So how do we achieve what we are aiming for ? - By just adding a bit more transparency to the business.
Let us take you on a quick journey from a well known example. Every few years most of us are in the situation of buying a car, because our family has grown, we have moved to a new place or in the worst case our car broke down. The list of our criteria for a car might be very long, but at the same time we all have different preferences. In order to make the right decision, we dig deeper into the technical specifications of the cars. These kind of assessments are only possible, if all information is provided. In case we are looking for a new car, the provided information from the manufacturer might be enough, but in case we are aiming for a used car, making a decision is much harder. The reason for these difficulties is the missing match between our needs and the provided information by the owner. For a used car our list of criteria got a little longer, i.e. how many previous owners, smokers, pet-owners, last inspection, latest changes/repairs etc., but the owner only provides information characteristic of a new car , i.e. horsepower, interior, type of fuel etc.
What are the effects when information we need is not provided? It results in time consuming searching. The worst part is, we spend time on investigating whether the criteria is matching and not on how well the criteria is matching. Therefore offers with incomplete information require additional steps. In such a case buying a car is less likely to happen or it takes a lot more time.
Wasting time is critical, especially when we find ourselves in a situation in which we need the car very urgently. The consequences can be additional costs for public transport or for renting a car until we find the right match.
The consequence of missing information plays the biggest role when we fast forward to the point where a deal is almost closed. How would you actually react, when you find out that a decision influencing information had not been shared right from the start? As you already can guess, any buyer will definitely not be satisfied, which could result in never doing business with that particular seller again. This is why highest customer satisfaction is always a main goal for any company. Customer satisfaction is even more important when we think about unsatisfied customers, who are 7-10 times more likely to share their negative experience.
In general business is only made when both parties share all the information they need. Or would you personally buy something when you do not know specific details (technical, service, business)? Missing information is just the root cause for many problems and consequential problems. As a conclusion sharing information will always boost a potential business and keeps you safe from negative customer experience. Information transparency is the accelerator for your business.
We know our example with used cars may not be perfectly comparable to the engine business because of the complexity. And showing all needed information at once for a quick overview might be a little overwhelming. That being said, Aeroji uses the same procedure as any company when it comes to aggregating a lot of information. These companies implement KPIs, i.e. benchmarking, customer satisfaction. This is why we want to introduce you our KPIs, which are completely new in the engine business.
Aeroji is interested in the matchmaking between users with their particular portfolio and their needs. Once an asset of interest is found, we want the users to decide on a potential business opportunity faster than ever. This is why our KPIs shall mirror a new approach. We completely target for the acceleration of doing business between the users where the user and the engine are in focus.
In fact all KPIs we have built are indicators for the likelihood of finding the right match and boosting your business. As we mentioned earlier, the aviation business is very complex and in order to keep it manageable the business has to be made as easy as possible. This is exactly what we have done with our KPIs. Instead of having a KPI for each information we aggregated as much as possible. But aggregating information is not enough for Aeroji, so we went a step further in visualizing the KPIs in the easiest way possible. You can see how the KPIs are build and you are continuosly motivated to keep them high. That was actually the most challenging, but also the most fun part when developing the KPIs. So we used KPIs known from other industries and developed engine business related ones.
In order to connect the transparency and the KPIs even a bit more we would like to show you, how everyone automatically will have a major benefit by knowing how our KPIs are built. The earlier mentioned customer satisfaction will be higher than anywhere else, because satisfaction is just a measure of meeting the expectations. Please keep the basics of customer satisfaction in mind and put yourself in the shoes of a user who is searching for engines on Aeroji. Now how would you start a conversation with another user who is selling an engine when:
a) you do not see any KPI
b) you see a low KPI score (less information → probability of business is less likely)
c) you see a high KPI score (more information → probability of business is high)
You will notice that setting expectations in scenario a) is really difficult. Any users purpose on Aeroji is doing business. Therefore your expectation for scenario a) can only be met when an actual transaction takes place. But in the most rare events starting a conversation leads to an engine transition, which is why frustration can arise especially when searching for an engine during very critical times. The last two scenarios show you, that your expectations will be set on the information you see and know how it is built before even starting a conversation. As a result our KPIs will help to set that expectation just perfectly and an unsatisfied customer can not arise
In the current times accelerating the business is our contribution to the recovery of aviation. Solving complex challenges with easy methods will always be our approach. If you want to find out how we solved all the challenges in particular, just subscribe to our Beta and be a part of Aeroji and our common vision.
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Your Aeroji Team