If you’re in the moving business, you know the grand potential it has. You know there is BIG money to be made and you are dying to reach it! However, you may have plateaued on profit earnings. You may be growing but slower than you anticipated. You may feel like you’ve tried everything to get to the next level but failed. You’re not alone but it doesn’t mean all hope is lost.
As you probably already know, the moving industry is a multi-billion dollar industry. Roughly 30 million Americans move each year, which is equivalent to around 10% of the American population. Even with serious economic downturns, moving companies remain alive and start to recover rather quickly.
Take the Great Recession for example. The moving industry was hit hard, falling in numbers for bookings, revenue, profit, etc. However, the following year, in 2009, the industry started to recover and had seen a 3% increase in growth annually since then. A little over 12 years later, the COVID pandemic hits and we’re seeing a similar repeat in terms of economics as we did during the Great Recession.
Even so, the moving industry started to bounce back as early as 2021. A survey conducted by MoveBuddha found 64% of respondents from moving companies reported to have normal or above normal bookings in mid-2021. Reports predict a steady growth from here on out too. At least until the next bump in the road. In fact, according to MarketWatch, the moving service industry is expected to grow by nearly 2 billion dollars in the next couple years.
There will always be a problem you’ll face as a business owner, whether it’s a pandemic, new technology, more competition, etc. It’s up to you to learn how to adapt to keep your business afloat and thriving. With that in mind, we’ve compiled a list of 7 proven strategies that can accelerate your moving business into a 7-figure money making machine.
7 Strategies to 7-Figure Moving Company Success
1. Go Digital
We’re talking about implementing high-tech software. Certain software and apps, such as Movegistics and Network Leads, will make your business run smoother and more efficient for you and your customers. A good software system will make booking, payment, scheduling, estimates, and communication easier.
Do your research diligently to find the best software for your moving company. You’ll find though that there are a lot of options out there that will save you time, which in turn can increase profits. Overall, it can also provide a better moving experience with your customers and an easier work-life for you and your employees.
Keep in mind that there’ll be a learning curve. You’ll need to make some time to fully adjust to your new system and train your entire team in order for the transition to go smoothly and benefit your moving company. You may even want to inform your customers that you’re testing out a new system for a better moving experience. This may increase the trust factor because it will signal to them that you’re serious about your business and are making improvements that’ll benefit all parties. They also may be more forgiving with any hiccups that may occur because of it.
2. Know Your Niche
Knowing your niche comes with understanding your audience. It’s wise to conduct a good amount of research for this. You may assume all people are the same in terms of needing a moving service at some point in time. However, each market is different. The people and businesses in your area may have different needs and expectations than somewhere else.
Therefore, get to know the community you’re servicing. Conducting research is a good starting point. You can easily investigate your niche through Internet searches on authoritative websites such as city-date.com or census.gov. But you may even want to send out surveys to really get a good sense of what your market wants, needs, willing to pay for, etc.
With thorough exploration, you’ll be able to find out your customers’ service needs, they’re concerns, how you speak to them, what they value, how much they can afford, and more! You’ll learn how to speak and market to them, and what you should be training your moving team. It doesn’t stop there. Make adjustments when you see your market changing.
3. Stay Organized
A key factor in any successful business is to stay organized. You can accomplish this without spending a lot of money but it may be worth it to hire someone who can take care of these duties. It’ll be worth it in the long run. Plus, as a leading moving company, odds are you already have an administrator or receptionist.
Some things you may want to consider organizing your moving business with include but limited to:
- booked customers
- past customers
- office forms
- company policies and procedures
Create a routine process or a set of steps your team can take for certain tasks. That way everyone is doing it the same way and it becomes second-nature to them. This can also speed up the process.
Organizing your business can help you see new opportunities within your company and how you could profit more. You’ll feel more confident running your business, which can give your customers confidence booking you. Other ways organization can benefit your business is by saving time, reducing mistakes, and increasing productivity.
4. Establish a Simple Pricing Structure
Simple and sensible is what your pricing structure should reflect. A common pricing structure amongst movers is offering flat rates, typically by the hour. That’s why thorough and detailed estimates are important. Quantity of items, weight, level of difficulty, etc. are determining factors of an estimated cost. Explain this to your potential customer so they understand and see the value. They’ll appreciate it and be more inclined to book with you.
Whatever pricing structure you choose to apply, ensure you’re transparent. Be clear, direct, and, of course, honesty is the best policy. Surprise fees or charges is a sure-fire way of making your customer angry and earning yourself a bad review.
5. Crystal Clear Communication
Open and clear lines of communication with your customers is another vital success element. Keep your customers abreast of scheduled appointments and payment requirements. Keep them updated with progress and delays. Make time to answer their questions completely and respectfully. Also, never miss a phone call. If you do, ensure you call them back as quickly as possible!
Communication within your moving company is important too. Make sure your team fully understands policies, protocols, and procedures. Convey your expectations of your staff and define your goals – short-term and long-term. Weekly team meetings can keep this fresh in their minds, make time to acknowledge accomplishments, and be mindful of what to improve. Doing this will help eliminate confusion, unify your moving company, and ensure everyone is on the same page.
6. Utilize Different Marketing Avenues
Just because something works for one company, doesn’t mean it’ll work for your company. Therefore, it’s wise to try a variety of marketing avenues and make sure you’re tracking results! A few marketing ideas include but not limited to:
- organic search
- Google Ads
- social media ads
- cold calling
- sponsoring an event
- volunteer work
Realize that you may not always be marketing directly towards your customers like a homeowner or business owner. Get creative and expand your marketing efforts to businesses that may have the same customer base but offer a different service. For example, a storage unit facility or a home builder.
7. Study Your Numbers
Eat, sleep, and breathe your numbers. Just like any other profitable business, you should know your revenue, expenses, profits, etc. Keep track of all your money coming in and going out. Don’t forget to include time! Afterall, time is money, right? Record the amount of inquiries you’re receiving compared to how many actual bookings you’re getting. Keep a tally of which moving services are the most popular versus the ones that barely get used. Anything that would impact your revenue or profits should be tracked.
Once you’ve gotten your numbers down to a science and crunched some numbers, it’s time to make adjustments. Some may be easy. Others may be done through trial and error. Research and more calculations will be necessary. Every move you make, you should be thinking about your end goal in numbers.
Now you know a few of the secrets behind a 7-figure moving company. It’s time for you to take the reins and invest your time, energy, and maybe a little bit of money to capitalize on these ideas.
Invest in Digital Marketing with Today’s Local Media
Today’s Local Media is a digital marketing company providing strategic digital marketing services and custom web design for businesses all over the country. Although we work with many business owners from different industries, professional moving companies are our specialty.
For 10 years, we’ve been heavily invested in helping premier moving companies improve their overall digital presence. We are able to do this by understanding the moving industry, our clients needs and concerns, and implementing the best online marketing strategies to climb them up the ranks. If you need help with your digital marketing efforts, give us a call for a FREE consultation: 972-848-9866.