers, the more customers it attracts. Taxi companies must accept debit and credit cards to allow customers to keep track of their spending, and pay one bill.
All card payments are sent directly to your taxi company's bank account, which ensures a steady turnover that can be demonstrated to potential investors or business partners.
Referral campaigns add icing to the cake
Referrals can help boost your taxi business' expansion. Because they trust their family and friends, people rely on them for advice. Allow them to give discount codes to new users of your app, especially if they are accompanied by a sweet offer such as a coupon for a discount. You gain new customers and they get a modest discount.
White Label Fox offers a technology solution for taxi firms. It also includes a tool to promote other users. Because you control how much money each user spends, it is extremely cost-effective. Customers can easily share promotional codes with the passenger's app.
Do you like those timeless flyers that have discount codes? Why not? Make a campaign on My Hub, distribute flyers, and create campaigns in public places such as shopping malls, tourist hotspots, and sporting and cultural events. You will be able to track which codes drive the most app use by creating unique codes for each location.
8) Find the best drivers to act as your PR agents
We are confident in our statement. Your mobile taxi booking app interface is just as important as the drivers. A driver who provides excellent service will be able to provide customers with a positive experience and encourage them to do business with the company.
It is your responsibility, therefore, to ensure your drivers are happy, engaged, and highly skilled.
Uber prefers to hire drivers who have their cars, as it lowers the cost of building and maintaining an entire fleet.
Drivers will be able to interact with passengers naturally and promote your business free of charge!
Asking 100 drivers for their support and to test your app will result in them referring other drivers. Your fleet will expand and your company will see the growth you desire.
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