Margin Management: Operational Challenges That Plague Retail Fuel Pricing
Fuel marketers spend considerable time and effort to develop their retail pricing policy. Whether choosing to optimize gross margins, sales volumes, in-store traffic, or some combination of these, they know that fuel pricing and the resulting margins are critical to their business success. Enter the game changer: fuel price volatility! Join us to learn the sins to avoid and the steps to implement to implement a successful margin management strategy.
The result of price setting policies are pump prices that site managers are meant to implement on a timely basis. It is the operational side of implementing these prices and gathering price data that feeds this process where problems negatively impacting margin or volume targets occur. This paper focuses on common sins that are committed when operationalizing pricing decisions.
Building and retaining customer loyalty is a key strategy for most c-stores. Customers may decide whether to trust you based on a single day's drive-by on your location. Inconsistent pricing sends a message that your c-store cannot be trusted. For a c-store owner, the pricing of fuel can affect more than just the margins for that particular day-it can drive loyalty or drive them away.
How Does FuelQuest Help?
FuelQuest ForeSite MM (Margin Management) provides fast, accurate visibility and control over margin and price compliance at the site level. ForeSite MM enables fuel operators to ensure the compliance of individual sites with corporate margin goals and pricing strategies, and provide fast and accurate margin, cost, site pricing, and competitor pricing information to increase business agility and facilitate better decisions by marketing.