The road to success: credit to buy
In the early 1990s, Ryder, the largest truck-leasing company in the world, suffered a steady decline in sales as competitors eroded its business. The company’s main response was to use information more effectively to benefit customers. Its approach had three elements:
To help customers buy. Ryder made it as easy as possible for customers to buy its services. For example, it produced a brochure explaining why customers should buy its damage insurance, and another offering other supplies and accessories. It also recognised that customers would want to make comparisons among competitors (they were doing this anyway), so it produced a truck comparison chart, highlighting its competitiveness and reassuring potential customers.
To help customers use the service. Ryder provided a free guide to moving, The Mover’s Advantage, in Spanish and English, to every current and potential customer. It understood why customers used its trucks and saw the advantage in helping them.
To help customers adapt their usage. As well as ensuring that each outlet displayed a strong commitment to customer service and corporate identity, Ryder offered new products and services from its outlets. This included information about the advantages of using Ryder’s towing equipment and longer-term discount rates for returning customers.