Freight brokers are a key element in the transportation industry. They do the vital work of connecting shippers and carriers. In the United States, trucking is a $600 billion per year industry. Transportation in a larger sense is over one trillion. This booming business in many ways hangs on the capability of brokers. It is therefore important in this highly competitive field to stay apprised of the best practices. Here are some bits of advice to help any freight broker amp up its game.

1. Educate yourself. Many successful brokers recommend beginning as a shipper or a carrier before starting your own brokerage. This has two significant benefits. The first is technical knowledge that will help you better assess and accommodate the needs of clients in the future. This is also a great way to generate contacts. The more people you know in the industry, the better. Some also suggest beginning as an agent on behalf of a broker. This allows for a great deal of experience without the initial responsibility of company ownership.Even brokers with successful businesses must continue to learn. Conferences, online courses, and webinars are excellent resources to stay apprised of new techniques, products, and practices. Industry reports and case studies are frequently available online as well. Taking the initiative to educate yourself on an ongoing basis is vital to staying ahead of the game.

2. Develop a strategy. Designing a comprehensive strategy from the start is incredibly important. Consider every point along the way to success. This includes a detailed financial plan, mission statement, brand identity, and long-term goals. Advanced thinking will lay out a clear pathway for your business.

While composing a plan, do not be afraid to check out successful brokerages. Decide what works and what does not. While it would be nice to have every element of your business be completely original, this is not practical. Many people have come before, made mistakes, and learned from them. This should save you a few steps. Take the concepts that make sense, and incorporate them in a way that fits your mission.

Your company’s specific niche is another important element in developing a strategy. Location, kinds of cargo, and specific industries are all sub-markets that can be targeted. By forming a reputation in a specialized market, businesses are more likely to gain traction and attention.

3. Market wisely. In the present day, multi-tiered marketing is key. Look at your target audience, and ascertain what methods would best suit it. Consider newsletters, flyers, and small giveaways, such as hats or keychains. Combine this tangible marketing with a clear digital plan. A user-friendly website and a social media presence can exude professionalism while tapping into a much larger network.

Time in the spotlight is also a fantastic marketing venture. Press releases and bylined articles are good ways to attract attention. Do not be shy about highlighting awards and positive reviews when they come in.

4. Explore new technology. Smartphones and tablets have done wonders for the mobile workforce. There is an endless stream of data available, and it is important to tap into that. Basic analytics can go a long way for your freight brokerage. There are now apps that track GPS location, delivery logs, fuel efficiency, and cost. This information can be analyzed to provide clients with the best routes, rates, and timeframes possible in the future and can also work to save money by maximizing efficiency.

To go a step further, freight management software can be employed. These systems take app capabilities and extend them. Detailed reports, digital invoicing, and customer satisfaction tracking are some of the associated benefits.

5. Work with solid people. Every company runs into hiccups on occasion. However, it is important to guard your business against other people’s failures. If a carrier causes repeated problems, do not be afraid to drop it. It may take time to assess which carriers you prefer to work with when starting out. Once someone turns out to be a problem, putting your foot down is vital.

In turn, you must expect to be treated the same way. Remember to do right by others at all times to avoid being dropped. By treating people with professionalism and respect, you will promote great working relationships. These connections are more likely to grow into brand loyalty.

6. Maintain a balanced customer base. It can be easy to devote a huge amount of resources to a couple of existing clients; especially for a new business, these relationships are important. However, it can be self-defeating to put all of your stock in one place. If something happens to that client, your company will have to scramble to fill the void. Experts recommend never setting yourself up for greater than 25% revenue coming from one source. Keeping a broad and diverse customer base can help balance out the risk of going down with a client’s crash or departure.

7. Guard your reputation. The most important currency in this industry is reputation. At the beginning, it can be easy to take short cuts. Though it may seem reasonable to rationalize that it is “just until the business is afloat,” this is never a good idea. An impeccable reputation will gain you positive exposure from the start. It may take longer to get started doing things the right way; however, in the long-haul, the money is in large clients that expect the best. It is wise to hold out for them.

Freight brokers have a fast paced and important job. This industry represents a significant part of American culture and economy—to keep it running, brokers must follow the best of business practices. By keeping this advice in mind and remaining calm, you will navigate your way to success.