By Carlos Palma, VP Global Client Services, Planning
Around the world, fuel markets are moving. Whether you’re in a mature market competing on micro price fluctuations or competing in a newly deregulated market, there’s one constant you can’t do without: fresh market intelligence.
The right data can validate success and uncover gaps in performance. It can point to underlying trends vital to shaping new retail strategies. It can point out paths you might not see without the hard numbers. Those facts can remove a great deal of guesswork and give you a solid understanding of how well your network is performing today.
But old data is no help at all. Inaccurate data is worse. Market intelligence must be verified and robust. It should help you answer critical business questions:
- Are your sales growing at the same rate as your competition?
- Have you experienced a significant change in fuel volume and/or convenience store sales performance?
- Has anyone entered the market?
- Has anyone left the market, closed outlets or switched brands?
- Have your competitors been investing in their outlets?
- Has the road infrastructure changed significantly (new roads, flyovers, adjusted layouts, etc.)?
- What’s changed about the nature and location of key customer demographic segments?
- What’s happening with underlying demand for fuel and convenience products?
When you’re making mission-critical business decisions, the right data is a must-have. Without an accurate picture of the landscape you’re operating in, decisions about retail strategy are only good guesses. Current market data and insights ensure that strategic performance goals are achievable and put your network on track to deliver.
REFRESH YOUR MARKET INTELLIGENCE
Kalibrate has the most robust market intelligence database in the industry. When we refresh data for any particular area, we focus on two main areas:
- Updating all newly built outlets and changes to existing retail outlets, including changes in brand and offerings (including facilities, c-store, car wash, fast food)
- Incorporating all consumer demographic and street traffic changes, which reflect shifts in consumer demand. Market Intel updates keep Kalibrate’s Location Intelligence models up to date, so they always reflect demand and supply conditions in the market today. This ensures that any “what if” scenarios that are run to test performance and outlet tactics truly reflect current market conditions.
The most successful retail businesses continually invest in the most up-to- date intelligence about their consumers, competitors and market dynamics. It makes the difference between a strategic decision and a guess.