3 easy strategies to maximize ride-sharing potential
How to increase the number of rides your Lolo does? Or rather, how do you increase ride frequency profitably without having to cheapen your services?
Here are three easy and proven strategies to go about ride frequency maximization: one to start with and two to proceed. Use them and enjoy your Lolo growing!
Start with competitors’ price analysis
Instead of a basic google search, try to do real research. Take into account not only the average trip price but also all possible price fluctuations:
- how high are the discounts,
- how often are the discounts offered,
- how the prices change during peak hours and holidays,
- how the prices vary per service type.
Also, include the data on how your competitors compose their prices. For instance, what are the driver’s fees, how much the company is spending on fleet maintenance, promotion, and all that jazz?
These insights will allow you to see how you can increase ride-hailing efficiency. Because, well, sometimes being cheaper than competitors seems the only way. It’s not.
Low prices and lots of discounts may seem the key to ride frequency maximization. They’re not: people only travel when they really need to. You can’t make them use your services more frequently, however low your prices are.
What does help? Two things. First, pricing more efficiently than your competitors do. Second, offering discounts to those who bring in new clients. And that’s where coupons come in handy. A well-designed referral program brings you new customers. No need to push your old customers to order more.
Collaborate with other businesses
Now that you know how to price efficiently, it’s time to increase ride frequency without cutting the profits!
The best way to do so—especially if your company is young—is to establish long-term partnerships with other businesses. Think of hotels, shopping malls, business hubs, restaurants, and airports.
How do business partnerships help you get maximum number of rides in a day? Well, by providing Lolo’s services to third parties, you ensure a constant flow of new orders daily. For your business partners, it means reliable transportation services they can offer their clients, always. For the customers, it means swift mobility at competitive prices. Triple-win situation!
Collaborate with relevant local influencers
Promoting your Lolo with local influencers is a great way to increase ride frequency without cutting the profits.
First, do some customer development to find out who people really trust.
Second, depending on your marketing plan, set up an influencer marketing campaign to attract new customers. Now, reach out to the relevant influencers and provide them with identifiable promo coupons (very much a personal discount code you can track).
Third, track the campaign results by checking how many new orders are coming from each influencer. Adjust your campaign accordingly. Well done, ride frequency maximization achieved!
As you can see, strategies to maximize ride-sharing potential are no rocket science. You can get maximum number of rides in a day without cutting down your prices. Doing your research and working together with other businesses will increase ride-hailing efficiency in both the short and long term.