Showing posts with label January 05. Show all posts
Showing posts with label January 05. Show all posts

Thursday, January 5, 2017

How To Reap Profits Without Crunching Numbers

<p>Creative Commons image <a href="http://ift.tt/nVrvmD" target="_blank">license here</a>&nbsp;via PublicDomainPictures.net</p>Our first-ever Money issue focuses on the DNA of every business: Hard money numbers. Business, as the subject of my cover article put it, is all about that figure at the bottom of a long P&L sheet: Net profit.

You can slice and rearrange numbers many ways, but eventually they all point to one result: Black or red. Beyond balance sheets, you can find more creative ways to bring in more revenue, but not measured in dollars. They’re called intangibles, or benefits never fully quantified in figuring a bottom line.

This leads to one of my favorite subjects: How to tell your business story through public relations, advertising, social media, blogs, video, or via a third-party written article.

The topic came up during a LCT-NLA Show East presentation from representatives of the National Limousine Association’s New York-based public relations firm, Evins. As part of a strategy to refute the deceit of transportation network companies (TNCs), the media experts advised operators to emphasize human interest angles about their companies. Such stories are about your customers and employees, assets of immeasurable value.

Evins offers a media/PR tool kit to any operator who’d like to get some positive coverage for their business and the industry. [Email nla@evins.com for a copy]. Here are some tips from Evins and a few from me with my spin as a former reporter:

  • In gathering information, ask: Which of your employees and clients have interesting stories to tell or would be captivating subjects for anecdotes? What has your business done that stands out in a crowd?
  • In choosing what to pitch against TNCs, ask: What does your company do better than TNCs? How does your higher rate deliver better value? What are customer offerings or fleet vehicles unique or special to your market area? How do you stay ahead of your competitors?
  • Digital media presents plenty of options for exposure and getting readers to click through to company websites. Advertising tends to be cheaper on digital platforms than for print. Online posts and links can go viral, and are more adaptable to social media. 
  • Reporters depend on outside sources for story ideas, especially in this era of digital media beasts that must be fed 24/7. Make sure you personalize your pitch to each reporter. While reporters can run in packs, they don’t like the appearance of going with the crowd. Every reporter wants to feel like the one getting a scoop.
  • Make sure press releases include new and helpful information written in a conversational style. Too many business wire press releases read like advertising fluff, and that turns off reporters. For example, a press release that starts out with, “America’s leading limousine service is the solution to special event clients. . .” will not gain much traction.
  • Websites, magazines, newspapers, and TV stations often publish editorial calendars of seasonal coverage topics and sections. You can target these media organizations at the right time with the right message, making it more likely your business can participate in coverage. Before you send your email, always think about local and national holidays and events. Stay up to date with local current events.
  • Identify as a small business, a Main Street America shop rooted in and supportive of your community. We are living in a more populist era of the little guy. You do not want to look like a conglomerate or big business.
  • Be consistent in branding and messaging your website, mobile app, social media pages, e-advertising blasts, and any printed brochures and handouts. That applies to logos, slogans, images, word choice, and formats. Look and sound the same no matter where a reporter, or a client, finds you. 
  • Emails should be simple yet noticeable, but not gimmicky or click-baity. Get to the point on what you offer and how you can help. 
  • Although phone calls often seem inconvenient, and younger generations prefer texting and emails, I believe a live call or VM message following an email enhances credibility. Take a chance and pick up the phone to follow up. How else to promote human interest stories than being human?

Remember, media outlets are also businesses with profits tied to consumption, all driven by interesting content. How can your story or timely information make their content more engaging? The relationship is mutual: You need exposure and they need eyeballs.

Aside from the metrics of digital advertising and social media, you may never know how many people did business with you because they saw or heard you on a media venue. Such positive brand association can pay off at any time, over time. A local reader of a digital newspaper may do business with you six months later, and never say why or how the connection came about. Or the reader could just pass you on to a prospect who never saw you.

Whether from satisfied customers, media consumers, or social media followers, the old concept of word-of-mouth means more now than ever.

Keywords

building your clientele   business growth   handling the media   industry media   LCT editor   marketing/promotions   Martin Romjue   media   National Limousine Association   NLA   profits   public relations   revenue growth   Sales & Marketing   

 

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Tuesday, January 5, 2016

Female Uber Driver Claims Male Passenger Sexually Assaulted Her

SEATTLE — An Uber driver who says a customer sexually assaulted her spoke out ib Jan. 4 saying transportation network companies need to do more to protect drivers, especially women, who often drive drunken passengers home.

KIRO-TV/ABC 7 article and video here

Keywords

criminal incidents   difficult clients   driver safety   drunk passengers   Seattle operators   TNCs   Uber   UberX   women in the industry   

 

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GM-Lyft Deal Points To Pursuit Of Driverless Future

Jan. 4 marked the first time a major carmaker teamed up with a transportation network company, and the crown didn’t go to the sector’s reigning cash king, Uber. Instead, General Motors bestowed a half billion dollar investment onto Lyft, a company that, until recently, could best be compared to a spare heir, but just completed a new $1 billion round of funding, thanks in large part to GM’s investment.

Vanity Fair article here

Related article: What Lyft-GM Deal Means

Keywords

autonomous vehicles   business deals   driverless cars   General Motors   Lyft   self-driving vehicles   TNCs   

 

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Dav El | BostonCoach Brands Acquires Chicago’s Metropolitan Limousine

BOSTON–(BUSINESS WIRE)–Marcou Transportation Group, owner of Dav El │ BostonCoach, today announces the acquisition of Metropolitan Limousine, Chicago’s premiere quality chauffeured service. The company will now be known as Metropolitan Limousine, a Dav El | BostonCoach Company.

Located in the heart of the South Loop, Metropolitan Limousine has been operating a private chauffeured service in the Chicagoland area since 1972. Since its founding, Metropolitan Limousine has developed a network of affiliate partners across the U.S. and Canada, and in major cities throughout Europe, Asia, South America, and Australia to accommodate clients traveling nationally and internationally

“Metropolitan Limousine is one of the oldest and largest transportation services in the Chicago market and provides the highest-quality of limousine services in the city. Metropolitan’s staff consists of well-trained and hardworking employees and we are excited for them to join our team,” stated Scott Solombrino, President and Chief Executive Officer for Dav El / Boston Coach. “Chicago is a key market for our business and this acquisition positions us as a major operator there, providing access to all the top luxury hotels in Chicago, which Metropolitan Limousine currently services.”

“The acquisition of Metropolitan Limousine is a strategic component to the growth and operations of the Dav El / BostonCoach transportation network,” said Solombrino.

“The opportunity provided to Metropolitan by the Dav El / BostonCoach acquisition is an exciting one that offers multiple benefits for our customers and our company,” said Ted Milos, former co-owner of Metropolitan.

To read more, click out the official press release by clicking here.

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Dav El / BostonCoach Buys Metropolitan Limousine In Chicago

<p>Metropolitan Limousine co-owners Thomas Mulligan and Ted Milos (file photo LCT 2011)</p>BOSTON –- Marcou Transportation Group, owner of Dav El / BostonCoach, announced Jan. 5 the acquisition of Metropolitan Limousine, one of Chicago’s largest and highest quality chauffeured services. The company will now be known as Metropolitan Limousine, a Dav El / BostonCoach Company.

Located in the heart of the South Loop, Metropolitan Limousine has been operating a private chauffeured service in the Chicagoland area since 1972. Since its founding, Metropolitan Limousine has developed a network of affiliate partners across the U.S. and Canada, and in major cities throughout Europe, Asia, South America, and Australia to accommodate clients traveling nationally and internationally.

“Metropolitan Limousine is one of the oldest and largest transportation services in the Chicago market and provides the highest-quality of limousine services in the city,” said Scott Solombrino, President and CEO for Dav El / Boston Coach, in a statement. “Metropolitan’s staff consists of well-trained and hardworking employees and we are excited for them to join our team. Chicago is a key market for our business and this acquisition positions us as a major operator there, providing access to all the top luxury hotels in Chicago, which Metropolitan Limousine currently services.”

<p>Ted Milos and wife, Alexandra, run Metropolitan Limousine with business partner Thomas Mulligan.</p>In an interview with LCT, Solombrino said the deal came about from a longstanding affiliate relationship dating back 38 years. Metropolitan owners Tom Mulligan and Ted Milos had always told Solombrino that they would be amenable to a deal with his company if an opportunity ever arose.

“One day six months ago, I called them,” Solombrino said. “I said, ‘I think we have an interest and we want to talk to you.’ We did a lot of due diligence. We put together a deal that was fair and solid for them and provided a path for retirement. The deal went smoothly, it was well negotiated, and it provides a good exit strategy.”

Although terms of the deal were not disclosed, Solombrino said Metropolitan is a highly profitable company that will be completely “accretive” to Dav El / BostonCoach. The global chauffeured services operation along with Marcou’s other holdings will reach more than $300 million in annual revenues. 

Metropolitan’s 220 vehicles will bring the Dav El / BostonCoach fleet total to about 2,000 company-owned vehicles in cities across the U.S. All Metropolitan employees are staying on, with Mulligan and Milos running operations day to day. The company will keep its headquarters in downtown Chicago and a facility near O’Hare International Airport. “This gives us huge critical mass in the third or fourth largest chauffeured car market in the U.S.,” Solombrino said. “We take the market very seriously.”

Dav El / BostonCoach also gains multiple Fortune 500 and five-start hotel clients throughout the Chicago region.

“The opportunity provided to Metropolitan by the Dav El / BostonCoach acquisition is an exciting one that offers multiple benefits for our customers and our company,” Milos said in a statement.

“We have had a longstanding and beneficial business relationship with Dav El / BostonCoach for nearly a half-century,” added Mulligan in the statement, “and the acquisition ensures positive growth opportunities and a broader range of options available to our customers.”

The purchase of Metropolitan Limousine closely follows Dav El / BostonCoach’s acquisition of San Diego’s Torrey Pines Transportation in October. Solombrino told LCT the two acquistions are part of a long-term strategy to deepen the global network’s reach into more metro markets.

“This company is a gem,” he said of Metropolitan. “You don’t get these opportunities often. Our biggest problem long-term will be finding the right talent. Oil prices are low, the economy is coming back and unemployment is low. We’re still very bullish on buying assets that are valuable long term in this transportation sector. We want to find companies that run great operations.”

Sources: Dav El / BostonCoach press release; Martin Romjue, LCT editor

LCT background article: BostonCoach Owners Buy Dav El

Keywords

Boston operators   BostonCoach   business deals   business expansion   business growth   Chicago operators   Dav El Chauffeured Transportation   mergers & acquisitions   Metropolitan Limousine   

 

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A Fragmented Industry Is A Good Thing

<p>Guess what? They don't all agree.&nbsp;</p>Most small industries such as ours are fragmented, meaning no major players control everything. Fragmentation can be a challenge when times call for centralized efforts and communications on regulatory issues, but isn’t that why we have the National Limousine Association to lean on?

Overall, however, does fragmentation hurt us? I keep hearing it does, but I’ve seen no evidence that supports the rhetoric. The true definition of a fragmented industry is “an industry in which no single enterprise has a large enough share of the market to influence the industry’s direction.”

Kevin Johnston, editor of Demand Media, recently wrote a piece called “The Advantages of a Fragmented Industry,” in which he points out a fragmented industry can be “quite robust.” I have highlighted some of the positives he argues on the subject:

“The lack of major players in a fragmented industry means the consumers have not given their loyalty to any one business. You have room for both innovation and experimentation, and you do not have to fight for market share against a major brand. Fragmentation means you have the opportunity to develop your business according to your own instincts and market research.

“Your marketing expenses are lower for a fragmented market than for one dominated by big names. Because of the fragmentation, much of your media focus can and should be local, and such advertising is much less expensive than national media. You also can use word-of-mouth advertising, because customers in fragmented industries tend to look for new businesses, and those customers are much more willing to experiment. Fragmented industries tend to have a reputation for smallness. In fact, customers may prefer businesses in a fragmented industry for this very reason. You can compete with other businesses in a fragmented industry through differentiation.”

The once very fragmented travel world is now uber (pardon the pun) consolidated. Expedia now owns ALL of the online travel agencies. While there remain a reasonable selection of so-called “brands,” in truth the airline and car rental industries respectively have only three major network carriers and only seven hotel companies control 80% of that business.

Fragmentation is being tossed around the chauffeured car industry as a dirty word. I challenge the assertion that being a cottage industry is a negative. It has its challenges for the NLA when they are trying to defend us as a whole, but they consistently win on that battle front, so it’s not an insurmountable problem. As we embark into the world of one-branded apps, be careful not to lose your own brand identity in the process or inadvertently sign on to be dissolved into a booking commodity. Use the mobile tech options to grow your own business portfolio, not someone else’s.

Bill McGee, travel editor for USA Today, recently asserted, “There’s a long history of consumers not benefitting from mergers and acquisitions. And in most industries, customers are best served when competitors fight fiercely to please them, not link arms as siblings. Gobbling up the competition may help a parent company’s bottom line, but it weakens the marketplace for consumers.”

Keywords

industry trends   LCT Publisher   Sara Eastwood   small business   state of industry   staying competitive   

 

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