#WithSONAR co-hosts Luke Falasca and Kyle Taylor are joined on this episode by FreightWaves founder and CEO Craig Fuller to talk about boosting sales using freight intelligence gleaned from FreightWaves SONAR.
Watch the episode below:
Using Freight Intelligence to Guide Sales and Boost Profits
Falasca said, “On today’s episode of #WithSONAR, we look at what SONAR indices can help you expand your business and land new customers. In addition to landing new custowmers and expanding your current customers, we can show you how to make the most money in a constantly changing freight market. This includes finding higher paying loads, expanding margins, and much more.”
Fuller explained that in regard to SONAR, “I have ‘go to’ numbers that I look at every day. One is the Outbound Tender Volume Index (OTVI), which lets a subscriber know what the tender volumes look like across the freight market.
“And it’s important to know what a tender really is. It’s an electronic transaction between shippers and carriers and OTVI shows how the market is moving. So if I see OTVI increase in volume, then I know that there are more requests for trucks. If I see it decrease, then there are fewer requests for trucks.
Correlations of Indices & Datasets drive more meaningful freight intelligence
“One thing that subscribers may not understand about SONAR compared to any other freight market intelligence system is the value of that charting, being able to compare different indices and being able to really get into the technical analysis of the chart. It is important to know where the charts have dipped, know where they’ve moved, the relative movement and the pace of movement. That’s what makes that charting library so powerful; you can see how things are trending and where they’re likely to go…
“CEOs of large trucking companies have told me that they don’t think that shippers can actually push more volume through the freight economy. There simply isn’t enough capacity. Shippers are doing everything they can to push freight out. For carriers, it’s about as good as it’s going to be right now.
“That 50% increase in tender requests means that a lot of freight moved out electronically. One thing about OTVI that makes it so powerful is that you see the freight economy and gain freight intelligence in near-time. This data is reported within 24 hours. And it’s electronic requests. This isn’t coming into our data set weeks after it’s taken place. These are the message requests between shippers and carriers that are under fixed contracts. And that’s what makes OTVI really powerful because you’re seeing the top of the funnel and the freight market. It’s the first thing that shippers do to maintain their relationships with their contracted carriers. OTVI is very different from any other index that’s out there because it shows you actual physical requests from a shipper to a carrier.”
To see and hear more from FreightWaves CEO Craig Fuller, Luke Falasca and Kyle Taylor, watch this episode of #WithSONAR.
Know more, faster – and find just what you need with SONAR’s freight intelligence around the activities and hallmarks of the freight market!