Technology to fuel your pricing strategy
Few retail environments are as price sensitive as fuel. Determining the best pricing strategy for your forecourt and what you charge at the pump is a mix of many factors from wholesale prices to competition, even the weather forecast. The result is that prices can potentially change many times in a day. Determining your response and executing changes to pumps and signs can quickly become an arduous and manual process.
A new way to control your fuel pricing strategy
Thankfully, innovative new software from the likes of Price Advantage is helping to make deciding and delivering your pricing strategy remarkably easy, whether you have one forecourt or 100. It blends the local knowledge of managers and forecourt staff with important business intelligence including previous site performance, traffic information and competitor pricing. Within minutes your new prices can be live at the pump, on your signs and on your EPOS, and importantly can be tailored for each site you operate. It means you can achieve the right price at the right location all of the time.
Helpfully, any pricing changes can be modelled first too, so there’s no need to experiment with live services or upset trade to get an understanding of what a price change might do to your business.
Overtime you can monitor your competitors to better understand who responds first with price changes and who are the followers and consider which position you wish to take. Likewise, you can factor in other parts of the retail experience at your forecourt, perhaps sacrificing some margin on fuel for improved margins in your store.
With more information at your fingertips you’re also empowered to introduce more innovative promotions to help optimise margins. It might be you want to introduce a weekly happy hour on fuel. Using this powerful software, you’ll know exactly when is best to run this for every forecourt in your network and pricing can be pushed out to your sites from a central location.
It’s exciting times and powerful software of this kind offers a bridgehead into new modes of controlling your fuel pricing process, boosting margins and responding faster than ever to the trends effecting your business.
TLM has partnered with Price Advantage in the UK and together, we’re able to help you introduce a solution to enable smarter fuel pricing. If you’d like to know more, get in touch.
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