The Parker Companies Increase Margins and Build Brand
Client: The Parker Companies
Location: Georgia and South Carolina
Number of Stores: 76
The Parker Companies provides a premium shopping experience in a safe, friendly and convenient environment while selling guaranteed fuels and quality products at competitive prices.
Parker’s recognized that in order to effectively compete in the fuel market, they needed to gain real-time insight into margins and volumes as well as automate their fuel-pricing processes. Using PriceAdvantage, they can now efficiently:
Complete competitive price audits
Review proposed pricing against business rules
Push prices to the POS, pumps, and electronic price sign
Receive price change confirmations from all 76 stores in a matter of minutes
The added bonus – it can be done using any mobile device!
“PriceAdvantage has made a real impact on our margins and volume. Definitely worth the investment.”
Like many companies, Parker’s needed to move from a manual pricing process based on spreadsheets, drive-by price shopping, and phone calls/text/emails to notify stores of new prices to a streamlined, automated process. They knew a software solution would not only save time with manual processes, but it would provide deeper analytics, more control, and faster response to market and competitor pricing.
Rather than relying solely on economic algorithms for price change proposals, PriceAdvantage lets the Parker’s team balance the importance of economic models with their intimate knowledge of the competitive landscape to establish recommended prices. This blend of art and science provides a comprehensive view of their pricing options.
PriceAdvantage’s business rules function allows Parker’s to ‘set and forget’ business-wide and site-specific strategies. They particularly like the ability to set parameters (such as preferred cents above/below competition) for each store and revise them to accommodate for changing competition, construction, weather, disruption of normal traffic patterns, and other situations that can impact fuel sales.
PriceAdvantage presents a single, comprehensive view that shows the street prices and the new proposed price side-by-side. This allows Parker’s to quickly approve prices for those locations that fall within their established detailed business rules, review the exceptions, and push new prices to the street all in a matter of minutes.
Parker’s can now perform virtually all of their pricing functions from their mobile phones. Where in the past they were often tethered to their office or their laptops, they estimate that they now complete about 70% of all actions from their iPhones, including setting administrative options and passwords. Additionally, they receive alerts regarding volumes, margin targets, and other criteria on their phones.
Parker’s wants customers to consistently look to them as the low-cost leader, so that it becomes habitual to look to Parker’s. PriceAdvantage helps Parker’s to react quickly to market changes to build customer ‘stickiness’ to achieve that goal.
Parker’s credits the people at PriceAdvantage as an important reason for Parker’s success. Parker’s states, “We are a PARTNER with PriceAdvantage, not just a customer. The PriceAdvantage team takes pride in what they do, always responds in a timely manner, understands and cares about our issues, and makes changes immediately. Everybody is fantastic. They are invested in our success.”