Performance — it’s all relative

A recent survey showed that 40% of fuel retailers aren’t measuring relative performance at all — here we explain why measuring relative performance is the secret to success.
Performance — it’s all relative

A lack of visibility for granular, competitive market data in the fuel retail industry means businesses are likely making strategic and tactical decisions that may not be helping them “win”.

Most businesses regularly report on market share – but the factors that contribute to an increase or decrease in market share are often not well understood.

Performance metrics should be relative

A recent survey showed that 40% of fuel retailers aren’t measuring relative performance at all, and others use national averages to measure the relative performance of sites in a network.

High level bench-marking doesn’t take micro market factors into account, such as emerging local competitors, planning and development changes in the area, and nearby competitor price points. This means these businesses aren’t gaining insight into local performance changes. A lack of insight like this can lead to investment and resources being focused in the wrong places.

Increased visibility on competitor performance leads to better informed decisions

If you could understand your lowest performing site’s fuel volumes in relation to its closest competitors, you’d know if low performance was a result of strategic and tactical decisions, or overall market factors.

You could confidently invest in improvements in the right areas – and see quickly if those investments are working. That insight would support tactical recommendations on how to improve site performance and increase market share.

Kalibrate Market Intelligence is an extensive data analytics tool that provides granular detail on competitor performance allowing businesses to make better informed decisions.

Watch this five-minute video to see it in action

 

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