Good, Fast and Cheap, Available Now.
“Good. Fast. Cheap. Pick any two.”
It’s a saying you hear often and in most cases, it holds true. If you need a project done fast with high quality, it definitely won’t come cheap!
There are exceptions, though. For example, if you operate a C-store and are looking for market data to help streamline your operations, you will be pleasantly surprised. Access to quality market data and trends is available now, and it’s not expensive! It’s one perk of living in the Information Age.
The Big Boys of retail place a heavy emphasis on market data and analysis, for one simple reason: it works. It allows them to sell more product, reduce wasteful purchases and adapt their operations to their dynamic, ever-changing markets.
That’s why it’s great to know you don’t need a multi-million dollar budget to use the same tools as the giants of retail—just ask any savvy C-store operator. These pros get their hands on market data from a variety of sources—none of it costing a fortune—and it makes a difference for them.
Market intelligence firm IRI publishes extremely detailed market data and analysis on the c-store industry. Industry associations like the stalwart NACS and NASM publish their own take on market data and trends in addition to offering recommendations to retailers. Then there are the high-quality trade journals like Convenience Store News, CSP Magazine, and Convenience Store Decisions, filled with trend summaries, industry insights and in-depth looks at customer behavior.
There’s almost no downside to using this type of information, with a huge potential upside in the form of increased sales. It’s even better when you integrate this third-party data with the data you get from your own back office C-store software. That way you create a meaningful industry-wide context for your store’s performance which makes it easier to fine-tune your operations and maximize your profits. Plus you can stay on top of market trends and position yourself to capitalize on what’s coming down the road.
Good. Fast. Cheap. It’s an irresistible combination.
So what are you waiting for?