DAT RateView already puts a wealth of information at your fingertips, which lets you make quick pricing decisions on the spot. You can also take a deep dive into the data and undercover market trends to stay ahead of your competition. And you can dig in even deeper when you become a RateView contributor.
If you’re bidding on a shipper’s RFQ or RFP, then you’re going to need more than just a quick look at the lanes where they need service. That’s where RateView’s Multi-Lane Search comes in.
You can upload a spreadsheet with all the lanes that are included in the bid. RateView can then give you a history of the average rate on each of those lanes, including a comparison of the contract and spot market rate. Now you can confidently place a bid that will be both competitive and profitable.
You can also use the State & Regional tools to measure changes in the spot market. You can move the slider and choose a different timeframe to see how the average rate changes from one region to the next.
What I like to do is download the sheet with the 30-day averages, and then download the sheet with yesterday’s average. I plug those into my own worksheet that formulates the percentage change for each region-to-region pairing and then look for the biggest changes. This is a good indicator of how the spot market is currently shifting, and where supply and demand is changing.
There are added benefits when your brokerage contributes rates to the RateView database. Not only can you now benchmark your pricing to the overall market, but now you can also identify your share of the market by lane.
Whenever you search a specific lane, you can see how many how many companies and how many reports were factored into that average. Compare the number of reports with the number of reports that your company submitted, and you can calculate your market share, which will help you pinpoint areas where you can grow your business.
Of course, contributing rates to the RateView database also means you can compare your pricing to the prevailing market. RateView makes that easy with performance reporting, which can be part of your company’s quality control metrics.
To upgrade your DAT RateView subscription to get Multi-Lane search, or to be come a RateView contributor, contact us here or call 866.678.7065.
Categories: Best Practices and Benchmarks