The taxi industry is the perfect example of a traditional business that has been affected so dramatically by technology that the landscape is almost unrecognisable when compared to five years ago.
The customer journey has transformed from calling a local firm in advance, or hailing a black cab, to accessing a taxi with quick click of a button on a mobile. The taxi industry is now a whirlwind of fast-moving rideshare start-ups, posing fierce competition for the more established firms that are facing difficulties as a result.
We’re seeing this trend more across many traditional businesses from healthcare to education. So in a world of disruption, what can companies do to challenge the challengers and stay competitive? There are simple and affordable changes more traditional businesses can make in order to embrace new digital tactics to stay ahead of the curve.
Use data to attract new customers at key moments
Addison Lee – established over 40 years ago in 1975 – is an advanced business that has recently heavily invested in tech and talent to continue competing and driving sales in a digital world.
It effectively uses customer data to create highly targeted campaigns, reaching customers where they spend nearly nine hours in the day, on their mobiles.
Personalising campaigns using location targeting and special event-based ads allows you to better engage with target customers and compete against the disruptors.
Earlier this summer, we worked with Addison Lee to run a campaign in association with London Pride, aiming to target the audience that has traditionally used apps like Uber and Hailo, converting them to think of Addison Lee first.
Using large data sets and specific keywords such as ‘LGBT’ and ‘pride parade’, as well as the handle @PrideInLondon and hashtags like #LondonHappensHere, the team were able to discover highly-active users who were most likely to be at the event and require transport. It targeted them with personalised creative on their mobile to drive them to the app.
When targeting customers on their mobile devices, personalised campaigns are often the most successful. Consumers want every interaction with a brand to be personal to them, so ensure the content is contextually relevant.
In the case of Addison Lee, the creative team produced ads featuring rainbow elements to tie in with the event itself, which were more relevant and engaging for those attending the event.
We found that the creatives incorporating the pride branding (and with a relevant discount offer) performed the best, with higher engagement and volume (impressions, installs) and lower cost per impression (CPI).
Be more social
The average British person now spends more time on social media than in the pub with their friends – spending an average of three years in their lifetime updating social media compared to one year in the pub. Even amongst the older generations (over 55s), over half say they use social media every week.
Social media is a very cost effective way of reaching the right people, but we even see the very digital focussed brands struggling to effectively target the right people across all the relevant platforms.
YEAY, for example, is a startup business and platform that allows you to buy and sell items using video – worked with Taptica to create bespoke video content that targeted users across Facebook and Instagram, retargeting them across other social platforms once they’d engaged with one advert. Doing this helped them develop 26 times higher engagement rates and 6 times lower spend. Small tweaks across platforms can improve success rates extensively.
Businesses don’t need to have technology or an app at the forefront of their business models to be disruptive, but they must be willing to embrace new digital tactics and social media in order to stay ahead.
To get your business from A to B, it’s vital to target customers with messages that are relevant to their lives – focussing in on everything from their values, to their hobbies and location.
-by Amit Dar