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CEO Corner

Maximizing Total Site Volume during Recessionary Times

By all indications, we’re officially in a recession. Economic data issued on Nov. 25 showed that in the third quarter the U.S. economy contracted 0.5 percent – the fastest pace in seven years.

Times of economic decline are tough on everyone. For fuel retailers, everybody is in a similar position, as demand is down and all have lost volume to some degree.

So what can you do to maximize volume, revenue and profit during this downturn?

As the former CEO of a convenience chain, I’ve learned that the best approach is to use what’s in your control to manage and offset a loss of demand. Some questions you should ask yourself:

• Do you fully understand the competitive fuel pricing landscape for each of your stores?
• Can you track changes in customer behavior on a store-by-store basis?
• Do you have the ability to look at fuel volume not only by each site, but by geographic region or other zone/network as well?
• Do you have a system that manages volume so the store itself receives more foot traffic?

If you answered “yes” to each question, then you should be in a good position to effectively maximize your fuel volume.

If you answered “no” to one or more questions, then you should consider a change to your fuel pricing strategies and processes.

One solution is found in technology. There are tools available today that can automate manual, time-consuming processes, thus creating more efficiency in your price management.

The key is finding a solution that will not only maximize your volume, but maximize your investment, no matter how bad the economy.

 

 

 

03 December 2008

 

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