April 29, 2021
How to Maximize Your Fleet and Boost Revenue with Hyperlocal Data
Understanding your demand and getting the most out of your fleet are key to unlocking successful operations.
The hardest part is already done: You successfully launched your fleet and it’s out moving through the streets of your city. A number of new e-vehicles proudly display your brand to new and regular customers. All the major challenges that come with launching a shared mobility fleet appear to be conquered.
So far everything is running smoothly – and this is a crucial moment.
Because knowing how your fleet is actually being used in the real world can be what makes or breaks your business. The first months post-launch are the ideal time to gather as detailed information about your operations as possible.
What Data Is Relevant For Your Business?
Industry experts reveal that meticulously following your input and output and understanding the user demand of your fleet are decisive ways in which new mobility companies can get on the path to profitability.
The key question here is: how do you maximize your fleet to its full potential? The answer to this is contained within your user data on the ground.
“If we consider a city, different areas behave differently based on their users, fleet, and external conditions like weather and traffic,” says Aditi Sinha, Co-founder of Locale.ai, a location analytics platform and Wunder Marketplace partner. “Through the lens of location intelligence, we can unearth the patterns, relationships, and trends between assets. Understanding the movement of assets across various times and areas helps contextualize actions and strategies based on location.”
When looking through the lens of location intelligence, what specific things should you be looking for? From the countless data points that you can track, which ones are the most crucial?
“For marketing and growth teams, installs, searches, and bookings are critical, because they help in understanding user behavior and ensure the business is expanding and serviceable to areas where there is demand,” says Aditi. “Cancellations and churn are most crucial, because they help pinpoint at what steps users are dropping off and the reasons why. For example, is the long ETA to a particular bar in Brooklyn causing the rise in cancellations?”
Strategy and leadership teams can go even further: Total distance driven, especially the split between recurring and unique users, as well as how many total trips have been completed and along which routes can reveal areas of high revenue and therefore which areas are worth focusing attention on.
Why It Pays to Get Hyperlocal
Getting hyperlocal insights into your fleet operations can save you a lot of money in the long run by helping you to maximize operations in hotspots and to reduce efforts in locations that don’t pay off.
For example: You might find that one of the most popular routes for your fleet is to and from the airport between 9am and 10am every Sunday. This insight can help you make strategic decisions, like making sure there are more vehicles at the airport or along the way in order to meet the demand.
Reacting to these kinds of insights in real-time can be especially rewarding. “Making tactical decisions to address bottlenecks as they happen – for example, reacting to the sudden increase in demand after a concert by placing a driver fleet in that area – can be what turns an okay revenue month into an amazing revenue month,” says Saahil Sachdeva, Business Head of Locale. “Creating a central knowledge base of operational metrics will help you understand what strategies are working well and acting on them instantly to boost your business. For instance, you can activate a discount of 15% in the eastern part of a city, knowing that it always increases conversion.”
A culture of rapid experimentation is essential to know what works best in different locations. Getting to know your fleet, understanding its demand and then acting on it in real-time will improve your KPIs and overall business health. If you want to stay ahead of the competition and get the most out of your operations, then leveraging your demand is not something you’ll want to sleep on. Check out Locale.ai on the Wunder Marketplace today to see how you can get started.
Thanks to Aditi Sinha, Saahil Sachdeva, and Shriya Karanam from Locale.ai for contributing their knowledge to this post. Locale.ai gives you the ability to get hyperlocal insights instantly without any engineering effort. It is a central operations platform by ingesting location data across users, fleet, and orders.