Many LSPs hate 2023 because of declined volumes and freight prices altogether. Nevertheless, the situation isn’t perfect; we believe this year and years to come will also provide many great opportunities. So we looked into the six most significant opportunities that logistic business owners could look at to reap all the benefits in the future.
1st. Recruiting top-tier talent.
During a downsize, many opportunities for getting the best talents arise. It is worth noting that many companies have been cutting headcounts for about a year now. So now your desired employees can be found more quickly than a few years ago. Specifically, we are referring to operations, sales, and technology positions. The task of filling various technology-related roles, such as programmers, security specialists, and data engineers, typically poses a challenge for any company. However, logistics companies have faced even more significant difficulties in attracting such professionals (as working for a logistics company may not be considered appealing to many individuals in the tech field). Thus, the current circumstances create a perfect storm for acquiring these talents.
2nd. Fill the pipeline with sales opportunities.
Another area that can yield substantial benefits is building a robust pipeline of new opportunities. Let’s acknowledge the stark reality; while acquiring business over the past two years may have been relatively effortless, not all logistics companies have actively pursued new long-term customers. Instead, many have opted for the convenience of serving existing clients or capitalizing on spot market transactions. So today is the best time to start screening the market and arranging meetings, as plenty of shippers are screening for new possibilities.
3rd. Prepare in advance for the transition of fossil fuels towards Electricity, Hydrogen, and other fuel types.
We anticipate a significant transition towards electric, hydrogen, and other bio-fuel-powered vehicles in the coming decade. This shift presents a tremendous opportunity for Logistics Service Providers (LSPs) as there will be many prospects related to transporting and storing electrical batteries, vehicle components, and materials required for constructing vehicles and supporting the infrastructure of this emerging system. Hence, now is the ideal moment to establish partnerships with stakeholders in this industry and gather information on preparing your trucks, vans, and warehouses for this new wave of production. Furthermore, LSPs can even position themselves as advisors to Original Equipment Manufacturers (OEMs), offering guidance on facilitating a seamless transition to this innovative reality.
4th. Prepare for other booming sectors.
It’s also wise now to look at other possible growth products and markets where you could get outstanding gains. One place to look at is the newest trend of The Green Industrial Revolution. Many industries are putting CO2 emission saving on their to-do list; for this to happen, many will need new manufacturing lines. Additionally, there will be a massive transition towards wind and sun energy production, sustainable foods, etc. If your company is based in Europe, ample opportunity awaits the logistics business in Ukraine, as when the war is over, it will one day be a big deal in rebuilding this country. And many other opportunities can be found.
5th. Setting up the stage for AI solutions at your organization.
AI is becoming a big thing; companies that will use all of its possibilities in the future will have a decisive edge. So now is the best time to start collecting all the critical data sets, putting them in the cloud, and building all the needed processes. So why is now the best time? Firstly, because now it’s easier to find employees to build AI solutions. And secondly, as AI needs data and time to learn from it, the faster you will start, the better outcomes later you will get.
6th. Improve sales and marketing.
During challenging times, the focus often shifts towards enhancing cash flow and reducing costs. However, alternative methods exist to save funds and improve cash flow by optimizing sales and marketing processes. For instance, consider outsourcing your in-house marketing team, which can improve cash flow. It’s also wise to perform an entire sales team’s audit and screen ways to shorten sales cycles, improve close rates, and look for ways every sales employee could sell more of your services.
In summary, if logistics organizations make the above improvements, this can become a decisive factor for future growth. If your organization is looking for sales training or a marketing agency that understands your industry, let’s contact me; we have flexible solutions. Also, get in touch if you are looking for other advice regarding sales and marketing. You can book a time with us by pressing the link below.