by Ian Thompson, Executive VP, Global Solutions Consultancy
Automated pricing processes can feel like a risk. How will you know if your prices are optimized? Can you really depend on a software solution to boost profit? And how will you feel giving up some control over pricing tactics?
By Ethan Walker, Solutions Consultant
Utter the word "automation" in a room full of people with diverse careers and histories. Some will shudder. Some will ignore. Some will start to get excited at the possibilities. Utter it in a room full of best-in-class fuel pricing analysts, and they're liable to start clapping. While automation is sometimes perceived as threatening, scary or "too difficult," it is absolutely essential from an overall efficiency standpoint. And at the end of the day, it equates to increased revenue, which analysts and executives alike happen to enjoy.
Our high-performance race car is almost complete. We have pulled together a powerful turbo engine, great telemetry, winning powertrain, fantastic crew and the right spoilers and wings. In relation to our convenience store, we are set up for success with great facilities, the right data and analysis of the competition, excellent operations, the right merchandise and world-class pricing.
In Part 1, I introduced the analogy of the convenience retailer as a finely tuned performance car in a challenging race for volume. We explored pricing as the turbo charger, best used in short bursts for growing margin and exploiting daily opportunities, but not the best way to maintain or grow market share. We also looked at how dropping prices across the board to increase volume often results in price wars and minimal volume growth at reduced margins.
You don't always have control over your promotional items, and that means you don't always have a plan to understand their effects on sitewide sales. Your gut instinct on what works and what doesn't is a good start, but is it giving you all the strategic support you need? Access to critical, integrated data can raise your game to the next level.
So far in our series on the Top 5 Questions Convenience Retailers have about Retail Network Planning, we've covered the best practices for implementing a network planning tool and how you can pinpoint the best locations for new builds, as well as how you can identify target sites or networks for acquisition. Now, we'll dig into part 4 and learn about your current retail network's volume potential.
So far in our series on the Top 5 Questions Convenience Retailers have about Retail Network Planning, we've covered the best practices for implementing a network planning tool and how you can identify the best locations for new builds. Now, in Part 3, you'll read about the best way to identify target sites or retail networks for a different growth type: acquisition.
To confidently move into a new market, it's important to make sure your investment of time, resources and funds will be met with success and a strong return on investment in the future. Doing so requires careful planning, evaluating and forecasting into several key indicators to accurately assess the market. In this post, we've listed out a few important metrics to keep a close eye on when analyzing how your proposed site will fit into a potential new market.
Bill Tome (President, Mark Oil Company) has been successfully navigating the market in Charlotte, NC since the early 1990s. However, his company has been in the area for over a hundred years. His stable growth and success in a market that has changed significantly and continues to fluctuate and diverge into different trends has been determined by his consistency in a few best practices.
by Marianne Hillhouse, Account Executive and Susan Ertl, Retail Network Planning Consultant
Information is indeed power. For every business, information sells. And for every product at a site — fuel and convenience retail, quick service restaurant or car wash — information leads to sound decisions (and those decisions make money).
By Janet Tooke, VP Strategy Group, and Nancy Wheeler, Strategic Consultant
In Part 1 of our series on Market Ranking for Expansion, we explored the first three steps: defining objectives and constraints, selecting markets to be ranked and identifying variables. Now, let’s take a look at the final steps.
By Debbie Miggins, VP Location Services
Your organization has identified that it is the right time to expand into a new market or markets. No doubt, that decision can be an overwhelming task, if for no reason other than the sheer amount of possibilities that your geographic area may present. For example, in the United States alone, there are more than 19,000 cities in which you might find your ideal place. It can also feel overwhelming because of the potential consequences should you choose wrong: financial devastation.
By Kyle Spinuzzi, TrafficMetrix Account Manager
As a retailer, you are undoubtedly aware that data can power business agility and growth. Information about traffic patterns around your location or proposed location is merely one piece of the data puzzle, but an important one, nonetheless. Let's explore what might transpire should you forego knowledge of this important variable.
Our high-performance race car is almost complete. We have pulled together a powerful turbo engine, great telemetry, winning powertrain, fantastic crew and the right spoilers and wings. In relation to our convenience store, we are set up for success with great facilities, the right data and analysis of the competition, excellent operations, the right merchandise and world-class pricing.
