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- 02 May
Understanding Competitor’s Pricing Strategy before They Understand Yours
Speed is one of the key components of pricing optimization, as reacting to market changes faster than competitors will always keep retail fuels managers ahead of the game. Tracking the pricing strategy of all local competition enables chains to meet consumer demand with greater accuracy and efficiency. The days of sending a rep to drive around and check the prices at other stations are long gone. Now, the best possible method of ensuring pricing optimization is with application of a fuel pricing software solution.
Software offers many benefits which are unavailable with traditional fuel price analysis. Trying to track price changes via a self-developed system leads to headaches and aggravation for everyone involved. No department can be expected to become the go-to source for fuel pricing information. Tracking and recording all the changing data with in-house tools will gradually increase in complexity until it builds to total chaos. Instead of that, software pricing integration tools provide a one-stop hub where managers can access the data they need and apply it to their pricing strategy.
In order to effectively track competitor price changes, companies should obtain access to data provided by a resource such as the OPIS Radius Report. This real-time information service can gather retail fuels prices for all competitor stations within a region. Be it a 2-mile, 5-mile, or 10-mile radius, managers can use these tools to track fuel prices history in their operating environment and respond to price changes without ever leaving headquarters. It’s easier and more intelligent than it’s ever been to monitor the competition, understand their pricing strategy, and beat them to the market.
Price tracking technology has completely changed the way in which we size up the competition in the retail fuels market. Pricing reports can now be integrated with software such as PriceAdvantage to pull content directly from the report and present the data in an easily understandable interface. Making intelligent pricing decisions is no longer a complex, labor intensive task, but an effortless one. Managers can now maximize their pricing optimization by gathering the data online, porting it into comprehensive software solutions, and then instantly push any price changes to the street.
This capability to instantly visualize competitor behavior gives even non tech-savvy managers an edge in their market. It gives them the tools to react to trends and market shifts before the competition even knows what they’re doing. By the time other regional chains utilizing outdated software can react to these new conditions, the company with the right tools can be leapfrogging them to the next trend.
Don’t settle for substandard systems or business processes. Technology has made it easier than ever before to define strategy and outmaneuver competitors. Stop chasing prices and make the competition start chasing you!
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