In 2017, there were 1356 million users; by 2024, that number is expected to rise to 1588 million. Given this increasing demand, the taxi industry is reaping enormous profits.
Any company’s major goal is to “Make large profit with little investment.” The taxi app development industry is the most effective business module in this booming taxi company-oriented environment.
With earnings of $15,721 million in the US alone in 2018, this taxi app boom has peaked.
Although the business of ride-hailing has experienced such rapid expansion, it has also fueled fierce rivalry for attracting, maintaining, and retaining clients. According to Statist, user penetration was 9.6 percent in 2018 and is projected to increase to 13 percent in 2022. As a result, it offers more recent taxi-hailing businesses a chance to take up a sizable portion of the market.
Do you know how they can bring in such a large amount? What sources of income do they have? You want to learn. Great! Consult this blog. You might think about the following tactics to increase revenue for your Uber clone company.
Understanding Different Stakeholders in Your Taxi Business
1) Business Owners/Admin – Since they enable a person or corporation to buy permits to provide to taxi drivers in exchange for money, taxi platforms and apps can be a good source of revenue for enterprises.
2) Customers – Since they are the ones who request this kind of service, taxi users are crucial. They are essential to the taxi industry, in other words.
3) Taxi Drivers – One of the most significant user groups in the taxi sector is the taxi driver. They play a big role in this industry because they bring in money through passenger transportation.
Procedures to Boost Revenue for your Taxi Business
Because they consider them more dependable and practical than other forms of transportation, many clients prefer to use cab booking services.
These apps are managed by a third-party company that manages the technology and business operations. The revenues earned by this company are divided between the app service provider and the taxi driver who uses this platform.
There are several factors to consider when deciding how much money should be invested when starting an Uber clone app business. First, there are various ways to increase revenue for your taxi operation. You might alternatively turn to a mobile app development company to get better advice on this.
1. Increase the Social Media Presence
Globally, there were 4.62 billion social media users in January 2022, up from 4.2 billion in January 2021. Currently, 58.4% of the world’s population utilizes social media.
Your taxi firm probably has a social media presence already. For example, it’s a great area to advertise services through paid channels. You may attract more customers online by creating business pages that your target market would like on websites like Instagram, Facebook, Youtube, and TikTok.
Social media is an excellent marketing tool, enabling firms to create communities. Since potential clients are already utilizing these channels, your taxi company must raise their awareness of your business and win their loyalty.
To accomplish this, ensure the social media page is regularly updated with informative, engaging, and entertaining content. Run contests, advertise discounts, and display relevant viral videos. The best method to market a cab company is frequently to be there when clients need you, and social media is an excellent channel.
You may create new stories highlighting your passengers and drivers to engage your audience more intimately. Respond to client questions and feedback frequently as well.
2. Establish an Online Presence
How is your website performing on the internet, to be specific? As of 2021, there will be 2.14 billion digital consumers worldwide. So 27.6% of the 7.74 billion people on the planet are represented by that. In other words, more than one in four people you come across in your environment use the internet to shop.
There should be a phone number and a button to order your ride-hailing service online on the website of your taxi business.
Why is it the case when there is already a helpful cab smartphone app? When using the app is impractical, tourists, business clients, and many others may find online booking useful.
As a result, you are significantly limiting your exposure if you don’t have a website with a booking feature. Your website will improve your company’s name recognition, raise your visibility to potential clients, and eventually increase the number of ride requests.
3. Target PR and Media
A brand’s capacity to be recognized is important, right? So one of the best ways to draw in and retain consumers is to get your firm enough coverage in the local media. When your brand sticks out and periodically appear in the media, people believe they have known and trusted your cab company for a long time.
Because there are so many local magazines, podcasts, and radio stations looking for fascinating stories, you can get publications for free in different media. It’s effectively free promotion, so give them a try first! In our opinion, one of the best ways to increase revenue for your taxi company.
Businesses like Uber also use traditional media and PR techniques to expand their clientele and attract new ones.
Effective PR will boost brand recognition, encourage brand loyalty, and present your business in a positive light to customers. PR strategies can also aid in generating sales from your audience.
4. Online Promotion Through Targeted Ads
Your chances increase when you advertise to people who have shown interest in your ride-hailing service. But, of course, it also applies to marketing!
You can focus on your target market on many platforms by employing algorithms, user behavior, and preferences. After that, they see your advertisement, which makes them more likely to select your service.
By conducting preliminary research, you may learn which social media channels your target demographic uses. Ready? There, start some intriguing commercials!
Customers could see your adverts on websites other than search engines, YouTube, Google Search, and third-party mobile applications. Your taxi service can see a large boost in traffic as a result of this. Consider starting specialty ad groups to target specific audiences. Due to Google Ads’ pay-per-click pricing, the price per new consumer is often quite affordable.
It’s important to remember that Google Ads requires experience and ability if you want to maximize revenue from a small budget for your taxi business. Therefore, hiring experts to manage Google Ads is a smart step for beginners.
Facebook and Instagram Ads
Running advertisements on Facebook and Instagram is one of the most popular ways to attract new clients and keep existing ones. For your taxi app development service to take off efficiently, you need an Instagram account linked to the business’s Facebook page. You may now generate advertisements for both platforms using Facebook Advertising Manager.
To begin, establish a modest budget of, say, less than $10 each day. Next, determine who, where, and what interests your target market (if you know those). Of course, these people will see your creatives, so make sure the graphics are compelling enough to attract clients.
Users are free to decide not to immediately download their taxi app after seeing the Facebook/Instagram ads. However, so many people will just “like” or “follow” the page for your taxi company is excellent since it makes them a part of your community and may lead to them sticking around for a while.
In Ads Manager, you can track the effectiveness of your adverts and immediately alter campaigns. Facebook is also launching a brand-new product called Facebook Business Suite that will enable companies to get detailed data on their marketing initiatives.
5. Outshine Through Fleet Branding
Your fleet is always moving around the streets. Every day, several people pass by your autos (or bicycles? or motorcycles?) Make sure your vehicles can speak for you.
A potent and incredibly affordable type of advertising is fleet branding.
An automobile naturally advertises your services because it is constantly recognizable everywhere. In the US, 96 percent of cab customers concur that branded vehicles help taxi companies stand out from the competition and project a more professional image. But do you want to be creative? To encourage consumers to download your passenger or driver apps, include QR codes.
6. Credit Card Payments
Even though it might seem apparent, your taxi app will draw more consumers if it offers additional payment options. Any taxi company must accept credit and debit cards for customers to effortlessly keep track of their spending and make a single card payment.
Additionally, all card payments are made to your taxi company’s bank account, guaranteeing a steady turnover that you can show prospective investors and business partners.
7. Referral Campaigns
Referrals are available to help your taxi business grow. People trust their friends and family; thus, they often rely on their advice. Allow them to give discount codes for new app users, especially when an opinion is coupled with a tempting offer, like a coupon for a discount. They get a little more, and you get more people using your Uber clone taxi service!
A tool for referral campaigns is part of Grepix’s technological solution for taxi companies. Because you control how much money is spent on each new user, it is highly cost-effective. In addition, when utilizing our system, your clients may conveniently share their promotional codes via the passenger’s app.
Like those vintage flyers that offer coupons? Indeed, why not? Launch a campaign on My Hub and distribute flyers with codes in public spaces like malls, tourist destinations, and sporting and cultural events. Create different codes for each location to monitor which ones encourage the higher app usage.
8. Hire the Best Drivers who will Act as your PR Agents
Count on our word for it. The taxi drivers are far more important than your mobile app’s user interface. Customers who use a driver’s services well will unavoidably keep doing business with the organization they work for.
Therefore, you must guarantee that your drivers are happy, dedicated, and highly qualified.
Since it is less expensive to create and maintain a fleet of vehicles when drivers have them, companies like Uber prefer to hire these individuals.
Drivers will naturally engage with passengers and have the opportunity to advertise for free for your company!
If you still have questions or uncertainty about Uber app prices, how to generate money with an Uber-like app or want to design an Android or iOS app for your taxi service. Don’t hesitate to contact Grepix Infotech, the leading taxi app development company.
Want to create a taxi app like that? For you, our experts have the ideal answer. But, first, contact us to learn more about your options and the timeline for developing your app.