- 18 Mar
Simplify Your Strategy with Effective Fuel Pricing Technology
Advances in technology and fuel pricing software have made it much simpler for retail fuel managers to increase speed-with-the-street and react quickly to market changes; they need only take advantage of the myriad technology solutions available. The key to fuel pricing is the ability to make changes quickly. Any company which sees this and then enacts strategies to improve its on-site technology will see its business improve, along with customer satisfaction.
A PriceAdvantage customer, Kocolene Marketing, recently selected our fuel pricing software solution for implementation at all of its stores across Indiana and Kentucky. Automation of the fuel pricing process has given fuel managers the power to change prices, more often. This level of customization enables them to alter prices at stores directly from headquarters. This has transformed fuel operations for each of their stores, and lead to a new standard of internal pricing optimization.
Removing the store manager from the critical path doesn’t interrupt flow, it enhances it. With one click, those with access to up-to-the-minute data can alter prices and meet market conditions. Delays between fluctuations in the market and price changes are a thing of the past. Now managers can capitalize instantly on new conditions, and eliminate any and all execution delays. Technology has freed us from focusing on competitors for pricing data. Mobile access and advanced signage enable us to make decisions based on what’s going on halfway around the world, not just two blocks away anymore.
In fact, one of the more effective fuel pricing tactics today is a technology upgrade, especially in a region where the competition may be dragging its feet. Being the first to upgrade to a new system often creates a perception that your site is right out of the gate on any advances. Relying on outdated equipment to meet the customers’ needs is equivalent to leaving money on the table. Store-by-store protocols based on maintaining high margin-per-gallon won’t suffice to move the business forward. With modern fuel management services enhanced by top-of-the-line equipment, fuel managers can now isolate the connections between price changes and profitability. This lets them see how to shift their pricing strategy, along with enabling them to make changes the moment they wish to.
The function of any business is to make money, and driving revenue in the retail fuel business can often be a difficult game. Consumer behavior and environmental factors are shifting constantly, creating a volatile market where it can be difficult to get a solid foothold. Fortunately, technology is there to help. By reviewing their site’s existing equipment, identifying where upgrades can be made, and implementing new advances in fuel pricing software and technology, c-store retailers can be confident they’re remaining ahead of the curve.