5 Ways To Build Customer Lifetime Value For Your Taxi Business in 2021
Seamless service. Clean and comfortable taxis. Professional drivers. All these make for a model taxi-hailing service. But, what is it that can make your taxi business shine? Customer satisfaction.
In the mundane commuting world, it is the happiness of customers that can make or break any taxi business. It will not only generate revenue and help your business grow, but it will also increase the brand value and recall of your taxi company.
An individual’s monthly spending on their preferred taxi booking app in major cities of the United States comes to around $84. Thus, the best way to increase your taxi business is by efficiently developing your taxi app with integrations based on the changing trends and what your customers want.
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According to Harvard Business Review, companies with strong loyalty programs grow revenues 2.5 times faster than their competitors and generate 100-400% higher returns. It’s a great way to ensure recall value amongst customers, where they are likely to spend 67% more than new customers, refer others, and try new services.
For improvement in the customer experience and to keep them coming back, certain customizations can be adopted by taxi businesses, including:
Future Ride Booking
By allowing customers to pre-book taxis with your app, you're encouraging them to stay connected & continue doing business with you while also giving them the freedom to plan their travel based on their convenience. It also paves way for commuters to customize their travel according to their preferences, likes, and dislikes.
Push, Email, and SMS Campaigns
There are a few things that a taxi business cannot thrive without, the most important being reaching out to customers. According to research, 66% of the population looks at their phones more than 160 times a day. It’s only wise to reach them where they mostly are.
Push notifications to your taxi app can give you an open rate of more than 90% and a 40% click-through rate, ensuring maximizing visibility. Email is the best way to garner feedback from customers and also notify them of new changes and special discounts with an excellent return on investment (ROI). Research says that 90% of SMS are opened within three minutes of receipt because of which, SMS is a great tool for time-sensitive information about discounts, special offers, and new features.
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Saved Address Books
In a fast-paced world, customers prefer convenience over everything else. To give them such an experience and provide them with ease of booking a trip with one click, saved address books have become a necessity. Without having to fill in addresses manually every time customers are traveling can not only help them save lots of time but also, make them believe that your taxi business is the best of the lot.
Discounts and Promotions
If you are looking to retain customers and finding ways to grow your taxi business by attracting new ones, you need to give them reasons to choose your services over others. The best way to do this is through the tried and tested methods of discounts and promotions. 79.8% of consumers use coupons with regularity while another 80% are looking out for promotions. 91% of customers who redeemed a coupon are most likely to become repeat customers to a business.
Gone are the days when cash was the sole payment method. With digitization becoming the norm of the land, consumers have slowly started forming a preference for cashless rides. Adding in a feature to include instant, online payment methods to pay fares in your taxi app can instantly enhance the customer experience and delight.
Everyone is a smartphone user today, and as a result, taxi-hailing apps are becoming more common than ever. The fact that you could do so much more with a taxi-hailing app, and improve brand awareness and customer loyalty makes it a great business proposition.
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