Waiting to pull the trigger. What do I mean by that? Just because there’s SURGE pricing, just because there’s prime time, doesn’t mean you should take rides. Let me give you an example.
One time I was driving near St Paul and there was a concert going on. Chance the Rapper was in town. And right after my…while I was dropping off a passenger, I got a rider in my queue. Now, Uber and Lyft both can add a rider in your queue and there’s a huge demand.
And so, they added a rider in my queue, and I was like, “Great, I have another passenger.” So, I looked at it, “Oh, Excel Center. Oh, [a] 2.5 surge.” I drove over there, picked them up.
And as I got in my car, and as we were driving away, maybe two blocks away, I have an app that tracks surge. It was jumping up to six times surge. I missed six times surge for a 2.5 surge or something like that. It was maybe like 1.8.
Now, we went to a far place, and they tipped me well, but man, I missed out. So, waiting to pull the trigger is a really important thing.
That’s more of an art than a science. If it’s an event that you can track on a regular basis, you kinda know what the peak is. Not every event is going to go to six times.
Beyoncé, when she was here, it went to eight times. That’s very, very rare. Don’t wait for the eight times because it’s going to drop. You’re going to miss your target zone.
So, this is what I do. For an event that’s regular like, for like bar close, it’s going to often go up to 2.5, 3.5, maybe four, depending on if they’re other events in the town spreading the drivers out.
And I’m going to have my app off, I’m gonna be in the right place. And then when it gets to that four times or 500% surge or 4%, I’m gonna hit on, boom, and I’m gonna lock in at the best rate possible.
Other drivers who aren’t thinking about this, they’re excited, “Oh, [a] 1.5 surge,” and they turn on, and they get the first round of people. Don’t do that. Wait to pull the trigger.
And sometimes, you’re going to miss it. Sometimes you’re going to wait too long and it’s going to start dropping. So you need… There’s always some risk.
And so, you’ve got to kinda know, is this an event that’s gonna have a steady flow of people and then it’s going to go higher? You have to be thinking about the concert.
What kind of demographic? Is this a demographic of people who are going to use it or not? So, there are all these things. But overall, wait and don’t push it.